BREAKING – NY Times has ten years of Trump's financials – w/1 update
In a story titled Decade in the Red: Trump Tax Figures Show Over $1 Billion in Business Losses.
CAUTION — this is not the information being sought by Ways and Means.
It is from the period of 1985-1994.
And guess what? Trump was losing money hands over fists.
Let me offer just 3 paragraphs:
The numbers show that in 1985, Mr. Trump reported losses of $46.1 million from his core businesses — largely casinos, hotels and retail space in apartment buildings. They continued to lose money every year, totaling $1.17 billion in losses for the decade.
In fact, year after year, Mr. Trump appears to have lost more money than nearly any other individual American taxpayer, The Times found when it compared his results with detailed information the I.R.S. compiles on an annual sampling of high-income earners. His core business losses in 1990 and 1991 — more than $250 million each year — were more than double those of the nearest taxpayers in the I.R.S. information for those years.
Over all, Mr. Trump lost so much money that he was able to avoid paying income taxes for eight of the 10 years. It is not known whether the I.R.S. later required changes after audits.
There are details within details, including how much he lost on buying the Shuttle from Eastern, how he gamed the stock market with takeover threats until others wised up that he was a fraud and not serious, that his largest single income was a payment of over 60 million from company of Merv Griffin to settle a legal dispute about Trump building a casino.
There are also details to other records, such as the information in the 2005 return sent anonymously to David Cay Johnston.
It is an easy read, and I believe it further undercuts the myth of Trump the brilliant businessman.
And of course, as you can see by my graphic, this is a follow-on to the story on the Trump family’s tax schemes that broke last year.
Kudoes to the Times.
UPDATE Seth Abramson highlights the key sentence:
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