This article avoids the biggest question; How has he managed to stay in business for 30+ years? Generally, one would assume that a businessman that consistently loses money can not remain a businessman for long. But Trump has been at it his whole life. The article doesn't even try to explain how it is possible that he was able to stay afloat for so long. If there are investors continually willing to lend to him, why do they have continued confidence? Uber has lost money for almost a decade, and investors are still lining up. It seems significant that Trump lost so much money and yet is somehow still in business. Talent, continued investor faith, shady Russian partnerships, all angles conspicuously unexplored by this article.
3
Because they are paper losses and a desirable tax avoidance strategy. Losses are the reason why some actually acquire certain instruments. The term is, "To generate losses."
Yes, and when Trump won, the USA lost.
Real estate developer motto:
A dollar borrowed is a dollar earned
A dollar refinanced is a dollar saved
A dollar repaid is a dollar lost forever
3
I've been trying to figure out what seemingly intelligent people feel or know that still keeps them supporting this worthless character, other than tax policy, which any republican could have delivered. I think now that the concept of 'wholly other', the unknowable, is the only explanation.
2
Nixon & Trump have a lot in common with taxes.
Nixon owed $467,000 in back taxes, or $3,059,596.24 in today’s money.
Trump didn’t pay taxes for 8 years and paid very little in taxes for 2 years from 1985-1995.
Nixon told the press “I am not crook” when he was asked about his taxes.
Trump told Hillary “That’s because I am smart!”, when she said Trump didn’t pay taxes.
1
Also, didn't his 1995 tax returns show a nearly billion dollar loss in that year alone? That would make it over $2 billion in losses over 11 years! It's a staggering amount of money.
1
The reason we should care is more than that it shows Trump to be a con man and tax fraud. It is because his finances could explain when and how and why he became involved with Russian money under the table, which affects his campaign activities and foreign policy today.
2
This was a smart tax policy. In this period NYT had very high taxes. Many people who made a lot of money had another business which lost a lot of money.
In my fathers case, we had a farm which lost money and was used to write off against our real business.
When a state has very high taxes this sort of thing is the result. I see nothing wrong with it. Like many New Yorkers at that time, Trump just found a way to have a big write of losses which would protect his real income.
All of you folks should listen to the Daily. The House will not be able to secure any of the underacted Mueller report or Trump's tax returns; nor will Trump allow anyone to testify. From a legal standpoint, the House is running out of options and Impeachment may be the only solution. Politically, the Democrats could wait until 2020 and let the voters decide.
I have strong feeling the Democrats will let the voters decide in 2020. Trump is drawing a line in the sand and he won't budge from his position. Its a fairly simple tactic which Trump has used his entire business career. He wants the Democrats to back down and he's painted them into a corner. The choice seems simple and pragmatic. Impeachment.
When I was a teenager, in the 1980's American Midwest, I first learned of Donald Trump when I watched him on the Oprah Winfrey show. Mark Burnett, the producer of the Apprentice and NBC helped broadcast Donald Trump's scam that he was a brilliant businessman but it started long before, with the national platform he got on the Oprah show. As a teenager, I found Oprah so authentic and loved watching her show as did many Americans. And to think that it was on her show that the Donald conned the nation beyond New York. It's just so disturbing.
2
There seems to be that nearly constant 40-45% who seemingly believe in this man no matter what. To them I would ask, why do you think his alma mater, The University of Pennsylvania, Wharton School of Business has never claimed him as one of their outstanding graduates? Likely because he wasn't and U of P might have explain Trump's father's "donation" of $1.4 million.
3
Absolutely beautiful reporting, NYT journalists. Thank you for your service to the country. It's unfortunately unlikely that it will reach the people it needs to reach most, but many of us so appreciate your dutiful work in bringing the truth to the light.
8
It looks like Michelle Wolf was correct when said “Trump is so broke” and the audience would have to respond, “How broke is he?” The responses:
“He’s so broke, he has to fly failed business class.”
“He’s so broke, he looked for foreign oil in Don Jr.’s hair.”
“He’s so broke, Southwest used him as one of their engines.” There were some gasps after that one. “I know, it’s so soon,” she said. “It’s so soon for that joke.”
3
I think an honest vetting of his returns will clearly convey he's the loser he claims everyone else is. But unlike everyone else he was born rich and without a conscience, which is why he believes the rule of law is whatever might fall out of his mouth in any given moment.
4
Trump is a fraud, con man, crook and abysmal at business. The rest of us are paying taxes and paying for all public services, defense, health care, you name it and he gets a free ride. If I were one of the presidential candidates, fixing our tax code so this type of scamming was impossible would be a top priority. It is absolutely scandalous that he and his cohorts such as Manafort get away with this type of tax shenanigans and the rest of us pick up the bill.
5
I am disappointed with this reporting. I do think Trump likely suffered real and significant business losses, even while touting tremendous success.
However, this report attempts to sensationalize the losses and downplay how much of these losses were likely accounting losses from depreciation or written off goodwill and not real cash losses. The way this is written makes it sound like only $16 million could be related to depreciation, but in reality depreciation could be more than half to the majority of the losses of that 10 year period.
Was any attempt made to consult with accounting academics to sort through the information? The one lazy quote from Art of the Deal does not make it seem like that was done.
There is still a story without exaggerating the facts! This just hurts NYT credibility.
1
Past is present, no matter how much Trump cultists want to deny that he's as big a fraud now as he was years ago. Just look at his accomplishments so far as president: first, a tax give-away so enormous that corporations and the wealthy simply don't have to produce anything anymore (just push the money around) and second, he's imprisoning children at our southern border. Not much else really. Most of his other supposed accomplishments are situational rather than organized by him or his administration. As in the past (sorry TX) he's "all hat, no cattle."
16
Decades in the RED! I knew it... Trump is more like 99% of us than the 1%. And like us, he is doing much better these days. MAGA!
5
Now you see why the 2020 presidential race is aleady over. All that remains is the clown show.
Of all the stuff the enemies of truth working here could have drug up from the past, why reprise an October Surprise from 2016?
This story went ''ho-hum'' way too soon, I guess, so why not repeat it now that the Dems are back to having nothing to show the voters.
But really guys, why this one? Do you have any great old golf stories from past tournaments? Do you have anything by Herbert Warren Wind tucked back there?
The single curiousity I have is how many jokes went arount at the newspaper offices asking how many Times readers had the first clue about business taxes and declarations of tax losses in the tax codes?
I mean, Really guys? You're going to ask YOUR readers on the Left edge to comprehend the world of declared losses viv-a-vis IRS returns?
2
A con man, a grifter, a liar and a thief…..and the current face of our country and the standard-bearer for the Republican Party.
#2020
605
Vote out the GOP. The country you save is America. Ray Sipe
9
He's YOUR President.
Yes, this is the face to people overseas of the United States. Who would want to do business with us now. All of our precious institutions are now in question, because of this guy...well, him and Mitch McConnell.
6
What I don't understand is why American's aren't in the streets protesting this obvious criminal running their country? The apathy is real.
5
I wish that reporting yet more lies and fraudulent dealing from this lump might have practical implications for him, but that's a pipe dream. His supporters and the Republican party are OK with absolutely anything he does today, to say nothing of what he did decades ago.
But I guess it needs to go down in the record anyway.
1
I get the sense this is prologue for much more to come. This is a mere setting for the winding entanglements that will in time explain everythIng.
2
The winding entanglements are with Russians close to Putin and criminals. Mueller neglected to follow the money. Thankfully, the House and state of NY aren't making the same mistake.
Yes, we'll eventually have the answers, but will it be too late for justice to be served by then?
1
This article reminds of why Andrew Carnegie supported an inheritance tax (the only kind of tax he advocated). He questioned whether large sums of money should be passed on to heirs who were not the creators of that wealth, suggesting that this would be rewarding people who had not shown the initiative nor the intelligence to build something tangible that generated wealth.
Trump was able to loose $1 billion dollars because he was gifted a fortune from his father. He has created nothing. We have a tax structure that has rewarded a grifter.
5
The Donald had his ups and downs during the 80s and 90s but he always made a comeback. I liked it when he put leather seats in the old Eastern Shuttle and when he fixed the skating rink in Central Park. I think New York is being much too hard on the hometown hero. He made it there, and he can make it anywhere!
2
Given Trunp's industry of lies, did anyone still believe he was either self-made or a billionaire? He could say his ABCs, or most of them, and find a way to deceive us.
3
"Mr. Trump made millions of dollars in the stock market by suggesting that he was about to take over companies. But the figures show that he lost most, if not all, of those gains after investors stopped taking his takeover talk seriously." Never mind the amorality demonstrated here--if that behavior isn't illegal, then why isn't it? And how does this differ in principle from insider trading, which is rightly a crime?
Among many other changes, we need legislation *requiring* presidential candidates to release the last decade of their tax returns. If Trump has taught us anything, it's that we clearly can no longer count on the good will, sincerity, and patriotism of whoever rises to the office.
2
Trump rattles the trees for day-trader windfalls practically every day now.
1
In the process of multiple bankruptcies I'm sure he underpaid, didn't pay, or otherwise caused financial pain to plenty of contractors, subcontractors, single workers.
1
There really is no surprise here. nor should anyone have been surprised. That really was obvious three years ago. If they demonstrated he was, in fact, a successful businessman, a self-promoter such as Trump would have been the first one to release his tax forms back when he was running for President. His entire image depended on an illusion which, as an entertainer, -- the one thing he is clearly adept at -- he guarded and continues to guard fiercely.
3
If there's nothing to hide, no taint of Russian bail outs through Deutsche Bank laundering- then there's nothing to fear. Being vulnerable because of financial shame, debt and improprieties means a federal official is vulnerable to blackmail. This has always been a legit issue to investigate when the national interest is in jeopardy.
2
If there's nothing to hide, no taint of Russian bail outs through Deutsche Bank laundering- then there's nothing to fear.
Being vulnerable because of financial shame, debt and improprieties means a federal official is vulnerable to blackmail. This has always been a legit issue to investigate when the national interest is in jeopardy.
Trump claims the losses were “tax” losses. If the losses don’t represent real economic loss and were deducted in calculating federal income tax, it’s tax fraud. Tax fraud has no statute of limitations. It’s time to impeach. Tax fraud got Manafort real jail time.
1
Love the Donald vampire picture.
We all knew he was a failure, thinking this story is a bit of overload.
Why can't you provide a link to the IRS transcripts? I would like to read what he reported for myself,
2
Trump claims the losses are just “tax” losses. Well if the losses don’t represent real economic loss and were deducted in calculating income tax, it’s tax fraud. There no statute of limitations for tax fraud. Time to impeach. Tax fraud got Manafort real jail time.
2
In the process of multiple bankruptcies I'm sure he underpaid, didn't pay, or otherwise caused financial pain to plenty of contractors, subcontractors, single workers - people very similar his 'base' ...
His grifter style and ease of lying to the public and everyone around him has been contagious in the Republican Party. Whatever honor, dignity or sense of duty they had has been diminished to his low standard and pretty much ruined any shred of decency the Grand Old Party once stood for. It’s too bad that greed in the party has crescendoed to match Trump’s abysmal character and now it’s actually placed the entire US in a Constitutional crisis. Who would ever have known that one guy could take down an entire party?
2
Fanning open his silk-lined coat that way makes him look like a horror movie villain, complete with cape. Spooky.
1
He seems to think this is a 'normal' way to do real estate business, but
don't those 'tax breaks' cost the rest of us money?
Another angle to this story; bankruptcies often result in contractors not getting paid fully. When you go bankrupt It's normal to 'make a deal' for 30 or 40 cents on the dollar. Often these were small players; 'Jimmy and sons licensed plumbing contractor' total of maybe 5 employees. These guys often don't even know there is trouble until it's too late. If they're smart and experienced they might get material money up front, then all they give away is their precious time. These are people not too different from Trump's 'base'. NYT could do some research; contact some of these folks.
Plenty of time until the election.
3
"The Confidence Man" Documentary directed by Fisher Stevens is a Must see movie about all the little people who were stiffed by Trump and his steamrolling, bankrupting organization. This doc is part of a series called "Dirty Money".
1
Thanks - will see it, and Trump's '35%' should see it also. Of course, many of them have already figured it out ... we'll see.
Once a con man, always a con man. It's unfortunate that after he was able to bamboozle banks and investors back in the 1990's, people didn't come forward and renounce him as a charlatan. He has been allowed to perpetuate the ruse of being a billionaire for decades. And now he's our president, intent on ruining out country through deceit and lies. The Republican party and Mitch McConnell are now complicit in the ultimate con game.
1
No one has an objection to failure when building or creating businesses, however, that is a capitalist achievement. The problems arise when as capitalists, they depend upon lies about the reality of their failures and then recover thanks to my hard earned money. Would you invest your dollars that you saved in your personal bank account with this man? Remember, his own father lost money when he invested in one of DJT's schemes. An individual's character is exemplified within ones' life prior to becoming POTUS. When one discovers political who remains racist or a proven woman hater or views that are in opposition to the American principles, that is my beeswax. America is supposed to be that shining beacon on the hill, to which all others aspire. The position of POTUS as the individual to lead all of us towards that beacon cannot be a liar, racist or woman hater or criminal. And when those undesired & long existing traits are discovered in the individual who is POTUS, then he must be impeached, voted out of office in 2020, then indicted & if convicted, imprisoned appropriately.
1
Should anyone be surprised? We’ve known Trump is a conman and a grifter for years. Plus, a terrible businessman. What successful ‘billionaire’ starts a scam university? With the US running a $1T annual deficit we are getting exactly what most of us voted against.
1
Of course he shows losses. If he showed profits he'd have to pay taxes.
Apparently no one got the memo.
So the $1.17 billion in losses between 1985 and 1994 is just "sport" to him. One could criticize his lack of business acumen, but it worked didn't it? Most of us would be serving time for this.
2
This article seems to be all about shiny objects. Donald Trump's business career as we know it began in the mid to late 1970's and does not appear to have involved either astronomical gains or losses at the start. In October we found that Fred Trump, through a dummy procurement company, had fraudulently transferred 413 million (not clear from article whether this was the actual number or the 2018 equivalent) to Donald. Today we find that Donald's taxes 1985-1995 show he lost 1.17 billion over the period. Simple arithmetic tell us these numbers can't both be right. .413 B - 1.19 B = -757 million. Where did the lost money come from? We take it for granted that he lies on his taxes but usually even banks notice the loss of 3/4 of a billion dollars.
1
It’s called leverage. Perhaps you’ve heard of it? If I run a “business”, the “X” Organization, and it commits $10 million to a project, it can then solicit other investors. Perhaps $50 million total is raised, then that sum is offered as collateral for a commercial loan to fund a project that costs $300 million. Due to my mismanagement the project fails for one reason or another. Meanwhile my organization has been earning fees for developing and managing the project. Once the project goes belly up my company may have actually made a profit from fees, but gets to write the $10 million off taxes, if I’m honest. If not, I can inflate the value of my investment and claim a larger loss. The other investors and bank take the greatest losses. Hence my business has “lost” $300 million on the project.
Commercial real estate is a dirty shell game. Always has been.
2
If we are honest with ourselves, we knew long ago that Trump was a flim-flam, snake oil salesman, con man and crook who would lie, steal and obstruct, to maintain the illusion of the man he knew he would never become. He understood that millions of American's would buy the image and the illusion, all he had to do was sell the fake him. What better way than a TV show projecting him as a successful businessman. We were the fools. In spite of many warnings, we bought the "fake" Trump. There were so many warnings we let slide, all because we loved the image he projected. When US Banks wouldn't lend to him and he had to go overseas and to Russia, it was the banks fault. When worker's and contractor's complained they weren't getting paid, it was their fault. When we were told that Trump was involved in more than 3500 lawsuits, we didn't believe any of them were Trump's fault. When we were told Trump filed for bankruptcy six times, they weren't his fault, because he told us he was a great businessman. The banks, the worker's and contractor's and the companies Trump has done business with in the past, all believed in him and his image, until it became impossible for them to do so. Trump is so angry, because his sham house of cards is beginning to fall and he doesn't know how to fix it, because Trump has never fixed anything. He has always been a taker, never a maker. He was lucky he daddy was so willing to give Trump the money to protect him from all his legal troubles.
2
In short, what this all proves is "The emperor has no clothes".
Trump is a con man, and has been his entire life. Most Americans knew this before the election, and yet many turned a blind eye to it. I doubt whether any of them will look now.
What will it take for these self-blinded voters to open their eyes? Perhaps the discovery of Trump's indebtedness to people and entities who are enemies of America. That's the real "smoking gun" that Trump is trying to keep hidden. He sold himself as a "savior" of the working and middle class - a con job of massive proportions - but if it turns out that the people he's really working for are Russian oligarchs and gangsters, that promise will be seen as just another con in his long history of them.
3
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Famous Judge Learned Hand Quote
“Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that pattern which best pays the treasury. There is not even a patriotic duty to increase one's taxes. Over and over again the Courts have said that there is nothing sinister in so arranging affairs as to keep taxes as low as possible. Everyone does it, rich and poor alike and all do right, for nobody owes any public duty to pay more than the law demands.”
~ Judge Learned Hand
Apparently the left has selective amnesia concerning our Constitution, our Laws, and judicial precedent when it comes to President Trump. He played the game set up by Washington insiders and won. Good for him. Now come all the faux tears.
He apparently suffered such losses that he hasn't been able to buy a new outfit in over 30 years. Same dreary blue suit, long red tie, overcoat.
4
Trump and his ultra loyal Administration can stonewall all they like but today, NYS lawmakers voted voted to allow the commissioner of the New York Dept. of Taxation to release Trump's state taxes requested by the House Ways and Means Committee, the Senate Finance Committee or the Joint Committee on Taxation for any "specific or legitimate legislative purpose."
Even for Mr. Trump, the truth will out.
8
In the process of multiple bankruptcies I'm sure he underpaid, didn't pay, or otherwise caused financial pain to plenty of contractors, subcontractors, single workers - people very similar his 'base' ...
1
It's not news though, is it? We know he's a moron, we know there are 10 year olds with better business acumen, we know he has no morals, we know if it weren't for a disastrous decision by Deutsche Bank, this con man would have been consigned to history years ago. Not of it changes a thing.
5
The people in the MAGA hats do not care if Trump is:
A liar
A swindler
A groper of women
A braggart
A patron of prostitutes
A loser.
In fact, they like all those things.
If you want to do the country some good, get something on him that will cost him votes. LIke he is afraid of guns or had an affair with Putin. All this beautifully researched preaching to the liberal crowd is not worth the effort you put into it, not even close.
2
Trump reportedly ‘lost more money than nearly any other individual American taxpayer’ from 1985 to 1994.-Donald Trump--" I am really rich"--Sure you are--Humor Rich
4
Like Trump this is stupidly simple. Money to Trump for easing sanctions on Russia.
4
President Trump continues to be his own worst enemy. No one would care about Trump's finances if he hadn't first made them the centerpiece of his persona. Had Trump released his tax returns prior to or shortly after election, they would be old news by now; but instead he continues to fight, making everyone wonder. Mueller didn't find collusion, but that didn't stop Trump from trying nonetheless to obstruct justice, meaning instead of Congress moving-on, they are fixated on the Mueller report. And instead of cooperating, Trump is now claiming executive privilege, ensuring this will be a big issue for the foreseeable future.
All these things that, by themselves are no big deal, are now suddenly huuuuge (to speak in the Trump vernacular), due only to the actions of Trump himself. Not having that kind of insight into the consequences of your actions is a greatly disturbing quality for a leader to lack...
4
People bought into the myth that a good businessman can solve things. The operative word is good. And they can't solve everything when one party is focused only on power.
2
My question is with all of these loses, and a Bad track records in a business where did he start in turning a profit? Where did he get the money? Who does he have obligations?
3
I don't see this as muckraking or inappropriate to investigate.
If you strip away Trump's business experience as consisting mostly of failures, then we are left with the troubling fact that we really elected a reality show host as President.
However, I would think a little more context about tax losses could be included. From what I understood about other reports on Trump's tax dodges, he claimed losses that essentially accrued to him through the use of borrowed money or leverage on various real estate projects--the flip side of this is that his tax losses really include investment losses suffered by lenders and not him personally (although presumably he was still 100% wiped out).
