Donald Trump acknowledges 1980s tax write offs, calls it 'sport'

Donald Trump acknowledges 1980s tax write offs, calls it 'sport'

Troy Powers
May 9, 2019

The new information - which was taken from Trump's official IRS transcripts and figures from his federal tax forms (the 1040) - "represents the fullest and most detailed look to date at the president's taxes, information he has kept from public view", claim Buettner and Craig. This is known as a net operating loss, and by 1991, the Times says, Trump's net operating losses had grown to nearly $418 million, or 1 percent of all the losses reported to the IRS by individual taxpayers that year.

The Times quoted a lawyer for the president, Charles Harder, as saying the tax information was "highly inaccurate".

"In fact, year after year, Trump appears to have lost more money than almost any other individual American taxpayer, The Times found when it compared his results with detailed information the IRS compiles on an annual sampling of high-income earners".

Over the 10 years obtained by the newspaper, Trump reported a total of $1.7bn in losses.

The president's campaign insists his tax returns are still in audit and, once this process is complete, he will consider releasing them. A 1924 law gives Congress the explicit power to request such returns, but Mnuchin said their request lacked a "legitimate legislative objective", a stance that is expected to be challenged in court.

The Times reported that Trump lost more than $250m in 1990 and again in 1991 - more than double the losses of the closest taxpayers recorded in an IRS sampling of high-income Americans.

Mr Trump tweeted "You always wanted to show losses. and often re-negotiate with banks, it was sport". The president's personal attorney cited in the Times' story could not cite a single specific data point the Times got wrong.

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It says one dose of the MMR vaccine is 93% effective at preventing measles, and two doses are about 97% effective. There were a few other possible cases but these were in the process of being confirmed or otherwise, he said.

Mr Neal, a Massachusetts Democrat, is now consulting with legal counsel on how to proceed, and the clash is likely to turn into a protracted legal battle.

Democrats could respond to this refusal by issuing a subpoena, or they could file a lawsuit seeking a court order for Trump's tax returns.

"Every American should ask themselves how sick do you get when The New York Times and The Washington Post go out of their way day after day after day to find an excuse to attack the president?"

Nancy Pelosi said the president was becoming "self impeachable". The House speaker has thus far resisted calls by some members of her party to pursue impeachment proceedings against Trump.

"That could be part of an impeachable offence", Pelosi said of Trump at Tuesday's event, which was hosted by Cornell University.

Democrats have repeatedly decried Trump's resistance as stonewalling, maintaining that the president is thwarting Congress's ability to conduct oversight.