2
Like much of the Times reporting over the course of the current administration this is excellent. Though some of it was suspected, it is good for us to see all of it in detail with numbers and dates.
I have some questions. Why is it that we are only learning this now? Why didn't the Times and the rest of the media investigate with this energy years ago? Why wasn't Mr. Trump questioned about this during the campaign? Yes, he didn't publish his tax returns and that has been well publicized and is clearly an obstacle. Perhaps this will move congress to address the election laws to require full financial disclosure, tax returns and other financial information as required, and full disclosure of all foreign entanglements. Shouldn't we ask as much of our presidential candidates as we do of others entrusted with our safety?
The measure of a free press is, to some extent, its ability to protect us by its vigilance and its voice. Mr. Trump and all his acolytes and supplicants has never been truly held to account. During the entire campaign he never had to answer the tough questions. Now the nation has to deal with the mess.
Thank you for all the great things you do and please keep at it. But find a way to get answers from the president. We can't seem to trust the congress to do it for us.
3
I've never heard one other business person ever say that losses in the millions were a game plan.
And then there's Trump.
4
It might not have been a crime then, but didn't Mr. Trump engage in securities fraud, namely pump-and-dump during the years when people believe he was some kind of corporate raider?
7
So much for the great "Deal Maker" and "Great Winner". I would say he is the "Greatest Loser"
3
The other possibility is that these "losses" are due to understating values of property he "sold" to friends or family members. He takes a loss, gets to pay zero taxes and the kiddies get their nest eggs.
2
In response to this article, Trump stated that he didn't really have losses, it was "just for tax purposes".
So he just admitted to tax fraud?
3
The reason we should care is more than that it shows Trump to be a con man and tax fraud. It is because his finances could explain when and how and why he became involved with Russian money under the table, which affects his campaign activities and foreign policy today.
1
the time frame in question was the now forgotten(I guess) savings and loan crisis (Keating 5, etc) that took down thousands of banks especially in the Northeast. Every landlord, large or small(I was a small one with 5 units and probably lost 200k in income and equity during that time I and my wife combined make 75k) got slaughtered during that time. Many articles available (in Conn we had Colonial Realty which took down 10 banks and Arthur Andersen) https://www.courant.com/courant-250/moments-in-history/hc-250-colonial-realty-20140419-story.html. This would be like judging a stock mutual fund and using 2007-2009 as the benchmark. I am not a huge Trump fan but this is ancient history, for most of the period in question there were not even Personal Computers
These numbers are the portrait of a big time loser. Where I come from, there is a saying: "Tell me what you brag about and I will show you what you lack".
However, I think that the following 20 years of Trump taxes will show us a criminal. I am sure they will come to be public information. It is a matter of time and I cannot stop wondering if Trump will be the first US ex-President who will request political asylum. Maybe in Russia?
Well, the one way to put this issue to rest is for Trump to release his tax returns. But he has refused to do this. Perhaps the returns contain information that suggests illegal tax evasion was used. We just don't know.
As far as I am concerned, it simple: If he won't let us look, it means he's a crook.
A question for the reporters.... Do the Adjusted Gross Income figures shown in the article include net operating loss carryovers after 1985? If so, the There would be some significant double counting. Please clarify!
Wake up Americans. Being owned by Putin is bad enough. Now it's confirmed that this corrupt business dunce is making major economic decisions for our country that may echo for decades. He's as far from a business genius as one can be. Others with seed money, mettle, lack of conscience and the right crooked mentor-daddy could have done the same, with far better results. The world is littered with them, but this particularly nasty iteration sits in our White House. Stiffen your spines and pressure your local election authorities for heightened voter security.
2
A lifetime of lying, tax evasion, scamming, banks and partners littered with failed businesses, fraudulent "universities", insane conspiracy theories that he spouts as truth, "fixers", philandering, incredible ignorance, learning disability, money laundering, obstruction of justice and severe psychopathy not to mention abrogation of his oath of office, the Hatch Act, every ethical principle ever conceived.
Such a darling of a bottom-dweller. Fat and ugly doesn't help either.
"Lost" a billion dollars?
That ain't just car keys.
1
Not defending Trump, but isn't this illegal? Whoever shared these with the NY Times broke the law.
1
If this reporting is "fake news" and Trump's lawyer says the article is inaccurate, then all they have to do to disprove it is...release his tax returns!
4
Sorry, NYTimes - Too complicated and focusing on how little taxes he paid only burnishes his image to his supporters. They too fantasize about being con men.
This "scoop" is only good for adding to the historical record - which may be all you are going for, but it does seem like a missed opportunity. Anyone with a brain cell already knows this man is and was a business disaster.
4
Talking over 2-3 decades ago??!!!! Come on NYtimes, shame on you. Why can't we minimize extreme bias given all of the real discussion one could have about Trump. This isn't one of them. Many have years of losses; followed by years of success. Perhaps some on the board here should run a business for a while.
3
What's both funny and sad is how he is so angry and astonished that people are looking at his past and have problems with him because of it. Perhaps being in his little bubble of yes men/women who were not the brightest but the most loyal for so long has made it impossible for him to understand how government needs to work. It also made him unable to understand the basic idea of honor and loyalty to a bigger 'idea' : The people and constitution of the country. It was obvious when he asked Comey to 'go easy' on Flynn and when he asked McGhan to fire Mueller and lie about it.
The NYT article of 4/18 explains these issues.
Fred Trump was a classic plough parent for Donald Trump.
Trump lies, he's shameless, he likes to be deceptive, he has good and bad years in business. So what? All politicians do the same, except for the business part. Obama for example was not the angel Democrats would have us believe and he had no experience in business.
Running a country is nothing like running a business, that's been well proven.
No other president lied the way Trump does. No other president has been as mean spirited, inept, cruel and bigoted as Trump is.
1
Are any of the loans still outstanding?
Were any of them recourse?
Did the IRS assess any taxes on the income he would have been deemed to receive based on cancellation of indebtedness?
Percentage wise, my savings account did better than Trump in those years.
1
As we have learned from the experimental analysis of behavior, past behavior is the best predictor of future behavior
2
This story is so important because it reveals a set of values and pattern of behavior that is now directly affecting everyone in America, and much of the rest of the planet:
Donald Trump exploits his privilege and manipulates the gullible to build a gaudy house of cards. When it blows down and others deal with the loss, he returns to exploit his privilege again, builds and even more audacious house of cards, and when that one blows down.. lather, rinse, repeat all the way to leadership of the Republican Party and the White House.
Guess who is going to be left to pick up the cards this time.
3
There would have been no need for this type of investigative journalism, if only the 2016 candidate had honored the long standing tradition of transparency in campaigning.
3
I get near-daily amusement by Trump supporters who bought into GOP messaging about murderous immigrants stealing their jobs wave their hands, nothing to see here, it's just a few bad business deals. Nevermind, as has been reported in the past, all the people who got stiffed on payments for their work, or the tax fraud committed by the Trump clan to enrich themselves.
The very first sentence of this article captures the essence of Trump: while he was busy boasting (as usual) about being the single greatest person on the planet, he was losing millions. And the deeper the financial hole, the more he boasted. The article may be based on data from the 80s and 90s, but nothing has likely changed. If it is, Trump wouldn't be fighting tooth and nail to prevent his current tax returns from seeing the light of day. The same for any information about who may continue bankrolling him now that Daddy Trump does not.
Trump apologists don't care. They'll spin it like every other atrocious thing about this man. And yet, if he were to ever shake their hands, he'd just as quickly run for the Purell.
3
My guess is his losses are not what they appear, but rather he knows that by claiming these staggering loses, he avoids paying taxes. That is all Trump cares about. Keeping every penny he can to himself. His contempt for the government is blatant.
2
This all begs an answer to a very important question: "why would Deutsche Bank (or any other bank) lend money to this guy?"
4
Big losses, over time, typically create big write offs.
1
They also typically leave you broke.
1
These numbers are the portrait of a big time loser. Where I come from, there is a saying: "Tell me what you brag about and I will show you what you lack".
However, I think that the following 20 years of Trump taxes will show us a criminal. I am sure they will come to be public information. It is a matter of time and I cannot stop wondering if Trump will be the first US ex-President who will request political asylum. Maybe in Russia?
5
Wonderful investigative work by Butettner and Craig. Has Trump ever actually made a profit in his business career, or does he just live off one shady loan after another? No wonder he doesn't want to release his tax returns. We can all see him for the feckless grifter that he has always been. Too bad he is now able to con all of us instead of just the crooks at Deutsche Bank.
3
This man would never have been elected president if, years ago, he had been exposed as the fraud he apparently is.
1
I feel angry with the NY Times. This is a great article, thoroughly researched. But, it's written at a reading level of people with grad degrees. This is a story that should be told. But, unless the Times gets off its high horse of using big words and complex sentence structure, the majority of the country won't receive this information. Fox News is more humble, putting most of its articles at a 3rd grade reading level, it seems. Instead, here at the Times, we see this:
"...was propelled to the presidency, in part, by a self-spun narrative of business success and of setbacks triumphantly overcome. He has attributed his first run of reversals and bankruptcies to the recession that took hold in 1990..."
Most of the auto workers, miners, nurses, teachers, fast food workers, etc., in the United States would already have tuned out at that sentence. NYTimes, you are doing great research. Please get with modern times and stop writing for the pleasure of your journalists, but instead in a way that reaches the most eyeballs and leaves them understanding the news.
There might be space for lofty language when you're doing book reviews, restaurant reviews, arts pieces, etc. But political reporting deserves language that the majority of Americans can engage with.
Also, these days with AI and technology, it's not hard. There are literally computer programs that can analyze your text and say how readable it is. I mean it - your great work ought to make a bigger impact.
6
I'm sorry but it's dumbed down communication that enabled Trump to get into the White House.
We should be improving our system of education and encouraging people to reach higher, not talking down to them.
My mother didn't graduate from high school but until the day she died she was one of the most well read and well informed people I have ever met.
4
I believe that the New York Times is written at an upper high school level. Theses are sad times indeed if you believe that even teachers could not understand it. Should the prose be dumbed down? I don't think so.
4
Over the last 30 or so years we've seen politicians, especially at the local level defund public education. We've read about the passionate high school teacher who buys his/her own supplies but needs food stamps. Cutting local taxes is irresponsible. Of course those who can afford expensive private school are happy not to pay taxes for public education. There's a racial bias in some cases. Perhaps I'm an idealist. I believe that enabling every child to achieve her/his maximum potential is best for society, an idea shared across the political spectrum. Investing in a future we may not be here to enjoy.
The influence of 'media', specially phones, is huge. I have done substitute teaching, and convinced some students to use the on/off button on their phones; live a few hours in the 'here and now'. Do you need to know what your friend had for lunch? Look at the way that bird lands on the grass, catches a worm and brings it to her nest. Wow ! Corny? But that event was unique. I am not against cell phones or computers. They are tools. Not all inventions are 'good' for every person in the same way; 'Progress' is not the same for everybody. The industry that produces these items wants you to use them more, not less.
'Survival of the fittest' didn't stop when Darwin wrote his book. TV, as both entertainment & education, can make people unable to read, mentally lazy and without imagination. Computers can reduce people to the level of glorified drones.
Looks like Trump's reality show shouldn't have been called "The Apprentice," but rather "The Biggest Loser."
11
No matter how much money trump ever has, he’ll always be a bum.
10
Donald Trump couldn't explain a Cash Flow Statement in a million years. He blathers on and, unbelievably, people believe him. The problem in this country is not Donald Trump. It's the sucker population.
13
Well, now we know why he needs the overtime comp.
1
Does our world not need major rethinking if this is the kind of human specimen that is rewarded, exalted, and left unchecked?
5
A "sport", he called it.
Who knew the president was such an athlete?
Gold medal it is!
3
Please do a f/u article dealing with more information on the legitimate write-offs real estate developers can use for depreciation and real estate expenses. Otherwise his tweets are easier to understand by his base as legitimate
4
For all Trump supporters. Give me $1b, I will lose it in a year, can I then be your president?
6
I’ll do it for $2 billion...
3
Great reporting and very interesting detail. I am curious and actually concerned with a news source being able to access what I had thought was highly protected private financial information - IRS filings - and the legality of public disclosure. If you can do that with the President of the United States, you can apparently do it to any citizen. It is a bit incredible to run stories on our need for digital privacy on the one hand, while absolutely corrupting that ideal on the other. Perhaps you might comment upon that?
The big question to me after reading this article (Kudos to the NY Times for another stellar piece) would be how much of these losses are the true actual numbers? Did he really lose that much or are there some creative accounting going on or just plain tax fraud to cover future profits? Maybe it's all legal. Remember what Cohen said to Congress, "“what he [Trump] didn’t want is to have an entire group of think tanks that are tax experts run through his tax returns and start ripping it into pieces.” What's he afraid of? Everyone knowing he's not as rich as he says? He'll lie his way out of that. Doesn't give much to charity? Who really would expect him to? What he is likely afraid of is having real criminal exposure. He's possibly committed a crime or multiple crimes. It could be as simple as tax evasion. His propensity to support Putin and MbS makes me wonder what else could be going on, money laundering, some type of conspiracy, bribes. Losing a lot of money and being in bad shape financially gives him a reason to be prey for a blackmailer. Congress has a duty to provide oversight to the Executive branch and must use their full force to investigate. This is not the actions of an honorable man.
4
Carry forward losses from accelerated depreciation of real estate assets (in fact any asset then) was, and is, regular practice and fully legal. How do you think Amazon paid no taxes for the past 3 years? Doh. Nothing here, move on.
1
I was somewhere the other day where a woman began to go off on food assistance to poor people and subsidized lunches to poor children. She seemed to think this was the only reason she couldn't have a new car was because of paying for "those people".
I don't mind paying for "those people." About 10-15 percent of my taxes goes to those programs which is not very darn much. I don't want to be in a world where families go hungry. I do however resent paying for THESE people. Our government subsidizes and rewards the rich who have lawyers and fixers to use the system. I do not have a clue why these people are revered and honest people working minimum wage jobs are called leeches and treated with disdain.
6
Does she mind paying for Trump's weekly commute to Mar El Lago? Here's a recent stat I read; He has 41 people with 24/7 security. Obama and Bush had 30. Quite an increase. Feed a lot of people with that. Maybe this is why he so desperately wants to be re elected. Soon as he is a private citizen the serious indictments begin. Make all this with the democrats look like dress rehearsal .
Amazing that through all of these spectacular failures, according to the most recent Forbes, he's been able to amass almost 4 billion dollars in wealth.
1
Borrowed from Russians?
3
If the federal government can't determine what his level of wealth is, what makes you think Forbes can? That Forbes rating is probably based on self-reported data.
Trump lobbied for that rating.
did Trump sell stocks short; profit from insider info, questionable real estate dealings or otherwise break the law ? Has he continually lied about a fictitious tax audit?
1
We are assuming that these tax returns have some relation to Trump's financial reality rather than being creations designed to avoid taxes.
If they were creations, then there is something basically wrong with our financial system that such creations were not detected. If they reflected his reality, then there is something basically wrong with our financial system that such a grifting reality was not treated as an infection and fought off by the system.
If there is nothing basically wrong with our financial system, then its function includes making Trump's success possible at the expense of investors with a smaller pair of brass ones.
1
I had noted some weeks ago that the probable reason he's hiding his tax returns is because he has no money and can't stand anyone knowing it. Yep, the emperor's new clothes haven't changed.
2
What sort of legitimate investment vehicle generated $52M in investment income in a single year in 1989? This is why Congress and the American people need to see his tax returns. What is he trying to hide?
3
I'm seeing a recurrent theme:
If you can't succeed in business, try running for office.
2
Aren't we all thrilled to know that this man is entitled to Secret Service protection, at taxpayer expense, for the rest of his life?
4
I'm hoping that won't be very long.
1
Invaluable reporting. But I can't help but wonder, how do we know these numbers are correct? Because I can't help noticing how much help from others who want to benefit from Trump's lies (and/or go to jail for them, depending) Trump needs to realize his schemes. He needs collaborators, like the majority of the GOP are now his collaborators, like Barr is his collaborator, like Supreme Court judges are now his collaborators. He also needs collaborators so that he has someone to hang the hat on when he siddles away again free and easy (Michael Cohen). Has there ever been a moment in Trump's life when his financial ups and downs resulted in a real downturn in his ability to live large? It doesn't seem so. No wonder he is now defying the rules of government. No doubt his lawyers-collaborators are limning the very outskirts of legality while we all watch like co-collaborators from the sidelines. Maybe enough people will finally get disgusted enough to vote him out of office in 2020. He can cry foul all he wants afterwards (you can be sure he will) but at least he won't be our lying cheating and scamming president any more.
1
Trump is a genius self-promoter. We are in the midst of a country-wide experiment to see whether pure self-promotion (a sort of creation ex nihilo) can keep a country afloat. If self-promotion must rest on an underlying reality but devours that reality, it will implode sooner or later. If it can rest and feed on itself, it will continue.
Trump is the ultimate result of our failure to hold people accountable and push them to learn from their mistakes. Tricky Dicky got a pardon. We put aside a debate on what happened in Vietnam and moved on. When Dubya mismanaged an unnecessary war and the economy fell apart on his watch, we basically pretended he had never existed rather than examining what had happened and learning lessons from it. Dick Cheney and people who think like him still see invading Iraq as a good idea. The financial leaders who presided over the 2008 meltdown are back to leverage and making money, and at best preparing to survive and prosper in the next meltdown; they have no interest in limiting their freedom of movement to make it less likely.
We do not hold ourselves or others accountable. Getting away with something is just evidence that the doer can get away with something else. Being accountable is a recognition of reality and its power, and avoiding accountability makes reality inaccessible.
3
Claiming large losses is a great way not to pay taxes. As the articles says, "Mr. Trump lost so much money that he was able to avoid paying income taxes for eight of the 10 years." Maybe this was the real goal of these tax returns. It's routine for businessmen of this stripe to hide their profits and show their losses because it saves them millions. This investigation may be looking in the wrong direction.
3
Indeed, according to Michael Cohen's testimony: he'd inflate or deflate the figures when it suited him.
1
I can't understand this: how could someone with $billion in losses survive, continue to do business, and eventually even become the president? Can someone explain in simple terms? I mean, was he faking losses?
5
the TV show was trump sole totally successful venture. springboard to fame and the presidency.
2
That is a sad commentary on our society.
A leopard never changes its spots - and neither does Trump. This article points to how he made his profits in the past, by conning the market. What makes anyone believe he isn't running the exact same con on America? Pending trade war? No trade war? What's happening with his current investments, from which he has not divested himself, during all this? He's all about what's going to make $ for Trump. As President, he gets to control the narrative as well as stonewall personal & financial questions. Republican senators have abandoned all ethics and have become fully culpable in the dismantling of our political institutions through this one man's con game.
5
I seriously question whether Trump is up to his old tricks and personally profiting from stock market manipulation....putting out tweets or starting trade wars, knowing that it will tank the market. It's easy to know which stocks will be most affected.
No American bank would lend to Trump, so he went to Deutsche Bank, who has close ties to Russia. Putin takes joy in compromising American businessmen and women. America needs to see those records!
4
Those who wallow in the negativity of this article will also never give credit where it's due, and not see the forest for the trees. By November 2020 we hope just 5% of you will see that a man who learned from his mistakes of the 80s and 90s is now using that experience to lead the nation to new highs. Let him use his powers of convincing, bullying, call it what you may, to overwhelm those who have taken advantage of the generosity of Americans and let them realize that they cannot continue to do it under his watch. Make America Great Again and let Americans hold their heads high again!
2
This has to be one of the most bizarre rationalizations of a lifetime of criminal behavior that I’ve ever read. How odd.
11
Give me a billion dollars, I will lose it in a heartbeat, and then go on to claim I am the greatest wotsit, short all the markets, put the money in my pocket, tell you all 'so what', send the army to wherever I fancy, cosy up to dictators, it's easy-peasy. God help us.
9
I don’t know whether to laugh or cry at that comment Vivian. Jesus wept.
2
We've been had.
As if we didn't know it already, this investigation is yet another proof that this colossal fraudster has fooled a nation and bloviated his way to the top. And kept there as a "useful idiot" by the likes of McConnell, Jerry Falwell Jr, and the entire GOP. It's so laughable that Trump still thinks he got there by his own merit.
Trump's only business victory has been to sell himself as a successful self-made man, when in reality he's just a blustering daddy-made failure.
Some of us never bought his fake product, but millions of others not only buy it wholesale, but continue to genuflect and worship this fake idol.
8
The stock image that the NYT chose to use for this article looks like a promotional ad for the man's magic act. Maybe that makes the most sense for this caped showman.
5
Ever hear of the Savings & Loan crisis???? During this period the former largest landlord in NYC Olympia & York went bankrupt. Home prices crashed 40%. condos were down 32.9%. Real estate as a whole got crushed during this period of time. A little context NYTimes? You guys wrote many articles about the real estate market at that time....selective amnesia????
1
Yes we did hear about it. Read the article. Trump lost more than anyone else in the country because he's incredibly inept.
2
"The New York Times led readers to believe it had blown the lid off of President Trump’s massive business failures with its very long report Tuesday night, detailing his $1.17 billion loss between 1985 and 1994.
But the story has been told before, by Trump himself, on NBC’s “The Apprentice.”
On Jan. 8, 2004, at the top of the show’s very first episode, Trump laid out a summarized version of the same story about himself that the Times so proudly ran Tuesday.
Here’s a side by side of what Trump said in the monologue in 2004 with what the Times report said 15 years later.
Trump, 2004: “It wasn’t always so easy. About 13 years ago, I was seriously in trouble. I was billions of dollars in debt.”
Times, 2019: “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.”
Trump, 2004: “But I fought back and I won big league. I used my brain. I used my negotiating skills. And I worked it all out.”
Times, 2019: “Mr. Trump’s 2005 returns … showed that by then he had significant sources of income and was paying taxes.”
1
Yet he failed to mention all the investors and small businesses he left holding the bag with those gargantuan losses. Some of those honest small businessmen never recovered financially. He should have said, “I used my brain to cheat subcontractors. I used my negotiating skills to renege on commitments I made. I used a cadre of sleazy lawyers to drown people in nuisance lawsuits so I could slither away with their money.”
3
Pde.
Yes, absolutely right. "When the dust finally cleared from the wreckage, in 2005, those who had backed Trump found they’d lost about 90 cents on the dollar. That was when the creditors — again — had to step in and take charge, and force the company through a Chapter 11 bankruptcy... But the stock market is a little different. The losses are very public and very easy to follow — and the losers are ordinary investors who bought the stock directly or through mutual funds. Even worse, many of those investors are voters, too. All in all, it’s a lucky thing for Trump that the public is so easily distracted … and have such short memories. " https://www.marketwatch.com/story/donald-trump-was-a-stock-market-disaster-2015-07-22
My memory is that the stock was trading at about $35 ashare when t went public-- fell to 17 cents. Rough for casino workers who invested. Hope thy didn't forget when they voted.
Trump is laughing at the haters. He has lived a life of royalty and y'all just keyboard whiners.
1
Edward V No Income Tax, Florida
Says it all, right there, doesn't it? Is that V short for Vince or something -- or for the 5th?
1
What is your point? That he navigated through the real estate crash of those years and came out on top? Or that he used “substantial” tax deductions that were 100% legal but you make it sound as if he is the only one that applied them, and oh my gosh, he is such a crook!? Or maybe that he is such a good liar that “fooled” the “deplorables” that voted for him?
Who cares about his income taxes and previous business losses!
But since you relish “to piece together complex and concealed finances,” so much I would urge you to tackle Nancy Pelosi, Schumer, and the rest of the gang. It’s time you stop your baseless attacks against the President and go back to journalism.
1
Anyone who looked at the cumulative details of Trump's recent business career would have known several obvious things: 1.) It was a total disaster save for his TV show, The Apprentice 2.) Trump was not releasing proper information about his finances in 2016 because it would have been an amazing embarrassment that revealed how little money he actually had and destroyed his false narrative of being a self-made billionaire and 3.) he had run out of money and lenders by the early 2000s and other than Deutsche, nearly all his money came from Russians or former Soviets and nearly all of those people had ties to the Russian mafia, the Russian government/Putin, or both. See y deep-dive here that explains a lot of this: https://realcontextnews.com/think-you-know-how-deep-trump-russia-goes-think-again-this-chart-info-will-blow-your-mind/
10
While I salute the journalists for their investigative work at exposing the President's criminality and immorality, I beg to differ at their statement as to how he got elected (i.e.: Mr. Trump was propelled to the presidency, in part, by a self-spun narrative of business success and of setbacks triumphantly overcome.). Rather, I assert that the 'great unwashed' [usually referred to as his 'base'] voted for him based on their admiration for the reality TV show "The Apprentice" and because of their belief that he would reveal his methods, and formula, for becoming rich–something that his ghost-written books teased as a selling point–that they would be able to follow in pursuit of their own fortunes. And whether his business tactics relied on immoral or illegal practices made no difference to them what-so-ever.
3
Trump wrote a comeback book on this subject in 1997.
Nice reporting ya got there.
2
"Trump wrote ... " I have my doubts, right there.
3
Tax returns from 25 to 35 years ago, a time when many development companies were reeling as a result of Reagans tax reform, prove what?
This is simply a hit piece, adding credence to Trumps claims of false news.
2
The biggest unanswered questions thus far is who, besides his father, was keeping him financially afloat?
"In terms of high-end product influx into the US, Russians make up a pretty disproportionate cross-section of a lot of our assets," Donald Trump Jr. said at a New York real-estate conference that year. "Say, in Dubai, and certainly with our project in SoHo, and anywhere in New York. We see a lot of money pouring in from Russia." https://www.businessinsider.com/donald-trump-jr-said-money-pouring-in-from-russia-2018-2
2
Looks like Trump is claiming he did all this on purpose, so he didn't have to pay taxes. His voters think he is very smart, to be able to push the tax burden onto them.
6
What?! He's a fraud?
Turns out, not! A billionaire, in the negatives!
3
Sure. Remember 'absolute values' in algebra class. Lol.
If he had been born to poor parents, and had not been the son of a wealthy white man, he would be dead or in jail by now. He represents everything that is wrong with America.
8
Thank you, NYT. Once again, you spent the time and energy to dig out the real Donald Trump, not the smoke and mirrors version his supporters see. So he reported losses bigger than anyone else in America, used pump and dump investment schemes, reaped mysterious income (Russia, are you listening?), lied to creditors, etc. The worst of it is that by not paying taxes, he cheated us of money to support our police, fire and military personnel, improve our schools, build infrastructure, etc. What a guy! His supporters wouldn't elect a dog catcher with those credentials.
3
If Trump's losses were really that bad he is not the charmed and brilliant businessman he claims to be. If Tump claimed to lose that much money to the IRS but was as successful as he claimed, wouldn't that mean he was skimming money or using some other nefarious techniques to dodge paying taxes?
Either way, he is a fraud...a bank fraud, a tax fraud, and a genius fraud. He does not live the American dream. He lives a narcissist's dream!
5
Another point to ponder is who funded the loss? Senior Trump, himself or his suppliers/creditors he defaulted.
2
The Times did a piece on this exact subject some months ago.
The Emperor has no clothes.
4
Unfortunately, these revelations have as much practical relevance as those that the Times reported last year on the origins of Trump's fortune. What do decades-old lies mean with respect to someone whose daily ones are increasingly preposterous and seem to strengthen support from his "base"? What do they add that would qualify them as not only news but also newsworthy? The Times would serve their mission and readers better if it devoted more effort to writing constantly and consistently about how Trump and his supporters are trying to destroy our democracy. That's the real threat - not exposes on the phoniness and deception that so many have already shown they don't care about.
....and as a special Trump University bonus....he's also a deplorable Birther Liar.
Nice GOPeople.
8
Deplorable was used by Hillary and probably cost her the election. Maybe you should try being a bit more balanced for a change.
2
Oh cry me a river. Trump has insulted at least 100 million things, places and people, and you get all upset about one remark, by someone you do not respect? Grow up man.
2
Anyone who deals in real estate knows that you can have a pretty solid cash flow and still show a loss.Depreciation.
Showing loss even when you are in profit before depreciation and other deductions is a solid way of avoiding taxes.
3
After each loss and bankruptcy, where did all the refinancing money come from? If the answer can't be provided, then it must be illegal.
2
Now we have a potential motive to collude with the Russian government -- to pay off his debt and to make money.
5
"Now we have a potential motive to collude with the Russian government -- to pay off his debt and to make money."
426131 - Back in the 1980s and 90s? What could he have given the Russians back then?
Scoundrels inherit the earth, there's no changing human nature. Any wonder that a man with this character is leading the "greatest nation on earth".
1
NYT tells most of us what we already know. His scams on hard working small business, using lawsuits to bankrupt them is well known for non-payment. At least Barnum gave people something for their money. We get bold lies and contempt from trump inc.
4
Thanks to the NY Times and reporters Maggie Haberman, Russ Beuttner and Susan Craig for this amazing reporting! Thanks also, to lawmakers in New York for paving the way for the public to see The Con Don's state tax-evading returns. I wonder if the people who still support this pretender president realize that they paid/pay the taxes The Con Don and other Robber Barons didn't/don't. The wealth of the 0.01% has skyrocketed out of all bounds of understanding while average Americans die because they can't get good healthcare, are taxed out of their homes (or foreclosed on because of Robber Baron corrupt lending practices) and face exorbitant costs just to get an education. It is beyond unacceptable. Other courageous people in/with power - and average people across America and around the world - must step up and stop them NOW.
6
As bad as all of this is, it is almost certainly not the worst thing. The worst is yet to come. There is no law that against fakes or grifters or business failures becoming president. Were this all there was, Trump would not feel it was necessary to flush the Constitution down the drain. Not that he cares about the Constitution. Any such lie, of course, in the hands of an adversarial nation. is in and of itself a great big national security risk. But he doesn't care about national security. Finally, he knows that his base, i.e., cult, is a lost cause (like the Senate Republicans). No fact from the present universe will ever sway them. The worst is this: What is he still hiding? It must be even worse than this. Much worse.
Trump lost 1.7 billion dollars between 1985 and 1994 inclusive. Every year without fail he lost millions. Some of it was tax-deduction losses, but most was real. According to IRS records, he was one of the biggest losers in the country. During this same period, he paid a ghost writer to put together a book about his deal-making skill. Trump was a bilious fake. He was not successful at business. The obvious implication is that he was never successful at business. It is likely that his only business success was pretending to be a success on his reality TV show. The Trump cult will come up with the standard set of silly stories to justify their continued support for the man who sold them the bridge. Maybe there's nothing more we can do for them.
6
Being the huckster that he is, I'm surprised not to see rows and rows of fake Rolex watches pinned to the lining of his coat.
7
This piece is one of the most explosive and defining achievements in journalism history. In it's simplicity, it exposes the basic fact that Donald Trump is a complete fraud and a master of deception.
6
Yeah, except Buttercup he talked about this very subject on "The Apprentice" 15 years ago.
1
Many people are asking, why should we care about Trump's business dealings, and failures, from decades ago? Why? Because it clearly demonstrates the truth abut his business acumen, or lack-there-of, and provides incredible insight into his true personality. This investigation illustrates what we've seen all along in his presidency, he intends to run the country like HIS business, not A business. It also, in fine detail, showcases his long strategy of outright lying to the American people about who he is, what he's done, and how he did it. He cheated the system, now he's cheating us.
57
Yeah, who pays to make up for the tax “ gamers” like Trump? You and me. That’s who.
It is less important to prov Trump a vulgar con man & business fraud and more important to protect America’s global interests from the coercive influence of foreign powers who have power over him.
Protecting himself & his interests seems to require throwing many allies under the bus- from a Michael Cohen to NATO!
Trump’s desperate survivalist strategy betrays the public good.
Trump and his lawyer, Charles Harder, are lying when they say the tax transcript information is false. I’m a former IRS tax auditor and know that the transcripts reflect the data on the tax returns, line for line.
The fact that they would lie about this points to much bigger lies.
9
His business losses may be completely legal in tax law, however as a man who has frequently sailed very close to the wind when it comes to the legality of his actions I suspect that there is more to see in his taxes than just the losses. He shows to the outside world the face of a con man, and I suspect he is not trying to hide his true character.
2
"Fake News" and image-makers created Donald Trump. Now, "real" news will destroy him.
3
I'm not too optimistic about that. I just heard someone refer to him as a "mogul" again this morning on TV. They weren't being sarcastic. It's too bad there are no math requirements for a degree in Journalism.
Isn't this an SEC violation to publicly "suggest" or announce that you are taking over companies but then not do anything, in order to manipulate the stock market?
3
ugh- who cares- Anyone who was aware of him knows this and is frustrated perplexed and embarrassed for our country- that the "emperor with no clothing"was given the keys to the kingdom. I am more interested in how he has used the whole running for president- and being president as a way to fill his business coffers, using taxpayers money. The sole reason for his running was to give his "name" value. Flights on HIS plane-stays at HIS hotels etc- that where charged to the taxpayers, along with passing controversial economic and environmental policies that benefit him and his dealings. I only hope NY state has some teeth, and give the devil his due, even if it is too late
1
Trump's supporters do not care. They did not vote for him because he is a business man. Every time the Times runs a story pointing out his lies Trump supporters will vote for him more. They voted for him because he lied, because he is corrupt, because he is a bully and promised to bully and mock people, the right people. They voted for him because he put Hillary in her place. The Extra tape increased his support among his core voters. Those who back bullies like Trump do it because of the bulllying and lying not in spite of it.
8
Trump's business losses are his. He took the risks and he lost. But his other shenanigans and stock manipulation bear the marks of a 'cheat'. That is an important issue, because liars like him are cheaters. They cheat on voters, they cheat on other nations' leaders, and they cheat on their wives.
Preet Bharara sent Raj Rajaratnam to prison for eleven years for insider trading and other Wall Street crimes. If Preet had been around when Trump was manipulating stocks, pretending to buy companies, and then walking away with the spoils of elevated stock prices (as generally happens during take-over bids), he would probably be still cooling his heels in Attica, far from Mar-a-lago and the White House.
Rajaratnam had complained that "white" people are constantly exchanging insider information in exclusive clubs and golf courses, but they go scot free while a coloured person goes to jail for eleven years.
As long as systemic racism pervades even segments of the US legal system it will give free rain to snake oil paddlers like Donald Trump.
2
That photo.....standing on that Wolman Rink in Central Park, I remember the first time I heard the name "Trump" was when the city was going to shut that rink down and he came up with what I think was $5M to restore it and keep it open, which was easily recouped through lucrative contracts in managing it to this day. ONCE A CHARLATAN, ALWAYS A CHARLATAN, that's all there is to say about him and while corruptions prevents Congressional Democrats from gaining access to the charlatan's federal tax returns, let's hope the New York State Dept. of Taxation and Finance receives word that the bill, to be presented tomorrow authorizing his STATE returns be offered to Congress, gets approved. THAT might be the first real nail in the public coffin of this utterly vile person who's made nearly no one's life better but has made MANY much the worse.
4
So... he saved the rink by investing $5MM... and he's a charlatan???
Does it make sense..? to whom?
Thank you NYT. We’ve long suspected something like this, but your information reveals something far worse. Now on to his latest tax returns… wonder what he’s hiding there?
2
People are ridiculous. Anyone who knows anything about the commercial real estate business knows that they have a boatload of tax deductions. They use all kinds of deductions and sleight of hand for depreciation and other ways to lower or eliminate their tax bill.
I'm sure this is why Trump didn't want his tax information released because he is a smart guy and knows all the tricks in the book. Many large companies file 300 page returns and pay little or no taxes as well.
So, while this might look like another "Gotcha" moment for Trump, it's not. And, if anyone doubts what I'm staying, just consult a commercial real estate tax attorney who will be more than happy to verify what I say.
The oil companies use depreciation and the cost of drilling all the time to either lower or eliminate their tax bill entirely.
The bottom line: The public ought to wake up and smell the coffee. Commerical real estate and oil are two of the most lucrative ways to make (or lose) money out there.
2
The number of people whose opinion of Trump will be changed by this is the same as what he paid in taxes: zero.
3
This photo of Trump on the Central Park ice rink was taken at a pinnacle moment of his career. He had gotten the mob to stop milking the reconstruction and finish the job.
3
People need to get a copy of Garry Trudeau's _Huge_. Doonesbury had Trump figured out way before the rest of us.
2
I finally figured out why Trump's tax returns are always under audit. He claims the Earned Income Tax Credit!
1
The man is a con artist from head to toe. Everything about the Trump is a facade. I know this because he told me in his book, The Art of the Deal.
1
What about Tesla? Is Elon a failure? Tesla hasn't had one year where they made a profit... in 2017 alone, they lost $2.2 Billion. How about Uber? Those are all geniuses, but Trump... well... it's Trump... ReeeEEEEeeee
So they had accountants look at these taxes... to list just one example: do these accountants not know about depreciation? and having to recapture it on the sale of the property? The write-offs say nothing to the bottom line... for all we know he purchased and invested in properties heavily from 85-94, maybe during a down market? and then his investment grew by 10x over the coming years... It's very disingenuous...
3
Innovators like Musk and Uber and Steve Bezos with Amazon, are trekking into unknown territory with zero guidelines and no road map.
Trump is and was, mainly a real estate and casino investor. To consistently lose hundreds of millions in real estate over a decade takes some 'Trump-sized' bungling.
The only disingenuousness here emanates from Trump himself.
Fred Trump's returns show profits consistently over the decades. Is he not taking the same depreciation? The same write-offs? Trump's business failures cannot be explained away.
2
Layer after layer of deception and fraud are slowly being peeled back from the rotten onion that is Trump. Of course, businesses lose money developing new concepts all the time -- just look at how many of the current tech titans, like Amazon, barely made any money at all for years before they turned huge profits -- but in Trump's case there is no new tech concept, and there is no way to explain his conduct, except that he was playing a debt scam, committing tax and bank fraud to maintain his incredibly lavish lifestyle. It's really not about how much he lost -- though $1.2 billion is staggering -- it's how he lost it. As this excellent reporting reveals, the whole essence of Trump is a lie, and therefore he is perhaps the most susceptible man on the planet to illegal foreign influences. It is imperative that we see his current income taxes. And, if he managed to turn all those losses into legitimate profits, then he'd be truly vindicated and come out looking like the "very stable genius" he claims to be. His current obstructionist behavior, however, suggests otherwise. I think Russian election collusion was the least of his worries all along.
53
@ Brannon Perkison: And precisely why he will not disclose his taxes...ever although he said he would "after his Federal tax audit was completed." Ha! A total flat -out lie - as there is nothing in the Federal tax code that precludes disclosure of tax returns while under audit. Every NYC banker stopped lending to him in 1990. You are absolutely correct, Brannon, and I am sure there is a Deutsche Bank - Russian connection and expect the Grifter-in-Chief's taxes will reveal that.
1
This is The New York Times. The great newspaper that it is and always has been. Kudos ladies and gentlemen.
11
POTUS doesn’t need to be a successful businessman, but someone who can’t make money owning a casino is not someone who should be elected to public office, nor should someone who repeatedly uses bankruptcy as part of a business plan. This country deserves officials who are honest, hard working, and willing to learn. Trump is not any of those things.
12
In as much as I dislike this administration and Mr. Trump ethics, unfortunately the report could be misleading in that many businesses, especially real estate related do reflect "losses" that sometimes could be in the millions from a tax standpoint. As a commercial banker for over 45 years I have analyzed many similar tax returns and the fact the AGI reflects millions of losses, as result of depreciation, losses carry forward and other non Cash losses, many of the individuals and businesses have in fact generated millions of dollars in revenues and did not pay any taxes. Additionally these "Losses" took place a long time ago and unfortunately those periods were severe economic periods in the real estate business. The fact remains that Mr. Trump may have in fact used all the legal remedies at his disposal but those remedies were used in an unethical manner and with the aid of commercial banks that at the time allowed him and his organizations to file bankruptcy and forgave many of his debts because to continue to demand payment on his debts would have caused further losses to the banks. Hence his unethical practices and the banks complicity created the man that he is today. Legal, but immoral and unethical.
2
Thanks for sharing your professional perspective. Would you, as a commercial banker, have given the Trump company a big loan?
2
Fred Trump used the same deductions, the same write-offs, the same depreciation and yet his returns consistently, over decades, report millions in profits. It takes some 'Donald Trump-sized bungling to lose money for a decade in the real estate game.
3
What does this have to do with the current job that Donald Trump is doing as President of the United States of America? Nothing. It is time for the opposition to let go of this issue and move on to making America great again. Thank you.
2
"What does this have to do with the current job that Donald Trump is doing as President of the United States of America? "
Everything.
4
It has everything to do with his current job. He was, and still is, a con man. Now he is the biggest con man on the plant. What's the make you, Southern Boy?
4
When the photo was taken, Trump had already done the loaves and fishes thingy. In the photo he has already moved on to the next step of the miracle--standing on water (ice). Nothing has anything to do with anything, Darling. And Jesus is alive and well and living in the White House.
2
For decades, Trump took advantage of a tax system that is rigged in favor of wealthy people. He lived a life of luxury while stiffing contractors, conning investors, and getting bailed out by tax payers. During his presidential campaign, he made the chilling statement that nobody knows the system better then he does and therefore ONLY he could fix it. He certainly did know the part of the system that enabled sleazy businessmen like himself to get away with all manner of corruption and incompetence. As president, he and the Republican-controlled congress did indeed pass tax reform legislation. During the process of creating that legislation, did Trump at any point state that the rigged system he knew so intimately needed to be reformed? Not that I recall. Instead, the Republican tax reform, signed by Trump, was just another give-away to the wealthiest among us, with a few crumbs for everyone else.
3
The most interesting part of this is to me is not the political implications. It is fascinating as a case study in finance and taxation. How can someone loose $100 million for ten consecutive years and still obtain loans to finance new deals? How can someone live a lifestyle as extravagant as his and claim to have negative income? I suppose that his assets could have appreciated despite having negative cash flow allowing him to borrow against them, but how much appreciation could there be on businesses failing that badly? This is a story of the power of access to capital and the fact that the government's definition of taxable income does not align at all with common sense.
7
Why would anyone be surprised by his multiple failures and lies? They were well documented since the 1980s and the book "Everything Trump Touches Dies" #ETTD laid the truth right out there. Cult45 members will not listen to "fake media" stories about their Dear Leader no matter how many times they are faced with facts about him, they will continue to deflect (What about Hillary?), get angry and attack (Benghazi! Emails!) and bring up questionable news sources to back up their distorted view of him (He's like all of the rest of those billionaires that take big risks!). Thank you for the continued reporting, keep up the good work, NY Times reporters, don't stop exposing this world-class fraud to everyone. Too bad the people who need to hear this won't believe it.
5
What! On top of everything else - Donald Trump is a FRAUD? Wow - that just blows me away.
7
How is the NYT not in violation of the following?
26 U.S. Code § 7213. Unauthorized disclosure of information
(a) Returns and return information
(3) Other persons
It shall be unlawful for any person to whom any return or return information (as defined in section 6103(b)) is disclosed in a manner unauthorized by this title thereafter willfully to print or publish in any manner not provided by law any such return or return information. Any violation of this paragraph shall be a felony punishable by a fine in any amount not exceeding $5,000, or imprisonment of not more than 5 years, or both, together with the costs of prosecution.
2
Aren't private tax returns private? How did the NYTimes LEGALLY get access without approval from the subject? The NYTimes frequently accuses Trump of bending the laws, yet here they are behaving in the same shady manner they accuse him of.
2
Read the article. Someone WITH legal access provided the transcripts to NYT.
2
Legal? You want legal with this guy? Does he even deserve legal?
2
Ummmm who is actually surprised by this? Wait... what.... you actually believed all the lies up until now?
3
Hint to NYT.
This horse has been dead for two years.
The beatings are no longer useful and are indeed just a wasteful spectacle.
3
Nope. This is the "paper of record" and the truth about 45 needs to be recorded.
While rational people already knew 45 is a fraud, the evidence is important.
7
With a flim flam artist at the helm of our "ship of state", what could possibly go wrong? He ran as a phony populist; we need a real populist to step up - a presidential candidate with integrity and the will to truly tackle income inequality, foreign policy, living wages- the whole nine yards of the frayed American dream.
3
Wonderful journalism!
Just a thought, though - we need to keep in mind that his tax returns won’t begin to reveal the extent of his criminality and malevolence.
6
How appropriate. Doing his version of skating on thin ice.
5
The secret to entrepreneurship is the willingness to risk losing it all.
Nothing new here. New here is
How did the NY Times get her hands on tax information? By Federal and NYS law it is a violation of the law
2
We knew the emperor had no clothes, but I had no idea he didn't even have a wardrobe.
Trump is the ultimate American charlatan.
4
We can add a new word to describe Trump: he's a fraud.
3
Read the five takeaways, which boil down to one: Trump was and is a liar and a loser, end of story. But the bad businessman part actually isn't that troubling. What's really troubling is the unexplained rise and fall in his so-called "interest income" in the late 1980s. Perhaps a sham 'loan' by him to Russians or others, that resulted in huge interest payments by them to him? Talk about someone having something on you and being compromised! This is a grave threat to our democracy: a President who has been co-opted and is 'owned' by a foreign, hostile power. If this proves to be the case, he must be ousted ASAP, and November 2020 isn't soon enough.
6
The man is a grifter and has no skill but dodging the law. He has no business being the President and couldn't formulate a cohesive policy if our lives depended on it--oh wait, they do!
2
Everyone knows he is nothing but a con man. The Grifter in Chief. Good luck with your negotiations with China. Trump's recent tweets have wiped out billions of dollars from your 401 Ks. Hopefully none of you will need to retire soon. If there is a real economic calamity like in 2008 God help all of us with this Grifter at the helm.
2
“The numbers show that in 1985, Mr. Trump reported losses of $46.1 million from his core businesses...”
The key word here is “reported”—that Mr. Trump REPORTED losses does not mean that he ACTUALLY lost that much. He was probably scamming the IRS so that he could pay little or no taxes.
2
Trump's "genius" has always been failing up.
1
Trump is the extreme case but he is by no means alone. Real estate is indeed a business, big or little, where one can finagle costs like depreciation and expenses of all sorts as deductions resulting in little or no income or loss, despite lots of cash flow. Something to keep in mind when weighing the jeremiads of landlords hitting the airwaves in response to renters seeking relief after years of relentless, compounding rent increases. Or just ask landlord Mayor De Blasio. As his 2017 tax return reveals, he took in a cool $100,000 in rent, just about all of which was written off. Thanks, apparently to his tax preparer who charged the very nominal fee of $500 for this service.
3
If it weren't for bank loans, Trump would be nowhere. "The Apprentice" is what resurrected Trump's sagging career, turning his losses into a mythic story of great success. And the people bought it.
4
I saw some realistic dragons on TV on Sunday night. I believe in dragons now.
1
Why are real estate tax breaks even legal?
Because politicians, Republican and Democrats, want the photo ops of standing in front of new construction, especially with memorial shovels at the beginning of the project and oversized ribbon-cutting scissors at the completion.
When will these tax breaks be eliminated? Never.
1
"When will these tax breaks be eliminated?"
John - They'll be eliminated when localities determine that people no longer need the jobs which are created from real estate projects.
It's more than the photo ops. Big real estate speculators control politicians who write the rules to favor their interests.
And just to think: The Electors of the Electoral College made him the president of this country?
I wonder what they are thinking now.
4
The electoral college is a pro forma ratification of the results of the election in the states. The electors vote the position of the states that appointed them. It's the apportionment of electors (one elector per Congress member) rather than the electors themselves that are the problem.
Electors are technically allowed to change their votes, and occasionally some have done so, but I don't think that they have ever overturned the result of an election.
1
@Ernholder:
“The Electors of the Electoral College made him the president of this country? I wonder what they are thinking now.”
Are you a Russian troll? No one with any actual understanding of American elections would have written this.
1
The 'electors' in most states award 100% of electoral votes to the winner of the popular vote, even if he/she wins by only 51% to 49%. A few states award electoral votes in direct proportion to popular; hopefully this will continue so we will be closer to true democracy. Removing the electoral college would require a constitutional amendment. The fact that our founders designed this does not make it valid. They also had the 3/5 or 5/8 (I forget) rule for southern states to count slaves toward their number of representatives, even tho the slaves did not vote ... bizarre ... Yikes !
First of all, Trump's assets are a speck compared to Bill Gates, one of the richest, if not the richest, men in the world, and as you said, Gates lost 30 Billion on paper due to market fluctuations, whereas Trump lost real dollars.
1
What Trump is doing now, as with the ongoing economy is the same selling spill he has operated with his business dealing of yesterday.
I wish someone would go back to those debates, especially the ones with Hillary Clinton and really listen to what Trump said.
I realize that much can be said about the rhetoric and hyperbole used, but compare his words to what is happening now.
1
Only thing I remember was during one debate when he left his podium and circled around behind Hilary. Was it so people wouldn't listen to her? Perhaps she was aware of him, but didn't say anything to the mediator. Would love to see the coward in chief try that with John Kerry or Joe Biden or ANY man.
Reading the comments is interesting. They fall into two categories: (1) Trump is such a canny businessman that he was earning large profits while showing losses on his tax returns, and (2) Trump is just a poor businessman who lost money.
So, to sum up: Trump is either very good (perhaps fraudulently so) at avoiding paying taxes, or he actually is just a lousy businessman. Neither sounds very appealing in a President.
3
Trump's past "business practices" certainly matter. Deutsche Bank, fined for Russian money laundering, found a source of money and "lent" it to Trump when no other bank would.
I care about his business losses. I have faithfully paid my taxes for over 40 years. Trump was bailed out of a billion in business debt by the American taxpayer. Forget welfare for the poor. That is not the GOP narrative. Now we have these escalating budget deficits and debt, tariffs imposed on China and paid for by Americans along with increased prices on goods.
Who will bail out America?
5
Clearly it served him financially to have claimed these extraordinary business losses. Why is this not mentioned as his tactic to avoid paying taxes? To me, that is the bigger story.
3
There is no such thing as a Rocky Mountain vulture. There is, however, a Turkey Vulture. How apt.
1
What scares me more than Trump are the people who bought his con. What is so extraordinary is that so many people in the South and in my current state of Texas have always been very leery of Yankees. They have been highly suspicious of those so-called Eastern U.S. interlopers. Now here we have the biggest, most corrupt con artist ever to hit the runway and they have welcomed him with opened arms and wallets. I guess this may be some kind of karmic lesson being played out on a nation-wide scale. It just doesn't make good sense, but Trump has totally and handily made suckers out of these people and they are just now, hopefully, beginning to wake up from their united stupor.
5
Back to the NYT editorial from April 13 2019, "Everyone’s Income Taxes Should Be Public: Disclosure of tax payments would make it easier to hold politicians accountable. It also would help to reduce fraud and economic inequality."
https://www.nytimes.com/2019/04/13/opinion/sunday/taxes-public.html
That editorial noted “In October 1924, the federal government threw open for public inspection the files that recorded the incomes of American taxpayers, and the amounts they had paid in taxes… Congress had ordered the disclosure as a weapon against tax fraud… There is every reason to think that sunlight served the desired purpose. One important piece of evidence is that wealthy Americans absolutely hated the disclosure law, and soon persuaded Congress to execute a U-turn.”
I support this reform for our times. Others? Pollsters? Congress?
Once again, the emperor has no clothes.
3
Yeah. Yeah. The Trump fans think he is the big hero. But the day to day business of running the government cost money, and if Trump is not paying it, then who is - that's right you know who. Must be a Republican thing. Here in Texas, they wanted to reduce burden of property taxes (a good thing), but the way to do it was to increase the state sales tax, which essentially shifted the tax burden to lower income folks - smart.
3
I suppose a person could read this "investigative" piece about business failures 30 years ago.
Or you could watch the opening of Trump's self-aggrandizing television show where he says quite clearly, quote, "about 13 years ago, I was in serious trouble. I was billions of dollars in debt. But I fought back"
Was this piece supposed to confirm Trump's boastful portrayal of himself as the real "Comeback Kid?"
2
"Decade in the Red: Trump Tax Figures
Show Over $1 Billion in Business Losses" - Headline to this story
Show he probably was a good tax manager. The goal of any real estate company is to show accounting losses for tax purposes. BTW, if you research what was happening the in late '80s you'll see that many businesses financed with junk bonds had a tough time due to specific changes in tax laws at that time.
1
"In multiple years, he appears to have lost more money than nearly any other individual taxpayer." Wow! That is some takeaway.
It appears he is running the US like his business world. Borrowing someone else’s money to sugar rush the economy and driving up the debt to record levels, stoking trade tensions that pit one sector of the economy against another and providing short-term payoffs to the losers, and slashing environmental regulations and protection that will have long-term consequences.
He should not run in 2020 on the falsehood that he is the world's greatest businessman. Instead, he should be honest and say he is the world's greatest con artist and 2016 was his biggest and best con.
4
I don't understand how he lives so high and is able to get so many loans from banks with such a poor business record. We need to change our tax laws to stop this from happening! And we need to audit Trump, a thorough audit, to make sure he didn't cheat. Then lock him up if he did!!
4
Great reporting, and it's fascinating and essential...but sadly it will change nothing.
3
I attend international medical meetings around the USA and my least favorite place to attend those is Las Vegas because it is so hard to get away from cigarettes. Now there are smoke free nice places to stay. While riding back to the airport on a bus, I saw a large hotel away from the strip that had trump on it. I asked the driver why it was so far away from the other gambling places. Simple she said, Trump has gone broke too many times to be permitted to get a gambling license here. WOW even vegas has him figured out!
6
So far, it appears that dodging blame is his great talent - right after self promotion.
5
It's ironic that the real Taj Mahal is a tomb. Trump's lenders should've taken note.
5
You mean he lied? About being successful? About making billions and billions of dollars? That he knew what he was doing? I'm shocked. He lied? No way.
3
Trump Tweets these loses were "sport."
I wonder how the shareholders who bought $100 of DFT shares in 1995 felt about getting $4 in 2005, while chief exec Trump was paid $44 million.
Some sport.
5
Taxable income and real-world income are completely different. Real estate investors take a depreciation deduction which shelters income even though the underlying real estate is appreciating.
Articles such as this are playing on the fact that most people don't understand real estate investing. The NY Times knows that Trumps buildings have hundreds of millions, or even billions, of dollars of unrealized appreciation.
Simply stated, in real estate investment you report operating income, operating costs, and depreciation during the year in which they occur. But, the profit on asset appreciation is not reported until the asset is sold. And, typically this income is not reported then, in that you can swap the asset to an asset of higher value without reporting the income (called a 1031 exchange).
If the NY Times were really interested in "news" and not just doing a hatchet job they would mention the appreciation on Trump's buildings and the fact that his asset appreciation during this decade exceeded the reported loss on the financial statements.
2
You are talking about rental buildings. Much of his real estate business was selling condos and after selling the condo units you do not own anything to appreciate. And much of his real estate business consisted of simply being paid for the use of the Trump name. Both cases generate data for his income taxes.
2
"...Trump made millions of dollars in the stock market by suggesting that he was about to take over companies"
Isn't that like "pump and dump", and isn't that illegal?
5
What is the statute of limitations on tax fraud?
4
We've known all along that Trump was all noise and no substance. His business failures are no secret.
The problem we face as a nation is that Trump is running the nation the same way he has run his businesses, but the failures he is suffering are those that the whole nation is now facing, such as: this trade wars with China, his failed diplomacy with North Korea, his love relationship with a known Russian who is out to destroy our nation, his war on the free press, his war on the rule of law, and his despicable boasting of winning when he is destroying the very fabric of our democracy.
He and his enablers (McConnell) are destroying the very foundations of our Constitution, and I don't think we have much more time before our democracy passes a point of no return, in which we lose not only our freedoms, voting rights and civil rights, but our Allies as well!
The clock is ticking, and we have only so much time before Trumps failing business policies are America's failing democracy policies!
3
House Democrats, in appropriately demanding to see Trump’s tax returns, also need to investigate to what extent he impacted the Republican tax scam to favor his own financial interests. Ways & Means needs to hold Treasury Secretary Mnuchin & IRA Commissioner in contempt, throw them in jail, if they refuse to comply with their subpoenas and legitimate demand. Americans need to know if their president is a crook, a tax cheat, launders money for Russians or other foreign interests, abuses his power to get the IRS to halt tax audits and to what degree he has influenced the so-called tax “reform”.
5
We already know most of that, we just don't have evidence. The House is trying to dig it up.
Does the House have law enforcement personnel who could actually arrest and detain someone, or does it rely on the Justice Department to do that?
If Trump was losing so much money why would Justice Kennedy's son, who worked at Deutsche Bank, loan Trump so much money for years? Maybe money flowing in from Russia being laundered through the bank.
5
For the people writing comments defending Trump, I ask you: What if you had inherited 200 billion dollars in NY real estate, and you’d cashed out, and invested in conservative, long term savings, stocks, and bonds. And your net worth today is the same or more than Donald Trump’s today. How is Donald Trump such a smart, savvy, businessman? As we learned in the Mueller report from White House staffers, Trump hates, and obsesses, over any question that his achievements (wealth, winning the Presidency), aren’t his doing. A man consumed with self doubt, and loathing, who bolsters himself with bragging and calling others losers.
6
That photo is so predictive - he's standing on thin ice.
8
If you ask Trump, he'll say he was walking on water.
4
I believe in the New York Times, not Trump. He is the fakester. He is the man who has refused to share his taxes, rejecting a long-running convention that has been a part of the political scene. And now we see another reason why he has refused to do so. Because he would be found to be the fraudster that he really is. I would say that his "million dollar losses" year after year are probably not the truth either.., my guess is it is overblown, overstated to rob all of the tax-payers in the US...because that is the end result. And now he blusters more blaming the media for telling the truth about him. The man who shouts "I am the greatest deal-maker" -- well how about the facts, China deal going nowhere and not worth the effort as the real issues to protect America are not addressed, then there is North Korea, which has fallen apart, and never started. Then there is the border...his crazed shouting about illegal-migrants. To the toon that now border posts are closed and the real problem from Mexico, the death dealing cartels come to New Mexico and so on with impunity. So what exactly has he solved. Ask the Muslim minority in China who are now in concentration camps.
5
Interesting how many hard-working families and individuals face audits and intimidation every year for nickel-and-dime errors in their returns, yet the IRS apparently hasn't busted perhaps the most notorious tax cheat in American history. With a quack like Donald, this would seem as easy as shooting ducks on a pond.
4
I guess the NYTimes thinks this is news. Do they have ANY idea how writeoffs work for developers?
His supporters do not care if he made money or not. They do not care that he is a liar. A bully. A charlatan. In fact I believe they like these qualities in him. And perhaps see themselves in him. They are the true threat to our country not Trump.
6
Please....I have to beg this newspaper and other media to move on. I can not stand the Trump administration, their policies and most all of the people in it. However, I don’t care one bit about Trump’s taxes. We already know much of what is public, his bankruptcies, reputation as a swindler, etc. Why the obsessive focus on everything about him, all to smear him personally? He is a human being as well as our president and at some point we need to stop the ridicule of his personal life and focus on his policies, which are the truly serious news. The coverage of Trump here at the NYT is ugly, please stop it.
1
It's not to "smear him personally."
He is the POTUS and he's a fraud. The citizens of United States of America has the right know the true details of his life that he refuses to produce.
1
Dear Landy,
The reason we care about his taxes is because it is a direct link to how he "made" his money. This will fill in a lot of blanks when it comes to the motiviation behind his policies and how they worked to benefit him (instead of the middle class). This will also fill in the blanks as to whom and where he received loans, etc. which is directly related to national security because that would make him susceptible to blackmail, etc. from a foreign power. When you are President, your finances are not just personal - they effect the nation, and by extension, the world. The coverage of Trump by NYT is not the problem, it's the solution to the problem of Trump.
1
A VULTURE'S APPETITE?
I was appalled by this subhead to what was otherwise
a commendable piece of investigate journalism.
To publish a subhead such as "A Vulture's Appetite" demonstrates,
in my opinion, a mean spiritedness and an intention to degrade.
As a result, the piece lost a big chunk of credibility.
It's one thing to think of such a phrase, and another thing to write it.
But it's a whole other thing for editors to approve it and publish it.
We all make bone-headed decisions as individuals.
As a dedicated reader of The Times, I expect a lot better
from its group of smart, seasoned editors.
Trump's personality probably crystallized in a military academy reform school his daddy matriculated him at to learn how to corrupt a kiss up kick down hierarchy with a fat bankroll.
2
He is the greatest, biggest, most spectacular loser of all time. There, I fed his ego and told the truth.
6
It's the following decade's tax returns which, I suspect, will show the real money laundering and Russian co=ordination in Trumpf's history.
This grifter has perpetrated the biggest con in American history, he bullshitted his way through businesses and millions all the way into the presidency.
7
You've got to give him that, but what does it say about the intelligence of the American people?
1
So, nothing but hype and voters bought it. Liar, crude person, sexual assaulter, lusts after his own daughter, has no skills in making deals, doesn't understand diplomacy...he is a total fraud. Now get him out of the white house!
4
As they say here in Texas, “All hat, no cattle.”
6
Great job dear NYT .
Now please release the full Muller Report, we know you could do it !
Why wait for this tug of war between Congress and totally corrupt trump’s personal peon Barr ?
4
So this is who America (yes America, because the closet supporters are plenty) want as their Leader, their mascot!
2
We mustn't be too smug. Our country is getting ready to dump Trudeau. Many pc premiers have been elected and more right wing view points.
1
Too true!
A preview of the coming revelations about this despicable con artist, who actually lost the election be nearly 3,000,000 ballots.
A fraud from the start, but the truth about him is finding its way out.
Thanks to brave Journalists who are unwrapping the blindfolds of incessant Trump lies.
5
Hahaha - this article is very funny because this guy is a fraud. And I still don't understand why in 2019 he refuses to turn over his tax returns - really.
Another good article by the NYTimes!!
3
How utterly messed does your business sense have to be to lose over $1 BILLION in assets from your business. BTW In other words, $1,000,000,000 in 1990 is equivalent in purchasing power to about $1,921,245,855.65 in 2018 which is really a mind blowing screw up on Trump's part. No wonder our national debt is skyrocketing.
6
Really, is anybody surprised?
Really?
The man is a clown and a con artist, and and extremely proficient at both.
What will it take for the 30% to wake up and realized that they have been taken? That they are dupes of the greatest fraud in American History. Suckers, all of them.
What will it take for the Republican Party to realize that they have been dragged into the sewer by a master manipulator and a morally bankrupt idiot?
I wish I could say that the heading under the picture of Trump at the head of this article says "Trump is on thin ice."
3
This article illustrates the "legislative purpose" for congressional committees to obtain tax returns for Mr. Trump and his associated entities. While Mr. Trump may have committed no crimes, he may have taken advantage of provisions in the tax code that legislation would need to address. The various congressional committees will need to review the returns of all of the Trump and Trump associated entities in order to understand how profits, losses, debts and equity were shifted around over the years. This is the sort of work that we expect congressional tax writing committees to do, since what they learn from the Trump data could easily apply to other taxpayers.
As the fight over the Trump tax returns goes into the courts, the legal team for the Congress can definitely use this article (and back-up material) to supplement its case.
4
Responding to the 'who cares' comments: I do. Past behavior is one of the best indicators of future behaviors. Each of his bankruptcies left a lot of ordinary people out of pocket and in some cased his default on his debt led to their bankruptcy. It's not like he has ever tried to recompense the trades people he left unpaid. Despite 'giving him a chance' there is little reason to assume that anything he does is for the greater good of the country and its people. He never did anything that didn't benefit himself.
6
I would like to read an accounting of this period from the point of view of Trump's lenders, the banks, and other investors. How much did they lose or gain? Or is this simply a story of our tax code vigorously exploited.
3
So this is in addition to the $900 million plus loss carry forward he showed on the 2005 tax return we have seen. So he has lost almost $2 billion in the 90's and 00's alone. His failure to release any information (school records, test results, financials) given his boastful manner proves none of what he says is true.
14
Duh, of course his tax records show deficit while reality showed profitability. An army of tax accountants, bankruptcy write-offs and shifting numbers between shell companies with different fiscal years makes for tax avoidance.
He's simply been more successful at dodging taxes through grey accounting than most American businesses.
3
Or maybe he just really has lost a lot of money.
Remember that his dad passed on $413m to him (estimate from NYT). Accounting for inflation, he could've lost a lot of money and still ended up fairly rich.
Oh, and also remember that, on a lot of these deals, Trump lost other people's money - either because they were foolish enough to invest with him, and/or because he stiffed them.
4
I have worked for several corporations and seen the amount of money that is spent on board member's "housing allowances", "transportation costs" and other items to know that most of the money they receive never appears on their income taxes. Those costs are considered "business expenses" and are never taxed. I wonder when the American middle class and poor are going to rise up and revolt
14
The source of the anomalous $52.9 million in interest is no mystery to any loan shark out there.
4
Doesn't anyone read? His business performance and these losses were all in the business publications of that period. And all of a sudden everyone wants to think this is new information. So sad.
5
Apparently Trump supporters don't read.
2
This can't be serious, going back to 1985 to imply Trump is a business failure? At the same time suggest the losses were to avoid paying taxes. You can't have it both ways. A better view of Trumps success or failure is the net growth of his assets over the last 30 years.
At any rate this is not news or a big secret, Trump was open about getting caught is a real estate down turn appearing on late night show TV, (might have been David Letterman) expressing it was a dire situation but he survived and was bouncing back.
At that time the audience was for Trump cheering him on because they appreciated his flamboyant entrepreneurial spirit. Today being an entrepreneur is considered in poor taste unless you are writing a book about yourself in which case it is lauded.
2
His own "how I got started with only a million dollars" is a total crock. He had a few successes as a developer but then just hyped his name. He had more failures than successes. Got corrupt money from Russians. Answers to Putin.
4
The Times has missed the real story, or is still working on it. Losing money and
writing it off is not a crime. Trump has lots of business interests and most of them lost money. But that's just smoke.
Trump did what many owners of privately held companies do. He skimmed money from his businesses, especially his casinos, spent it or sent it offshore, and then wrote it off as a tax loss. The complexity of transfers between his corporate structures made this easy and impossible to resist.
So he didn't lose quite as much as it looks, but what he did was illegal, and that's the real story.
9
And that is why he is dead set on not publicly releasing his tax returns
4
If Trump has nothing to hide, he would have disclosed his taxes - as he said he would do - during the 2016 run up to the election. He then back peddled that to indicate he is not required to do so under law. Trump's taxes will reveal far more than multiple bankruptcies and billions in losses. Just get the taxes and we will see where he is with Duetsche Bank and Russia - as NYC banks stopped lending to him in 1989-1990.
Focus on the release of Trump's tax returns and you have clear idea of who is sitting in the Oval Office and is unfit to do so.
11
Many people will conclude from this startling article that Trump's judgement is not just nearly always wrong, but also erratic, fumbling and driven by personal insecurities.
However, there is another way to evaluate his business career -- as a canny operator who has lived, and lived well, off of other people's money. Other than psychic energy, Trump has gambled very little personally, and has taken advantage of the gullibilities of banks, investment funds and others to loan him obscene amounts of dollars that Trump had no intention (and no need, given the favorable tax treatments) to ever repay.
The question we all need to ask is whether he is gambling with America's good faith and credit. Looks increasingly like he is.
7
The Art of the Steal (And how to get away with it). Maybe Deutsche Bank will answer...
5
There’s a mixed signal here from the New York Times.
Does the NYT want us to think Trump HAS a lot of money, and then want us to hate him for it?
Or…
Does the NYT want us to think Trump DOESN’T HAVE a lot of money, and then want us to hate him for it?
It’s clear that the New York Times hates Trump and wants all of us to hate him as well.
But they are sending a mixed signal in this article.
If those tax returns showed tax losses, and those losses were in accordance with the tax code… then there is no problem. Don’t like the tax code? Then write your Congressperson and seek changes in tax law. If Trump and his accountants followed the tax code in preparing his tax returns in those years, and the results were tax losses, and the IRS didn’t see anything wrong, there’s nothing to complain about… even if the New York Times thinks there is.
I voted for Hillary Clinton. But, with each passing day of reading similar NYT articles attacking Trump on such nonsense and each passing day of listening to the socialist nonsense spewing out of Bernie Sanders, Elizabeth Warren and AOC, I find myself moving closer and closer towards Capitalism and Trump. Sorry if this isn’t “politically correct” to say these days… but, Capitalism has been great for this country. Punishing success is a bad recipe. Don’t believe it? Look at Venezuela.
5
Maybe they just wanted to present the facts and let you decide how you want to process them.
2
The NYT is reporting the facts. The fact is that Trump has never had as much money as he has claimed and he's always been a liar, a crook and a con artist. Whether or not to hate him for this is up to you.
1
You mean he lied about being successful? That he actually knew what he was doing? Or that he was making billions and billions of dollars. I'm shocked? He lied? No way.
Keep in mind, I am not an accountant. Just a small business person. The significant facts here are that is possible to borrow a billion dollars and lose it. Hard to do but possible. If you borrowed the billion, you can write off the billion dollar loss as long as at some point you pay the billion dollars back. I bet you 100 dollars ( remember the small business person thing that is all I can afford to lose), Trump never paid back the billion dollar loan. If he did not pay the loan back then he legally owes the taxes he did not pay because of the loss write off. I suspect Trump did not lose his own money. He lost other peoples money so that the loss was not his. You can get make legal taking the loss if you book the money as a loan to you. If after taking the loss having booked it as a loan but it was actually not your money or repayment of the loan was forgiven, this scam is probably at this level a criminal act that would definitely in the real America that we all thought we lived in to be, an express ticket to jail.
3
I'm confused reading through the "who cares" comments and the unsupported "comeback" justifications. The authors provide that Trump's losses represented 1.7% of ALL losses reported by individuals in the USA during that time period. That is to say, of the 117 million people who filed taxes, Trump's loses represent almost 2% of all the country's lost revenue. That's insane!
8
Were the financial losses worth it for Donald Trump? Well, the guy is currently president of the united states, so you tell me!
We know he's not poor or middle class. Does the exact valuation of his assets really matter in the end?
1
Most of us who voted against Trump knew about his sleazy business past.
Most of those who voted for Trump will believe whatever cockamamie story about this he tweets.
Sad times for American democracy.
7
"In fact, year after year, Mr. Trump appears to have lost more money than nearly any other individual American taxpayer..."
Find what you're passionate about and make a career out of it.
6
We’ve finally found out what Trump is really and truly great at : LOSING MONEY!
Evidently he was the best individual in the whole country at losing money in one of these years. Finally, he wins the prize !
8
You are right! Trump wins at losing! And he still not tired of winning but this time with American's taxpayer money (the ones who actually pay our fair share).
1
Correct: losing other people's money.
1
An incompetent businessman who paid no taxes was placed in charge of the country's business and tax system. An inveterate cheat and conman was placed in charge of the country's justice system. An autocrat who insisted "only he could fix" problems was placed in charge of the executive branch of a democracy. And an inveterate liar who demands personal loyalty swore an oath to a constitution he does not believe in . What could possibly go wrong?
9
How funny that Trump was on a reality show called "The Apprentice." Seems like he should've been host of "The Biggest Loser."
10
Our tax system is really counter productive, as thru it, the government definitely "picks winners", especially in the commercial real estate business.
Why commercial real estate enjoys depreciation at all makes no sense. No other asset (like stocks, bonds, money market funds, etc.) enjoy depreciation in the tax code. Certainly the cost of maintenance, repairs and improvements should be deductible expenses, but depreciation for an asset which is purchased and developed because it is expected to appreciate in value, just to me doesn't make sense at all. That sort of tax treatment encourages developers to make bad decisions, as they will be "back stopped" by the other taxpayers.
Just my two cents.
3
If Trump is not under audit for tax fraud, he should be.
10
Business 101 is R.O.I., Return on Investment. If you invest and don't have a clue as to how are going to recoup your investment plus make a profit, you don't make the investment. It seems that The Donald never learned anything from the Wharton School of Business or did he just sleep through the classes and buy his diploma with daddy's money. Trump's lack of business and managerial acumen clearly shows in his investments and his mismanagement of the Office of the President of the United States. To label him a "loser" is being kind.
9
Actually, with capitalism you can make a loss and still make a profit.
You simply pay yourself and your family a salary, and then that's an expense that gets written off. If your company now ends up with a loss you don't get to put money into your retained earnings, but you also don't owe tax except on your personal income, which you can shelter in many ways.
Leona Helmsley: "We don't pay taxes; only the little people pay taxes."
Trump was a transfer into Wharton after two years at Fordham.
He has only a BA.
He does NOT have a Wharton MBA.
He is giving Wharton a black eye (and I have nothing at all to do with Wharton).
2
Trump lost money, but what he gained is invaluable; the respect of ordinary, gullible people who have been willing to offer unsolicited, unpaid apologias in his defense as he cheated his way to the top.
9
"It's just business," some respond. To be fair, my comment stems mainly from familiarity wih small businesspersons, but: Stiff your contractors, fail to deliver services to clients, be late on or skip paying your debts. Signs of deception... These kinds of behavior are poison in business, and in even simple exchanges.
Business depends on trust. Do you loan to someone you do not trust? Do you let a person dog-sit for you if a string of former clients report problems? But hey, it's just business.
3
OK, so now we know that Trump was quite fraudulent for a significant period of time. We also know he’s been unfaithful to each of his 3 wives and paid hush money to multiple women to keep his cheating ways from hurting his electoral prospects. Basically, we know that according to the lack of ethics, poor judgment and propensity to deceive that he has demonstrated for the vast majority of his life, he is quite possibly the very last person who should have been considered to hold the most powerful office on the planet.
I may have missed it, but when did Donald Trump have his epiphany?
2
Living the lavish lifestyle of king while continuously losing money and going through several bankruptcies !
Ever since Trump entered the public eye, he has fancied himself as the savviest business man ever and of course a multi billionaire as well.
Was he either ?
During the period so well exposed in this NY Times piece, we see what most New Yorker's knew from the beginning.
Trump's greatest skill is: Con-Man-Extraordinaire !
No one has ever seen any redeemable quality in this man - EVER !
Back then, "and probably to this day", Trump's lawyers and accountants found ways for him to live this lavish lifestyle and "launder" all of the income required to do so through tax loopholes . . .
Thus making all of these shenanigans "Legal" !
We knew a good deal of the basics of this article - and with the Times filling in a lot of gaps - still all legal.
So . . . "What's Trump's Crisis with releasing his Tax Returns ?"
It certainly is not about losing money or going bankrupt !
We knew this !
It must be something very deep and dark - something so revealing about Trump's true nature -
He guards this with his life at any expense
His Income Tax filings for the periods requested by the House Oversight Committee most likely contains direct evidence of these deep dark secrets.
Trump's Taxes will reveal the much needed evidence and road map to Trump's dark side and his need to bury the Actual Russian Interference during the 2016 election, and of course - ongoing to this day.
5
I am incapable of understanding how anyone can admire this man. it's just sad that millions of Americans consider him to be a role model.
9
While the documentation in this article on Trump’s fraudulent business history is important (the verbose objections of his lawyer, Harden, notwithstanding), this should not be of any surprise to anyone on this planet. Three things from this article were particularly striking to me. First, the photo of Trump standing ... alone, of course ... on water, as if to “say” in the suggestive way he communicates (as both both Comey and Cohen have testified) that he is the messiah now or at least a new version of Jesus, whom (Trump) we are to adore. Well, what is one to say about that? Except that that’s what we have on our hands as a president representing us ... including to the entire world. Satan, by the way, was able to quote Scripture fairly well when meeting with Jesus in the wildness, as given the Christian Bible.
Second, I was struck by Trump saying, “I love depreciation.” In the broad sense, this plays out ... through anger and hostility; disgrace and arrogance; contempt for what is not about him ... in everything I’m aware of that Trump shows himself engaged. To be in love with depreciation is to be in love with death ... and the word is “necrophilia.”
Third, it remarkable how great a failure as business person Trump’s been. No wonder he has such contempt for failure. And so we witness his projecting this onto others. Particularly onto those who are truly accomplished ... especially substantive heroes. Take, for example, the now late Senator John McCain.
2
This is exactly why Sanders said that liberals and Democrats aren't smart enough to understand Trump's taxes. It's the same people jumping on this absolute dud of a story that think tax refunds equate to total tax liability. Fortunately, only liberal sheep are ignorant enough to think that paper losses by a business are relevant, and those same sheep wouldn't vote for Trump even if he cured every cancer case in the country with the snap of his fingers.
Congratulations, Times, you've forevermore relegated yourself to screaming irrelevantly into the far-left echo chamber.
2
@Robby:
Trump went bankrupt 4 times running casinos _ MONEY MACHINES.
He was stripped of his yacht, his airline, equity in his assets, the Plaza Hotel in NY, and he was put on a monthly budget by the court.
That is hardly being a success.
The man is a LOSER, start to finish.
3
Talk about sheep. Trump was right, he could shoot someone and his deluded followers would still worship him.
I really wonder about the IQ and sanity of anyone who lavishes praise and adoration on someone who lies two dozen times EVERY SINGLE DAY.
2
You mean to tell me that a business man who runs a multi-national corporation had a few years that were bad? Haha...
Come on guys, let it go. The man is a worth BILLIONS. He obviously made the right choices somewhere along the line. No one who is worth that much got it right every time. That is how it works. Not to mention, he invests in high risk projects. He has the stomach to handle the possibility of a loss. And none of this has anything to do with his presidency. He has done a great job. Let it go and move on. It is pretty sad that the lefts only argument for the 2020 elections is "Orange Man Bad."
2
This is what we have as executive in chief, a grifter, liar and tax cheat, all because too many Americans were afraid to vote for a woman.
6
I did read the entire (gripping and nauseating) story, and what distills the message for me (bracketing the fact that the pretense of equity in the USA is a sham) is the picture of him in the white jacket in Greenwich, CT, holding the NYT at arm's length. The decor in the room is some kind of canned fantasy of wealth and taste. This seems to be the flip side of Trump's exploitative treatment of others--a performance of conspicuous consumption in an entirely unselfconscious Veblerian mode. And this childish imitation of what looks like authentic richness is what, now, scaled up into a system of values that Trump voters (and I include the superrich in this demographic) still seem willing to adulate, guarantees the doom of the planet.
4
People, this guy lost a billion dollars, and that's no big deal? What is so jarring is this guy who is a loser has been rewarded with the most powerful position in the world. Yes, journalist keep doing your job, this deviant has to be investigated.
6
I have grown weary of the daily attacks against our President. I hope the NYTs gets its' due in time.
2
"our" president? Who are you referring to when you say "our". We know from the Mueller report that Russia interfered in our election in "sweeping and systematic fashion" to get Trump elected. We know from the Mueller report that the Trump campaign enthusiastically cooperated with Russia and that Kushner tried to set up a private, direct phone line to Putin in the Russian embassy. We know that Deutsche Bank, known for Russian money laundering, lent money to Trump when no one else would. We know that Trump aligned with Putin against our own intelligence agencies.and on and on and on... The question then is who is the "our' in your comment?
Glad the NY Times does in depth, journalism aimed at uncovering the truth for the American people, even if some would rather remain in ignorant support of Trump. If you choose to support him knowing the truth about him, fine. That is your choice. But stop with the complaints about the truth being told about Trump.
3
The New York Time is just SO NEGATIVE when it comes to reporting on Trump. Can't this news organization do a story on Trump's profitable years, or has he had none?
2
The NYT reports the facts. If those facts are negative that's on Trump.
2
How funny that Trump's reality show was called "The Apprentice." Seems like he should've been on "The Biggest Loser."
3
To sum up Trump's supporters "I Love Lucy" defense:
You have to lose billions to make billions. Who cares that he's a phony.
5
The non-American banks who continued to lend this loser huge amounts of money might have been easily duped (not likely) or the loans were guaranteed by third parties, perhaps the Russian oligarchs who more openly were buying Florida properties at highly inflated prices from this Manchurian Candidate who may be manipulating his money masters or they manipulate him. Evidence points to the latter.
3
Who cares? One commentator asks? So what says another. They all do it says a third. Glaring examples of how low we have sunk in the expectation of ethical behavior in our society. I care because Trump brings exactly this attitude and reckless behavior to his Presidemcy. Everything he touches he ruins.
5
i fear we are seriously headed for a period of moral devastation that is going to take the form of white supremacy motivated riots, financial collapse, constitutional breakdown and a rule of law that will only exist to champion the president, his allies (not his followers, mind you) and his grifting family. The writing is on the wall if this horrible dictator wanna be is re-elected. where are our former leaders, our military, other members of the republican party who care about the future of America? where is the resistance??? the body of NYT reporting should have been more than enough to take him down prior to and following the election, but nothing seems to stick. don the con. the teflon don (a descriptor that he shares with the other teflon don) is getting away with everything.
6
Just shows that Trump as no sense of others. Only self. Of course. He and his family are tacky ultra materialists who pick on others, get others to pick on others and in general is a detestable group of money based Americans who demonstrate all that is wrong with this country.
I'll take that community organizer again any day over this detestable human.
6
The abject failure and incompetence is kind of staggering.
5
Once a grifter always a grifter.
6
He bankrupted his companies. Now he is in the process of bankrupting the USA. He is an epic failure.
11
After the incredible financial failures revealed in this article, it's obvious that any and all US banks wouldn't have touched this con artist with a 10 foot pole after the 1990's. That said, it's entirely possible that Trump has been financed by the Kremlin as the perfect Manchurian/Moscowian candidate. Why else his boot licking of Putin!
5
In other words, the Clown never went beyond being a fraudulent, snake-oil vendor who tricked thousands of gullible investors who never got anything in return, while the Clown built for himself an empire of lies and make-believe trash that those of less mental capacity swallowed hook, line and sinker. A string of failures such as Taj-Mahal (a failed casino?), Trump Air, Tour the Trump, a Summer football league...to name a few. His sycophants trying to defend the loser have stated that federal tax documents used in New York are "notoriously unreliable" (really?)
Yeah, it is a hit job that hit him right where it counts....and we all know it!
What a fraudulent character!
3
A liar then. A liar now. A liar forever.
4
This is so convenient.
A half baked, list of data, twisted to fit the narrative.
Let’s see.
2016, the NYT claimed Hillary was going to win on a landslide, blatantly wrong
For Iraq 2, the NYT was right there promoting he fake WMD narrative and helping send us to war, total lies
From 2016 to 2019 the NYT continued to carry daily the story of Russia stealing the election, and nothing.
And now that that fizzles, you somehow get the tax returns that no one could get from an ‘unknown source’, and we are to believe you?
You’re crying wolf NYT.
If you did not wear your partisanship on your sleeve, I might.
But ever since you became the trumpet of the Democratic party, anything you state gets tinted with a hue of blue.
Perhaps the caption under the picture on the front page should read, "Trump Stands on Thin Ice."
3
I hate Trump, but do not see how any of this is relevant to the discussion today. This is what makes the NYT lose credibility - it's a strong point of view (anti-Trump) that erodes the TImes' image as a credibly news organization.
2
This is what's called actual news. It's relevant because it reveals the truth. That's what news does.
4
The revealed truth is just the start. The ramifications are more important. The Trumpsters just don't have the imagination or mental capacity or experience to understand the logical consequence of a truth. They don't understand that 251 contacts between Trump and Russia indicates the likelihood of a willing openness to being compromised, which means that Trump and his Circle can make billions by influencing policy to favor an adversarial foreign government against the interests of the American people. Simple people do not understand the implications or consequences of actions because it's beyond their immediate experience. They only see what's directly in front of them, which makes them easily conned.
2
Lying about yourself and ruling like a grifter or mafia don - that is the American Way. Look at how much he is adored by his crowds and all the American White Sup...White People. I love it when white women wear "resist" t-shirts. I walk up to them and tell them that white women vote for and put Republicans in charge of everything to control them...they don't like it.
2
Just how did the New York Times get this? Somebody in the IRS needs to be behind bars! It is time to take serious action against the deep state! Now you know one reason for my sig:
Atlas Shrugged was supposed to be a warning, Not A Newspaper!
1
@mcsandberg It may have been someone in the Trump organization, or a former employee, accountant or counsel to the Trump Organization. Don't assume it was the IRS.
2
Doubtless, yet another reason for his pathological envy of his predecessor. Mr. Obama was a self made millionaire from his career as a memoirist before serving in the White House, with no major losses.
3
What an unusual human being Trump is. Other adjectives: stupid, greedy, mean, and angry.
7
Maybe the House of Representatives needs to see his tax returns so that they can determine how much too generous tax subsidies to the wealthy have become. Later, they'll get to the Russia thing.
This begs the question: IF a person loses so much money but still lives like a billionaire, who is giving them all that money after the losses. What is the donor getting in trade?
5
@Roy:
We were told years ago: Donnie Jr and Eric have both said that money is pouring into the Trump Organization from Russia.
They said they were getting so much money they had no need to go to banks to borrow. I think there are tapes of those comments.
Maybe we should have Congress check out those assertions, made in public, without duress. Subpoena Donnie Jr and Eric to answer just a couple of simple questions, to confirm for the record what they said earlier. It would make great tv.
3
He lost a billion dollars and is still a multi-billionaire? Seems pretty successful to me!
3
How do you know he is a billionaire? All you have is his word for it, and that has no value whatsoever.
6
If you inherited 200 Billion dollars in New York real estate, you could claim to be a Billionaire, too. If Trump had cashed out, and put his money in conservative, long term investments, he’d have more money than he does today. So where is all this business savvy he boasts about?
3
Trump did tell us that he was a billionaire. It just turns out that he didn't mean it the way we thought.
1
So this is the "must read" story dominating the front page? Honestly. How about something vaguely relevant to something? Like why Trump won't release his current tax records, and why Republicans are backing him up.
The country is coming apart at the seams. Where's the pressure on Congress to uphold the Constitution and restore the rule of law?
The kind of deals Trump did early in his business career were typically mostly all glitter and almost no gold -- for the investors and lenders. Impossible to determine based on his tax information is whether Trump won big on these deals -- which used to be called "tax shelters" before IRS decided they were potentiallly fraudulent. Trump got advice from "experts" on how to do these deals. They may have been questionable but he almost certainly got tax opinions saying they were kosher (if not "glatt").
1
Meat would never be declared kosher, and certainly not "glatt" via some scheme to make it so. Don't confuse religious principles with Trump since he's neither religious or moral.
2
So this certainly seems pertinent to the Ways and Means request for his taxes: Namely, how does someone who lives this high contribute nothing in taxes? How does someone who uses our roads and bridges and airports, police and fire departments, and, now, our Air Force One to wing him to Florida every weekend and our Secret Service to protect him get to contribute NOTHING to all of this? If that's not a good enough reason to get his tax returns-to figure out how he and his ilk are letting middle income people foot HIS bill-I really don't know what is.
8
These revelations come as no surprise to those already acquainted with Trump’s questionable business history. But they aren’t likely have much impact on his loyal base rallying around their devious hero as he repeatedly ‘sticks it to the man.’ And with no regard for the fact that we are all ‘the man.’
13
His supporters fail to understand that he is stealing from them along with the rest of us when he and his siblings engage in tax evasion to the tune of $400M. But, of course, there is no reaching his followers; the more facts one presents, the more suspect one becomes. It's all Fake News to them.
1
Liberals want businesses to pay taxes whether they make money or lose it. You pay tax on Net Income. If you have a Net Loss, then you don't pay tax, you get to carry that forward. Don't worry, liberals are going to continue spinning it to those who have no clue of this basic concept.
1
Nice try but plenty of profitable businesses don't pay taxes. Why are hard working Americans being forced to subsidize millionaires and billionaires who are earning more money than they can live long enough to spend?
6
We fully understand the concept. We also think it's wrong and should be written out of the tax code. More importantly, it encourages fraud by allowing people to claim bigger losses to net tax gains. And, of course, it speaks the lie to Trump's claim that he's a brilliant business man (brilliant business people MAKE money).
4
Actually, Trump's companies declared bankruptcy so often, they didn't pay their bills essentially ripping off creditors. Trump also received socialist tax breaks that defy any free market claims.
Sorry, but tax payers should not foot the bill for subsidies for Trump.
1
Trump seems to have a habit of using tens of millions of dollars like poker chips to fund his latest schemes and needs. If he so freely grabbed at his father's hundreds of millions, what became of the more than $100,000,000 dumped into his Inauguration fund? When is there going to be an accounting of that cookie jar's contents? How much of it got back to Mar-a-Lago, his children and friends who were paid advisers, and the Trump International Hotel in DC? This article only reinforces suspicions about what's hidden in the tax returns.
4
Dear Americans, this must be the right time to start a war on Iran: Distracts from all trouble plus as another major advantage, will be totally disruptive for your European "allies" as it will cause a major refugee crisis. Excellent work.
13
I'd say "Don't give Trump any ideas," but someone already has.
1
During the 2016 campaign, how many businessmen vouched for Trump and his business acumen? How many people came up and said what a great businessman he was and how proud they were to work with him? I don't remember any. A con man and grifter all his life - the biggest loser indeed.
7
Way to go NY Times! You are handing him the 2020 election. I can think of no dirtier, more low-down tactic than to did into tax returns going back decades and then piece together a scathing article from that "evidence". What most Americans will think: 1. Who cares? 2. Who's next (could it be me?).
3
Cute. Trump sold himself as a businessman and promised to run the country the way he ran his businesses. We have a right to know just what kind of business he operates.
4
Actually, any decent American would be repulsed by Trump's history of cheating and tax swindles. This is what separates us from Trump's supporters. The US government and the media has no reason to investigate my tax returns, and I have nothing to hide anyway. It'd be different if I were the President of the United States. Remember this next time you holler "Lock her up!."
Your tax records are already an open book. Why shouldn’t public officials meet the same standards? Besides, this article reflects primarily on Trump’s failed business activities which he has repeatedly misrepresented as successes. Why is it wrong to expose such outright fraud?
Now we know why he does not want to release his tax returns. It could show what he is really a very good entertainer but a failed businessman.
5
I wonder what figures were stated when he was looking for loans during that period.
Wonder why he doesn't want us to know about losses he reported? He doesn't believe this will change anyone's assessment of his "business acumen." It is something else.
2
No small wonder why Trump had to look overseas for funding. He money losing is legendary (the best at it actually) and US banks were weary. Since his dealing and connections with Deutsche Bank are still foggy, his funds have may come from middle east and Russian sources. It would explain his attitudes with some countries.
Trump used massive amounts of government regulations to avoid having to pay his bills. In a free market, he would be asking if you want fries.
10
He’s smoke and mirrors from top to bottom. I’d love to read how his father’s improper method of transferring wealth to his children meshes with some of this news. After reading about some of the continuing losses he experienced in the 2000s, it seems that his wealth is tied almost exclusively to The Apprentice. I mean, his actual holdings all seem to lose money, especially his golf courses. I find it amusing to think that a person could have taken the hundreds of millions he received from his father in the early 90s and, investing it cautiously, could have turned those millions into his present approximate worth. There is nothing genuine about him and the only purpose his wall would serve would be a place he could throw his spaghetti policy so he can see what sticks.
6
Keep digging. Keep digging. We're not there yet, but we need to get there.
6
A con man, through and through - impossibly greedy and needy, not very bright in a strategic sense and constitutionally incapable of telling the truth or facing it. There is no reason to believe that these more recent "hidden" tax years are any better ethically or financially than those described in this article. If anything, Trump has grown sicker with age, living in a different dimension and trying to drag the rest of us into his smoke and mirrors underworld.
6
The great lengths Trump has undertaken to maintain his illusion of grandeur and block the truth is stunning. Trumps methods of suppressing the truth as "citizen" Trump:lying, non disclosure agreements, actual or threatened lawsuits, possible blackmail (latest from Cohen). Trump's administration now face Congressional contempt for refusing to release tax returns and Trump wants to claim the version of non-disclosure:."Executive Privilege" to keep witnesses from testifying. Knowing and understanding a candidate's past behaviors and business ventures do matter, and the truth matters more.
5
Trump was voted in to effect change. People were fed up with a dysfunctional congress and he promised to drain the swamp. As this article shows, he was always and still is the best con man in America. He was never successful at anything except lying and cheating and what he has done since elected was to fill the swamp to the brim with corrupt like minded creatures. His interest in the presidency is only to support his lifestyle, which is now clear he can not do on his own without his father in the background. The fact that he is still taking advantage of hard working tax payers every single day should be of concern to Republicans and Democrats alike. Republicans have other choices. He will be challenged in the primary and people should vote for anybody that can bring integrity and the rule of law back to the office of the President. America deserves better. Likewise, the Democrats should continue their quest to exercise the oversight power that Congress has been provided with by the Constitution, that Republicans have been all to keen to give up in order to have the support of what is clearly the biggest Emperor with no clothes! The only chance the Republican Party has of survival in the future is to pick a real winner. This failure at everything except conning people is anything but!
6
Rick Wilson’s “Everything Trump Touches Dies” book title is turning out to be prophetic. A billion dollars in income losses from the man who calls people who disagree with him “losers.” Trump’s massive ego, and the opportunity to turn his Presidency into a money making venture for himself and cronies, didn’t consider the spotlight that would be focused on all aspects of his life? Getting rid of him will not be pretty, by ballot box or impeachment, but can’t come soon enough.
7
Trump’s father Fred didn’t die until 1999. Donald Trump knew that he had the insurance of his father’s wealth to rely on. What is more interesting and pertinent to today is what he’s done in the twenty years since his father’s death. Hopefully, New York will change the laws pertaining to the release of state tax returns. It would a godsend if the state had tax records that could give a more complete picture of the financial life of Donald Trump through the last several decades. Major flaws in U.S. tax code definitely are a concern of the House Ways and Means Committee.
3
If this is how he ran the Trump Organization, then imagine what he can do for our national economy.
On second thought, don't.
4
In the shark tank of New York high roller real estate finance, Trump was a clownfish in the reef - a court-jester cartoon for the jaded NY cynical press corps to use for humorous Runyonesque risque spoofs.
Former Times reporter Hugh O'Brien, who Trump sued for first pulling the curtain from his "I'm so rich" meme, had a valid point when he says, "We in the media are partly to blame for creating this monster."
American capitalism has always been rife with charlatans and hustling predators, who provide colorful caricatures of tycoons. Texas oilmen have been a particularly prolific provider of these, from "Bet A Million Gates" the barbed wire king who formed Texaco to JP Morgan and his bulbous nose that was sensitive to touch and mention.
America has even flirted before with electing to high office the spoiled little rich boy whose primary 'gift' appeared to be spending his daddy's billions and telling us he was a genius: remember William Randolph Hearst, "Citizen Kane?"
But, the truth is, the majority of Americans have never fallen for the flim-flam, even when a significant minority did. Even Trump with Russia's evident help, fell 3,000,000 votes short of the popular vote.
Now that the wheels are coming off the Trump Trolly (as in troll) Car, it is painfully apparent that elevating a clownfish to Chief Executive status has created a monster - a leech who has his mouth firmly planted on the executive suite and thinks he's a shark.
He must be Impeached and evicted.
6
Why is the NY Times going out of the way to attack the President?
Having over 40 years in the Finance world I can say that all entrepreneurs and businesses have had ups and downs in their lives. Trump isn't unique that way and to have an article on it's front page speaks loudly about how biased the news media can be.
Finance is a complicated business, Trump has worked in a dirty business and I would not be surprised if he's had lots and lots of underhanded business dealings in his life. So be it. He was elected by the people.....and he's got far more business experience under his belt than any President I can remember in my 64 years of life on this planet earth.
Hoping he doesn't seek a second term.....and so tired of the nonstop attacking of the President by the media. Very tiring stuff guys.
3
Fascinating. So experience counts even if the experience involved being crooked, dishonest and an abject failure?
2
Thanks, "Steve" - I prefer my "entrepreneurs" who haven't filed multiple bankruptcies and lied while defrauding their investors.
As for electing them President? You must be kidding, or trolling, which is it?
2
A preview of coming attractions....
A fraud from the start, as the truth, well hidden, starts to find its way out.
Thanks to brave Journalists who remove the blindfolds of incessant Trump lies.
6
The Frankenstein Bride of the accounting world. The brainiest accountant on the planet, the woman with the thick glasses, the crazy hair, and the high forehead that you can just feel is crunching numbers with a processor as powerful as Big Blue. Yeah you should know who she is. And once you, do you will never forget. The formidable nemesis of Donald Trump. The lady with the X-ray vision that can see right thru the President's lead shielding of his financial fraud.
1
20 years ago might as well be 100 years ago. How about some stories of politicians that got filthy rich WHILE in office?
2
That would be quite interesting indeed. You begin to wonder how on a civil servant's salary going in and upon retirement they go out as millionaires. As Mr. Spock would say...Fascinating.
So, a billion in losses taking his tax liability to zero. The claim that only stupid people pay taxes.
Why could he live so large personally while running up such losses? My dad sure couldn’t be spendy when his business was having a lean year. A few possibilities, not mutually exclusive:
He is a grifter and we are patsies.
There is a story somewhere about improper compensation, or that these losses were bankrolling his daily life (pay the CEO enough and there are no profits).
Most of us are not completely devoid of shame. We clearly do not know how to act when encountering the truly shameless. They exploit this.
I fear that this article describes how some suggest we BE BEST.
2
The new American Dream. Declare millions of dollars in losses in your pass-through businesses in order to offset the interest on the hundreds of millions that your daddy gave you.
5
One would have to be a fool to believe that this man is anywhere near as rich as he claims to be. More than anything else, the embarrassment of being exposed as a failed businessman is the reason that he doesn't want his tax returns released.
9
The article ends by contrasting DJT's financial condition with his father Fred, whose business was earning millions. But as an earlier NYT piece - some months ago - disclosed, Fred's business had been cheating NY tax authorities for years. DJT's grandfather, Friedrich, ran a brothel in Canada, and after returning to Germany was deported for having been a draft dodger (like his grandson - who also has familiarity with prostitutes). Crime does run in some families.
4
The base don't care if Trump lies, cheats and pays no taxes.
What they love is he normalizes hate.
16
Please NY Times, stop beating the dead dog. Who care about President Trump's tax returns from decades ago? I want the ones from the last six to ten years. And I want news on the front page. Unemployment is down, wages up - did this make continual front page news? (I don't attribute this to Trump, but it is a fact.) And by endlessly beating the drum against Trump, the press stokes Republican paranoia, and encourages further retrenchment on both sides. This is a fine magazine piece, but not the front page.
2
Meanwhile people are struggling with healthcare and other serious issues and all these media outlets can cover is I HATE TRUMP. It's crazy isn't it? They think this will help him lose, but the reality is it's just infuriating his base to like him more because they see they refuse to focus on actual issues for real Americans.
1
May I ask what constitutes a “ real American” ? I ask because I care very much that the President is a conman and liar and I’ve always thought I am a real American.
2
It seems to have escaped your notice that con artist Trump is hell bent on making life worse for people who are struggling with things like health care, illness etc.
Business deals from 20 years ago? Might as well be 100 years ago - they don't matter. How about a list of every member of Congress who's net worth has increased 50% WHILE in office?
4
This article characterizes the dispute over the Mueller report as, "partisan warfare." As of yesterday, 720 former prosecutors have signed a letter saying that Trump committed obstruction of justice. The number of prosecutors signing the letter grew by some 300 over Monday's tally and continues to grow. Reading the Mueller report for oneself, it is clear that they are right and that Trump has committed multiple acts of obstruction of justice. So I ask the Times: in what sense does this represent a "partisan" dispute?
3
The blame falls squarely on the shoulders of our elected officials for the worst tax laws on the books. They have know about these loopholes for decades, this article being key. And yet they do nothing and will continue to do nothing. Bone Spurs gives tax breaks to his friends in the 1% while the middle class pays. How many more stories like this before they enact fair tax laws? Bone Spurs did nothing wrong but take advantage of the laws on the books, he even said that during his campaign and yet Congress does nothing. Both parties are at fault. We can rant and rave all we want but this article falls on deaf ears to his faithful and changes will not happen in Congress no matter who is in charge.
Henry Ford and Walt Disney declared themselves bankrupt at some point in their careers as businessmen.
Multiple times?
2
Trump just did it every other year and all the while having inherited $431 million dollars.
4
Are you seriously comparing those two self made men to Donald Trump??
1
A typical entrepreneur fails in many successive step to success, sometimes bankrupting all around as they so strive. Here, we have , well, pick one(or all), a con man, a hustler, a street gambler, a cheat, a sideshow hawker.... This ones cheated and lied his way to the highest office of our land, repeating, but not learning from his mistakes and business losses "of the last century."
Failures are stepping stones to success as long as one learns from them and remedies mistakes. For this poor example of a business manager, a leader, and a human being, the scam, the sham, must go on, even with flashing blue lights appear on the horizon.
1
Based on this article one might repeat history and vote for a Community Organizer again. Who wants to vote for someone who negotiates real business deals, makes money, loses money, and stays successful for multiple decades. No, lets instead vote for another Community Organizer who knows nothing about business, the economy, negotiating, and how to get things done.
As a native New Yorker, this is old news---years of reading various tabloids and other NYC media outlets reported or maybe gossiped that Trump was a financial charlatan whose only talent, and it is a talent, is suckering the media in on his next business failure. Without his Dad and the NY media, Trump, would be a used car salesmen in Queens.
2
Is this really newsworthy? It's common knowledge that Trump was a poor businessman. His entire shtik was and is about marketing himself and his name. But more importantly no one that voted for him cares. The real story were his multiple attempts to impede an investigation while he was in office. If that had no impact, if Republicans couldn't muster the backbone to rebuke him over that, then this nonsense from 40 years ago makes no difference.
Of course, his businesses reported losses. Otherwise, he would have to pay taxes. Dah!
1
I'm not sure if this will surprise anyone. People generally know about his string of bankruptcies in the 90s.
Where were you and other mainstream media sources two plus years ago with all this stuff, when voters were being hoodwinked into believing his dealmaking skills and business acumen would translate into successful leadership? Oh, that's right, too busy reporting on the daily carnival.
1
Let's remember something: This is just the latest documented reason for outrage over the conman who sits in the Oval Office, indebted to God only knows who or what foreign interests. The NYT published several weeks ago extensive and unchallenged documentation of the dynastic tax fraud and paternal bailouts that enabled the myth of Donald Trump, master-of-the-universe, to take root among the gullible in the first place. Since those revelations, his support base has remained essentially intact. Trump is the specter of intellectual suicide threatening the American electorate.
2
Some readers have attempted to defend the tax losses as normal practice in the real estate business. That is true over the short term, but not over a decade or more. The depreciation losses that real estate owners are allowed to take defer taxes; they do not eliminate them. Eventually you show a profit. If you sell the building, you have to report capital gains on the profit, plus the recapture of your prior depreciation. You can avoid capital gains tax on a real estate sale by purchasing another property (a 1031 exchange), but this just defers your taxes again until you sell the later building. It is possible to amass a huge portfolio of real estate holdings over a lifetime while paying minimal taxes. However, Mr. Trump did not do this. He lost many of his properties to banks and other investors, because his cash flow could not keep up with his debt service. So no, he is a terrible businessman. And his losses are real, and not just paper losses on his tax forms.
7
So we have a guy who goes an entire decade where he lost more money than literally any other U.S. taxpayer and subsequently does not have to pay barely to no income taxes. Yet he still manages to have enough money to play his role as business tycoon. I smell tax cheat. We have already seen that he loves to under-report the value of his properties. I think this goes deep, no wonder the guy wants to guard these with his life.
5
Even if the NY Times is successful in proving he does not have a billion dollars, from my perspective, Mr. Trump has more than enough money. How much money he has is none of anyone's business. What is important is he had made some key contributions to this nation, namely two appointments to the Supreme Court.
1990 Interest Payments look a lot like money laundering.
Just another crime by a con man. His father was an actual crook, same for Jared Kushner.
It's a crime syndicate and the saddest thing is the million of Americans that support this kind of criminal activity by voting GOP/Trump.
3
The man has his own Boeing and 2 helicopters. He may be amoral. A financial failure he is not.
Reading down through the comments it is clear that a great many commenters "don't care" that he's the "Biggest Loser", having lost, on average, $100,000,000 per year for a decade. I accept that... for, why would they lie? But, if Trump's supporters don't care that he's the lousiest businessman in the USA (and we are told that by the IRS!) then one must look elsewhere for why they support him.
And, one needn't look far.
There is only one other area where Donald Trump made any impact in the years prior to his running for president: The fact of his "Birtherism", his outrage that a black man was in the WHITE House. His rage at Obama even got included in the Steele Dossier, the "Mattress Incident". There is nothing else in Trump's life for all of those years except bankruptcies, sexually assaulting women and that he is "Papa Birther". So, all those people dismissing his lack of business acumen must explain exactly what it is that love about the man. Saying you, "Don't care", doesn't cover it. Tell us exactly what it is that you DO care about......
11
The mastermind behind The Apprentice, Mark Burnett, says that elevating Donald Trump was more folly than homage. He knew Trump to be New York's most notorious faux real estate mogul. That decision, along with Tony Schwartz's writing chops in Art of the Deal (which he, unlike Burnett, regrets facilitating), led to confusion about what's real and what's a joke for sale.
It does matter. Those who used Trump's business acumen as validation to give such a crass simpleton their votes were misled, and should be angry by this unearthed pattern of utter failures. Yet his base now says that it doesn't matter what he did then, but how he serves the country now. Shockingly, the country he serves may not be his own. Yet his base also wants to put the Mueller report to bed, thereby dismissing yet more evidence that they've been fooled by a fool and his henchmen.
Mitch McConnell now serves as the ringmaster of this Kafkaesque circus.
3
The bigger the man, the bigger the mistakes and potential losses, not a super interesting or surprising story
3
So the Times can leak older tax returns. I imagine the leaks will be even more copious if Nadler gets ahold of newer ones.
True to form, Mr. Trump routinely lashes out at others that reflect his own shortcomings: calling people losers. Now it makes even more sense.
3
Great article, yet irrelevant to the reason Trump won, which is that you can fool some of the people all of the time, something Trump learned early on from his family and his mentors like Roy Cohn. Cohn and McCarthy hijacked the relatively new technology of television to nearly take the nation off a cliff. Trump and his backers - from the money men to the Russians - have done the same with social media. People of substance still don't get this.
2
This is a nice parting gift from Michael Cohen who knows if he shared the actual tax records he would spend another 20 years in prison.
1
To those who wonder what Duetsche Bank was doing lending Trump money, here is a recent article that spells out their intense trepidation> https://www.nytimes.com/2019/03/18/business/deutsche-bank-donald-trump.html
2
How is it that the Times was discussing Hillary Clinton's emails during the last election and not this?
5
Thank you New York Times and free press for exposing Trump's fraud.
3
Is Trump the fool here? I don't think so. I think the fools are Congress, who allow lobbyists to influence them to make tax laws like this and the American people for electing those congressmen. Trump has lived high on the hog for years at others expense. He used tax laws among other things to his advantage.
3
Didn't trump promise to run our Nation like he ran his business?
He sure is consistent.
5
What screams loudest from this detailed reporting is the desperate need to reform our tax system, particularly as it relates to the real estate industry. Trump floated on beneficial tax policies like the cartoon character who kept jumping from one ice floe to another as the river headed towards the waterfall.
The other takeaway has to do with what appears to have been a code of silence about Trump from among his competitors, city government, and legislators. Everyone knew, yet no one spoke up, no one complained, no one had the guts to call Trump out for the fraud he was and is? When Trump launched his biggest scam -- running for President -- why did no one (except Michael Bloomberg) raised questions about his fitness for office?
Trump is a con man, no doubt, aided by legions of silent enablers.
3
...and this is the man who wants to control the Fed?
9
The report is certainly not a surprise to any astute New Yorker. Trump's world has been smoke and mirrors for many decades and the emperor has no clothes. As he continues to use superlatives, I'll continue to use cliches. The problem is, will the rest of the Country, especially the red states and the few formerly blue states who voted for him grasp and comprehend the real information the New York Times provides?
3
Absolutely baffling why the US population persists in believing the myth that this man is a successful businessman, rather than a spoilt, unsuccessful heir apparent to his father's fortune?
Is it lack of education or willful ignorance on their part, that they refuse to accept the truth?
5
Very impressive investigation work.
But then again, I don't believe this will change the political game.
Mr Trump partisans will take offense at what they consider as an agressive investigation in a businessman ups and downs history. The fact that he played and still plays with hard facts will not turn them away from him.
On the other side, people who never voted for him will see a confirmation of what they perceived as the real Mr Trump's character.
On this occasion, I would love to be wrong though...
1
Nothing more important to write about? Seriously, if I want to read Democrat campaign material I can visit one of the candidates web sites. I did not vote for Trump and disagree with many, but not all, of his ideas, but the more you harp on him the more attractive he becomes.
3
Exactly, I don't really care for the man on a personal level,
but find myself defending him because the left have gone
so far over the top it requires pushing back.
2
I noticed that many of Trump supporters claims that they did not vote for Trump or they were Obama supporters but ended up voting for Trump. This is obvious from Daphne's post. I cannot imagine anyone who supported President Obama, his polices would vote or support Trump.
3
There is a difference, lost on Trump's fiercest critics, between supporting Trump and being repulsed by his opponent's tactics. The Times long ago abandoned any pretense of objectivity. They even wrote an editorial saying as much. This is trash journalism, if even that. It makes Trump the underdog besieged by the entrenched forces of the establishment and the media machine. That is how it is like it or not.
The New York Times is setting the standard in modern journalism for its work to dig out who Trump is, and what he has been doing.
I suspect future history will show that, more than anything, it is about money laundering by several large banks and with the help of some large American families who ran real estate empires.
Just like it took many years to get the truth that Nixon was the biggest traitor since Benedict Arnold, having stopped the peace process in 1968 so he could gain office, all the while knowing thousands of American troops would die in Vietnam waiting for peace to become available again, it will take many years to get to the truth of the Trump debacle.
Hugh
15
There's an old saw, "owe the bank a thousand dollars and can't pay it back, you're in trouble; owe a million, the the bank's in trouble." DJT is not rich, he is just living well on borrowed money. He's terrible at business (or at least he was from 1985 to 1995). There's not a corporation in the world that would hire this guy as CEO, and yet, here he is, our chief executive.
14
This news only shows Trump up as the fraud he has always been and always will be. We all knew about the failed adjuncts to his business, the only surprise being that the losses haven’t been greater. How can anyone now believe the myth of The Great Businessman? Expect a banquet of schadenfreude.
4
NY Times and Susanne Craig are heroes and defenders of American democracy.
Is there any question about the value of a free press?
18
Actually, it’s indicative of a fraudulent press. They provide no context at all. And people like you think this is a “free press”, when they should have tax experts explain this makes Trump look like a great businessman. He survived the real estate crash in NYC. And look at him now.
6
Cjmesq0: I suppose that means Bernie Madoff was a great businessman too. And where do you get that the NYT provides no context? They provide the FACTS and ample context. Did you read the article?
3
Did you actually read the entire article? The journalist provided context. They did not provide the context you wanted, namely; that Trump is a best businessman in the world. Hey, I do understand how you are feeling after reading the article. It's hard to watch your heroes fall. It's the function of the "free press" to expose lies and corruption by our leaders. They are doing their jobs.
3
Trump must be the long feared and anticipated antigeorge: George Washington, that is.
5
Under all the loser's crushing debt and financial malcompetence, can calling him a "billionaire", or even "millionaire", still be accurate or even meaningful?
3
He did and continues to do what millions of tax payers do..There are loop holes in the tax codes and people, lawfully, use them Granted he did it on a very large scale but so do corporations. If everyone paid the "right ' amount of taxes, the budget would be balanced in a year..I love the New York Times...Great journalism..
4
The only thing that people thought would make Trump a better president was that he he was a billionaire and he would boost our economy. People overlooked all his shortcomings just because they thought he was a great businessman with great deal making skills. So everyone who is commenting about " I don't care about his past performance" is missing the point.
If this report came before elections, he wouldn't have become the president. This report just shows he is incompetent in business and it was all a show to fool people. And we see the same pattern now.
3
Trump still is losing money according to him he is being audited. Should not he show his tax returns to prove he isn't losing money?
1
Yeah, who besides his deeply disturbed fan base is surprised by this? Those people won't believe it anyway or say it doesn't matter. It does indeed matter. You`ve got to be quite ignorant to not have known this, or researched the background of this inflammatory grifter before casting a vote for him to be President of the US! We are ALL getting kicked in the you know what for this presidency, even the alternate reality crew that hang out at the Trump rallies.
8
This person is as dishonest at they come. To call him a flim flam man would be giving him credit, when none is due. He's a thief, stealing from the American public on a regular, annual basis. Now that he is President, he has been given the GREEN LIGHT to cash in big time, and he's doing it in a myriad of ways. He might still be doing the very same things as he did before, scamming the market and destroying lives.
What we know, though, is that there are many others just like him that support him and that a good part of our population may be uninformed, but there are many who are simply greedy and of low moral values. I did see that the percentage of Republican supporting Trump rose, which leads me to believe, though, that people are leaving that Party, which is the reason for the increase. Fewer people, higher percentage left who support him.
4
A mere 10 yrs ago, a guy named Bill Gates lost, on paper, $30 BILLION dollars.
Does that make Bill Gates a failure?
6
Bill Gates never lied about losing $30 Billion. Trump lied about the money he earned, how he earned, how much he lost, how much he owed in taxes, how he was going to repay it, how he inherited it and his "skill" sets to "earn" it. Big difference, and pretty non-discerning of you not to note it.
11
@JBHart
Bill Gates isn't the President, and has never run for office based on some mythology of being a "wonderful businessman".
You can't stick to the issue at hand; and choose to throw Bill Gates into the mix?
#Sad
2
First of all, Trump's assets are a speck compared to Bill Gates, one of the richest, if not the richest, men in the world, and as you said, Gates lost 30 Billion on paper due to market fluctuations, whereas Trump lost real dollars.
1
Can you imagine the profits that the Trump family can reap from insider trading as the Potus manipulates markets from the White House.
15
The main focus here -- is to keep focused !!!
Focus on this -- over and over -- until he snaps.
If the Mueller report is truly the exoneration that Trump claims it is, why doesn’t he want to let Mueller talk about it?
Don't let Trump continue to get away with lies that distract us from the con-game he has been playing his whole life: control the media, control the stories, keep pushing the smoke and mirrors game, use spineless amoral people as a shield to counter-attack and suppress the truth.
All-time low-life comment by Mitch McConnell: "case closed."
Keep focused: Donald Trump will not get away with his con-game.
6
It's interesting to see so many commenters here saying they don't care about Trump's business failures from decades ago. Really? The fact is, Trump's supposed business acumen was a major selling point for his presidential candidacy. He bragged that he'd be able to make us all rich, and a lot of voters believed him. Go back to the reporting from the 2016 election--it's not hard to find voters all across America telling reporters that they believed Trump could be President because he was a successful billionaire CEO. It seems odd now to claim that it doesn't matter that his whole career has been a con. I know it's hard to admit when you've been fooled, but that's the truth a lot of Americans have to face.
6
So. in short, trump has been lying the entire time. He is no business genius by a long stretch.
5
I know this may come as a shock to you low information types, but having tax losses does not mean your business lost money. If you have a lot of depreciation or other deductions, your taxable income can easily drop below 0.
5
Losses reduce your taxable income. What they think is bad and somehow "criminal" is an actual tax avoidance strategy.
2
So where is all that evidence of Russian collusion that so many of Trump's critics have been saying will be uncovered here? Let me guess. They must be on his "federal" return?
4
Wow, let’s take it slow. The government is interested in the relationship between Deutche Bank (one of the only banks who would lend to Trump because his business practices were so bad) and the reason why there were over 200 contacts between Russia and the Trump campaign. The Trump campaign NEVER reported any of these contacts to the FBI even thought they actually arranged 1meeting we know of.
Deutche Bank was fined heavily for laundering Russian money, Dum-dum Eric said that Trump Co stayed afloat because they had HUGE Russian investors. Now, what they are trying to find out is if the President of the United States owes a big portion of his finances to the help of a foreign adversary.
Is it really too much to ask that the President of the USA isn’t up to his eyeballs in debt to Russia. Remember a week before Trump’s announcement to run, Russia was our biggest adversary? Now he goes to Helsinki and throws American intelligence agencies under the bus. Think about this, he’s going to be gone form our government in 2-4 years. Is that how you want YOUR country, not his business, left?
4
it Is sad to witness the disfunction in our government and the assault on our constitution, laws and values.
America, the super power that brought down world leaders and governments is incapable to reinforce its laws to protect the integrity of its own. We have the intelligence to interfere in other countries but we lack it to look into a con man’s taxes.
2
There's an important point that should not be overlooked. When Mr. Trump lost $1 billion over a decade that didn't come out of his pocket, that came out of the pockets of his lenders, investors, partners, vendors, contractors, employees, and others who gave him money, goods, and services and lost $1 billion in doing so. He became President on their backs leaving them holding the bag in his wake.
8
While I have no doubt that Trump is a very poor businessman, and he almost filed personal bankruptcy in the early '90s, whoever prepared his tax returns would have been doing so to minimize his taxable income (that's what we all do). As a CPA, what would be interesting to me, and more revealing of his actual financial position, is to see what the difference were between his taxable income compared to what it was under Generally Accepted Accounting Principles (GAAP) under which all firms must prepare financial statements. Schedule M-1 on Form 1065 (partnerships) provides that reconciliation, as does the same schedule on the corporate form,1120. On both, you'll also find the balance sheet per GAAP on schedule L. If the transcripts that the Times has provide that information then they should reveal those, and have an accountant restate income per the items on schedule M-1. I think that will give a clearer picture of how good, or bad a businessman Donald Trump has been.
1
Tony
Trump DID file for bankruptcy; Six Times.
3
His business entities did, but he personally did not. Articles that I've read over the last couple years said he was almost forced to file personally.
He's still a bad business man, but there's a difference between bankrupting an entity that you own or control and filing personally. My parents had a corporation that went bankrupt, but they never did personally.
You would think that someone with this history of business failures would come up with a better narrative than the con Trump has been perpetrating for decades. Instead he lies that he was a self made billionaire, who never loses in business negotiations, smarter than everyone, who has always been successful and never fails. The reality is he is a mediocre white business man who has benefited from his father’s real estate empire to the tune of over 416 million dollars and managed to squander riches at an unprecedented rate with rare successes. He has been rescued by banks like Deutsche Bank because he was a privileged white male who lies well and often. I continue to be unimpressed and his inept performance as President has not helped his reputation of failure.
2
Too bad his supporters are unable to read or understand how this defines Trump's sordid character. They are comfortable with being conned, and will blindly follow him to their own destruction.
16
Too bad his critics don't understand the value of "losses" on a tax return.
3
Or that the depreciation of capital assets counts toward tax losses. Or that goodwill acquired pursuant to an asset sale depreciates and thus, causes tax losses.
2
You missed the point completely. It isn't about writing off losses or the legality of what he did. It is about the showing Trump has always been a pathologically lying fraud.
5
The NYTs conveniently leaves out the NYC real estate market crash during that time period.
Also, Trump was elected merely because he was a successful businessman, but because of his common sense immigration ideas. His immigration stance separated him from the GOP pack as well as Hillary.
5
Business losses are business practices.
3
Americans, if you are capable of listening, by the aid of your elected representatives and the free press, I hope you are able to find Trump's hidden tax returns. I think you will be rewarded mightily.
And to Mr. McConnell, Mr. Mueller has blown the case wide open. The glove fits. Trump wears it to a T, right down 5th avenue.
2
When one does a lot of things, one is also certain to make a lot of mistakes. The first rule in writing one's CV is to hide the mistakes and emphasize the successes. Who is surprised by these "revelations" ?
More interesting is HOW the NYT acquired these very private pieces of information? It is telling that the methods used are not revealed.
1
A conman and a sham. Unsurprise of the year, but kudos to the NYT and New York for keeping the pressure on. What 45 failed to realize is that when you get on the global stage and make a fool of yourself, there will be a lot of scrutiny of all your past dealings. Had he been content to stay in NY in his gilded tower, he would have died with his mythology intact. However, heading to DC was his final, hubristic mistake. This "emperor" has no clothes and has not had any for a very long time. In NY we all knew that. Now the world knows. Vote for anyone else in 2020.
11
Here's the scariest thing of all. The vast majority of the millions who inexplicably continue to support Trump would think this article is fake news.
9
He lied routinely about depreciation to use it for an advantage. This is not a good person, he is a walking criminal disaster.
2
Fake news would be portraying "losses" as something absolutely terrible, indicative of failure, and not as typical of the real estate business.
3
1) Donald Trump's mentor was Roy Coen, attorney for Joseph McCarthy. That tells all we need to know about Donald Trump.
2) Why is it that so many people who neither smoke nor drink alcohol think they are so much smarter than every one else?
5
Donald Trump's early business behavior of lies, fraud, failures and disregard of the laws of the land, prior to becoming President of the United States, should have been an important warning to the American people of his behavior in representing our Country to the World, and in upholding our Democratic way of life and our Constitution.
3
Insanity is doing the same thing over and over and expecting a different outcome.
Trump kept doing the same thing, over and over, even though it was costing him, on average, $100,000,000, a year, every year for a decade.
Crazy, lazy or both?
3
He’s always been a fraud and a failure in actual business. His one and only touch of genius is in the fetid realms of deceptions, lies, and artifice. He’s had success on a tacky reality show and by licensing his name as a maxim for “winning”. But he can’t manage his way out of a paper bag. I’ve always said that without daddy’s money he’d be a used car salesman on Long Island.
11
Nothing more than a deadbeat and a conman who suckered the media, banks and anyone else who thought they were attaching their fortunes to a rising star in real estate development. After the revelations in this article, it's no wonder he doesn't want to share his recent tax returns. Hard to believe that his financial situation has improved to any extent.
He suckered a nation and just as his own finances are a mess so will the nation's when and if he ever leaves office. The Donald Trump Disaster will haunt the nation for decades to come and one can only hope that his Republican enablers share the same fate as the Whig Party: disappear from the political discourse permanently.
Let's face it, without Presidential immunity, Trump has no place to hide. So we better believe he will do everything possible to fulfill his dream and necessity: President for Life. So far, he's winning.
3
I wonder whether it was during this period that Donald Trump changed into Donald Russia?
5
As usual the Times comes through in telling us what we need to know. Brilliant reporting. Its glaringly clear that Trump is exactly what everyone suspected: a complete charlatan, who perfectly represents the worst aspects of the American dream. Bruce Dern in The King of Marvin Gardens comes immediately to mind. The man is a hollow shell whose achieved nothing of substance his entire life, other than get his name in the papers.
4
Once a slimy operator, always a slimy operator. Trump's mendacity and narcissistic behavior has always been present, as those of us who have read about him for years know. For those who were new to him when he decided to up the ante, ditching the salesman act to become a "star" on TV, and then on to presidency - we tried to warn you. A tiger never loses his stripes - he has always been the lying braggart. You cannot believe anything he says.
7
It's interesting to see how many people seem to dismiss his business losses as irrelevant for the job of president. Here he loses a billion. Now our debt is over a trillion thanks to his great tax cut (for the rich)- and people don't see his history of fraud as relevant? He's trying to follow the Putin plan of enriching cronies by selling off our natural resources. and stacking the heads of key agencies with lobbyists but who takes the loss on those deals in the long run? It really makes one wonder if he has ever suffered a single substantial consequence for his own incompetence and crookery.
13
If Trump disputes the accuracy of the documents The Times used for this reporting, he should show us the correct tax documents.
Trump (and his supporters) have boasted endlessly about his skill as a businessman. Yet all he's done in that 10 year period is lose a lot of money. This is the man who claims to know how to successfully negotiate a trade deal with China! The Chinese trade negotiators are probably laughing their heads off reading about the clown they're having to deal with.
8
So what? People go into real estate especially for the paper losses. The same misguided people who believe the middle class didn't get a tax cut are going to judge Trump's returns now? The same people who couldn't even make a connection between withholdings and refunds?
3
Losing other people’s money, and stiffing contractors that have worked for you by litigating them to the nth degree. What a great way to run a country !
9
We get it. You hate him. That doesn't change the fact that losses are a routine part of the real estate business.
2
Almost finished Trollope’s ‘The way we live now’ (1875) - the parallels with Melmotte are striking.
3
Trump succeeded, then failed, then succeeded... This is a bad thing?
The mark of a great person, in my feeble mind, is to have tried - and if they fail - to try again.
Ask Tiger Woods.
2
You left out the honesty part.
7
Comparing Woods to trump is absurd, if not also a demonstration of feeble reasoning. Trump has used methods that are unethical, dishonest, undoubtedly illegal (come back after the Southern NY District finishes with him, if it ever does), and rely upon the infinite levels of willing suspension of belief and greed among those he solicited for financial backing over and over again. He feeds upon the greed of others to spin webs of financial relationships that contrive others into paying the price of his monumental
failures of judgment and good sense. He is a master of this. Without
finding yet more backers he would never have recovered from his bankruptcies.
None of this applies to Woods.
I believe it was recently in the press that Mr. Macklowe has not paid taxes since the 1980s (yet has reaped billions in wealth) & real estate loopholes were to blame. I hope the NYTimes continues and exposes the shady rap estate dealings of every private real estate company in NY.
Who are the politicians behind our real estate laws in Albany, what role does the governor have in bringing this to light ?
2
Not only does the emperor have no clothes, other people paid the tab for the nonexistent clothes.
Donald Trump is a master of the universe in one regard: His sense of entitlement. Absolutely no one else in his league.
5
What's interesting here is that a person can use the tax code to lost a billion dollars and then pay no tax for many years. This seems absurd. If you lose that much money then either you are bankrupt or you still have money. In either case, there is no ethical or logical case for you to carry forward such losses against your future taxes. This is just one of the many ways in which the rest of us pay taxes while a bunch of bought politicians take campaign bribes (called contributions) to keep the code opaque. It's time for a no deductions tax code. You make a dollar then you pay 25 cents. You lose a dollar and you get nothing.
Happens all the time. Losses are the goal. Trump is actually quite astute to have maximized them.
1
I still can't get over the fact that the stable genius himself actually managed to lose money in the casino business.
7
This is almost non news. Paying as little tax as possible is a huge industry. Some do it fairly; many do it skating at the border line; and some like Trump do it shadily. The last group also live lavishly on other people's dime. In Trump's case, even a blind man with two cents of common sense knew it before 2016. Yes, even the Republicans before Trump took over the GOP knew it. Only the clueless like the anti ACA hordes who themselves are at the mercy of public health assistance and Republicans turn Stepford wives thought Trump had any financial gravitas
1
The Time's revelations about Trump in the 1980s and 1990s are fascinating and disturbing. What is of more concern to the American people however is what has gone on since in his finances, and what the impact has been upon his conduct of the Presidency. Specifically, what sources have sustained this extraordinarily bad businessman recently, and to whom is he in debt?
It has been speculated that Trump is heavily and personally in debt to Vladimir Putin. This might of course explain Trump's pathetic subservience to Putin. This behavior would have been unthinkable with reference to any other President, but would be perfectly characteristic of Trump. He would in a minute sacrifice the interests and security of our nation to protect himself personally; he is we need to remember a classic sociopath, capable of concern only for himself. His supporters who frame these issues in terms of Trump's right to personal privacy or Presidential prerogative might think about how they will look if this or some similar scenario eventually proves to be the fact.
11
Why not release everything, why only release for that decade? Let us see how this guy recovers from his losses.
2
Given how Trump's losses are so beyond the norm, essentially an outlier if you will in terms of how he was the best at being the worst in tax losses, it raises the probability that Trump cheated on his taxes. Add Trump's recent milestone of hitting his10,000th lie as our US President, I'm sure Trump's deductions then were totally legal----believe me.
3
I believe the Times ran this story already several times. We all know that Trump lost tons of money 30 years ago. Move along, Nothing to see here.
3
Old news eh? He wrote a book on this, The Art of the Come Back. Which I think I will go purchase now on Amazon. This frantic attempt to find something.. anything... is going to make voting Republican in 2020 for the first time in my life all the more glorious.
4
And now, his and the Republican party's tax bill is doing to the country what Trump did for his businesses. Rack up huge debt. Where are we now, somewhat around 2 or 3 trillion dollars in debt as a country? This is what 60 million voters wanted? New Yorkers knew, and now midwesterners, appalachians, and southerners, whose business will fail due to this man's policies will need to learn this lesson too. Very, very sad!
5
This is not news . Everyone that was alive back then knows this. He went through numerous bankruptcies for Gods sake just like a thousand other real estate developers in the 1980s and 1990s.
3
Trump was able to sustain such high losses because he was losing borrowed money. When those loans were forgiven, he was supposed to reflect that forgiven amount as income, and that would have wiped out his tax loss carry forward. Instead, he did a phony, fraudulent stock trade that let him keep his tax loss carry forward. Why isnt that the story?
2
Well some things never change, I guess. He's still spinning gold into straw, dismissing his victims, attacking his critics, declaring the whole mess an historic success. I'm sure most New Yorkers grew tired of this routine decades ago.
5
Hopefully he has really been audited. It seems he claims the full loss of his failed businesses. Including the value lost by his lenders and investors, BUT tax law states that relief of debt is taxable, thusly he should owe a ton! But, did he claim it?
1
Gee, if you combine this article with the article the Times published October 1, 2016, documenting a $916 Million dollar loss declared in 1995, he lost 2 billion in 11 years, and as far as I can tell, hasn't paid taxes since the 1980s. No wonder he doesn't want people to see them. His records seem to indicate he's never actually helped the rest of us pay for the country he's currently wrecking.
15
Thank you NYT for a great article. Now somebody please wake me up from this nightmare.
14
I am not interested.
1
Do you pay taxes? I guess so. But when you become as amazing as Donald, you won't have to pay any? Way to go.
1
Thank you for telling America what I knew without documents. Trump was a windbag 40 years ago when I first became conscious of his existence, and nothing has changed.
He is not a deal-making; he is not the genius he says he is; he is not making America Great. He is attempting to destroy the Greatness that everyone who came before us. This article is Trump in a microcosm.
Thank you NYT for your investigative reporting and your balanced approach to reporting the news.
13
Did 52 mil in interest income came from Fred trump who showed losses pretty close to the amount Donald trump received in interest income and still showed loss in his business.
now Fred trump and Donald trump both saving on taxes showing losses
just a thought
2
Had trump just sat on the hundreds of millions he got from his old man, put the money in an ordinary savings account and lived off the interest, he would be a much wealthier man today.
9
That would have been an Obama move. Safe and protected. Trump is clearly a big risk taker. He's turned out to be quite good at delivering as president, so we were right to have taken a chance on him.
1
He's been a terrible president so far, easily the worst in history. And there is probably worse to come. How you can defend him in any way is simply mind boggling.
2
Being in loss is not a crime. But how can a businessman sustain $1+ billion on loss and still carry on. So what is he hiding that he does not want to release his tax returns? There are worse financial crimes buried in there, the trail of which leads to Russia.
7
Sadly I believe Trump is a symbol of this American culture.
8
As the magician photo at the top suggests, Trump's whole life has been a triumph of illusion over reality financed first by his daddy, then by all the banks he took for a ride, then by Russian oligarchs looking to launder their ill gotten gains, now by the American people who are so graciously flying him and his entourage back and forth to Mar a Lago weekly at millions upon millions a pop so he can hunker down in familiar territory and do pretend deals with big talkers like him that will go nowhere.
17
We are caring about his lies and his frauds. Those whose comments here claim that Trumps actions and character are irrelevant are really people who have absolutely no moral compass and do not belong in the United States of America. Their creed is greed. Again we see our institutions in the worst light possible.
12
More Brilliant reporting by the New York Times. Thank you!
13
I have read some comments on how people "don't care what Trump did 20 years ago" but look at it this way: what if he continued doing the same thing 20 years ago until 2016? This article doesn't show how Trump cleared his $1 Billion+ debt if he did at all. He had no incentive to because it wasn't his money, to begin with, it was the banks who invested in his cockamamie schemes and got away with it through tax loopholes. It should most DEFINITELY be EVERYONE'S business how he was 20 years ago because since then, he hasn't changed his modus operandi, which is to borrow money, spend it on some frivolous venture, fail, and renege on paying it back, ultimately ruining the value of the dollar.
People voted for this man for his supposed business skills, so do not ignore his past "mistakes" which were numerous and costly. Trump ran his business with over a billion dollars in debt 20 years ago, and it could have increased since then. Don't let America be a victim of his ineptitude.
11
I hope this article does't further freak the coward out so we never get to see the returns that matter most; The returns since he bequeathed himself to Russia, his own personal savior.
7
Hey, Mr. T, from all us chumps who've been paying those taxes that you managed to avoid for decades: You're welcome.
6
The reports in this story that Trump briefly played the stock market by posing as a takeover artist to drive stock prices up, and then selling the stock at considerable profit before it was discovered that his take over attempts were not serious, makes me wonder if his current tariff threats with China are not part of another scheme on his part to make money by driving the stock market down with a simple tweet. To get away with this scheme he would most likely not be able to show direct gains in the market from his actions, but a third party with advance knowledge of his plans could benefit. Hmm didn't Donald just have a long phone call with Putin?
17
For decades, the Republicans have been justifying their anti-tax, anti-regulatory positions on the grounds that "the private sector knows how to spend money more wisely/effectively". Well, in the last decade, we've seen several examples of the wisdom of savvy private investors. Investments in overpriced real estate and AAA rated CDOs. Investments by feeder funds into Bernie Madoff's ponzi scheme, where supposedly savvy investment managers failed to notice anything odd about his financial statements. And now we're being told about the hundreds of millions of dollars that Donald Trump was able to bilk from investors/bankers? Before Trump was successful at conning voters, he was successful at conning presumably savvy investors. So much for the private sector knowing how to spend money/pick winners better than the gov't.
Wall Street doesn't want to be regulated because they prefer a wild west type environment that rewards hustlers. And the system is so rigged in favor of the money managers that they can tolerate the losses that come from speculation bubbles, con men and bad investment choices. Like Trump, they keep their profits while letting others take the losses.
11
Donald Trump may not be a billionaire, but at least he lost a billion dollars in a single decade. Stable genius, artiste of the deal, best memory in history, except when it came to answering Mueller's questions, a true renaissance man. Nancy, it's time to impeach.
18
The article states: "Mr. Trump’s losses over the years rolled into the $915.7 million free pass from income taxes — known as net operating loss — that appeared on his 1995 returns."
I hope that the NYT will have a competition among readers comparing their local and state government annual budgets, if for no other reason to grasp the meaning of such a huge number as $915,000,000.
Frankly, I can't get my head around it.
How many states have a budget that big?
I'd love to know how big a number it is relative to the 1995 budgets of every state in the union.
This whole article is an indictment of the US tax code and its coddling of real estate in an era of celebrity and the worship of money.
This article would have packed a whomp on any day, but in view of the fact that Sen Majority Leader and the GOP Senators are dismissing the Mueller report as 'case closed' the very day this was published, the timing could not have been more ironic, nor relevant.
3
The loss of so much money immediately brings to mind money laundering. Keep digging NYTs! And my deepest gratitude to the source. The dam is breaking.
16
To whom everything is given nothing is expected.
4
No one should be surprised that Donald Trump is an incompetent "businessman".
Almost anyone that can read and write could do a better job of investing the many millions of dollars given to Donald Trump by his father.
The big news in this story may be the incompetence and neglect shown by the IRS in monitoring a person like Trump who may have been committing tax evasion and/or fraud for decades with impunity.
Trump keeps saying that he's under audit.
The IRS is asleep at the switch.
7
The IRS and the SEC have not been able to enforce the laws they are supposed to be enforcing because the Republicans have convinced everyone that the best government is the smallest government. Now the government is so small that it can't enforce the law and there for the billionaires who can hire a lawyer or two, can get away without paying any taxes at all.
The problem with this country isn't too many regulations, it is too few!
2
The saddest part is that, if you show this to his fans in Washington and around the country, many will shrug and Republican leaders in Washington read this, a lot of them will just shrug and say they don't care. We've become numb to his constant assault on our morals and sense of fairness.
5
How can anyone who invested with trump properties stay with him or, actually, anyone of the trumps. the big ponzi reveled.
2
This is probably a small sample of what Trump's current tax returns would reveal -- that he only has a fraction of the wealth he claims he has; that his career has been what amounts to an elongated Ponzi scheme; and that he gains a significant amount of his income by stiffing contractors large and small. I wouldn't be surprised if he were technically bankrupt. No wonder he's trying so hard to hide them.
6
Please investigate Mitch good work !!!
Please investigate Mitch McConnell now !!
5
Judging by the market's reaction to his negotiating tactics with China, Girish, it looks like Mr. Trump is taking his eighties business acumen to the WH. Indeed, we will cast our ballots in 2020 accordingly.
7
Wait until you see how much debt he foists on our country. We're one more tax cut for the rich away from insolvency.
5
He's fraud ..always was .. always will be .... and now he's a traitor also ... this country is in very scary condition ...
11
It takes a special incompetence to go broke when you start RICH. lol
9
Yesterday your Secretary of State declared War on Canada by threatening Canada's sovereignty over Canadian territory.
https://www.theguardian.com/us-news/2019/may/07/mike-pompeo-canada-northwest-passage-illegitimate
Denmark, Sweden, Norway , Russia, Finland and Iceland the other Arctic nations all support Canada but not a single Democrat or Republican joined Canada in denouncing this outrage.
Donald Trump is the President the USA has and deserves. He is your Head of Government and Head of State. He represents both your power, your authority and your people. I owe America a lot but forgive me my ingratitude. I love my country and you are hellbent on destroying it.You have helped elect corrupt incompetent governments in Alberta and Ontario and I am afraid you will frighten our country into a corrupt and incompetent Federal government this fall.
Et tu Brute?
5
Really? And the point is? Tax “figures” don’t tell you squat without the accompanying financial statements. What is a tax “figure” anyway? Who cares? Is the guy getting stuff done? Or not?
1
He’s very good at doing everything wrong. And, no, he’s getting virtually nothing done, except to issue silly executive orders like some junior varsity Joffrey Baratheon.
3
How much cash was Donald skimming from the casinos? The casino cages were his real cash cow.
5
The guys a fraud.
New Yorkers have known this for years.
14
Wait. That’s it?
He earned big, lost bigger, and as a result paid almost no federal taxes? He is a self-promoter (like most top business and political leaders)?
Ho hum. What a snoozer.
2
Trumps base has a 1% population, too.
It is the US Senate, and the CEO's of the American workplace.
Vote him out.
4
He's got the anti-Midas touch.
5
You realize that the Trump base wouldn't care if he was the worst businessman in the history of the world, he gave the Republicans tax breaks and he drives the Democrats crazy. That is all that matters.
3
Because Trump delivers. You may not like what he delivers and fixate on the wall as an example of his failure to deliver, but he is the first president to do what he says he'll do.
1
Trump does not 'deliver', not even pizza. Only losses and degradation.
1
Did the IRS investigate any of this for possible fraud? If not, why not?
4
It's not fraud
I suspect that none of you have ever filed a corporate tax return or prepared any corporate financial statement. If you buy assets that are considered to be capital assets, they depreciate over time. That money gets subtracted from income and, if you bought many of them, can create tax losses. Having a tax loss does not mean your business actually lost real money.
1
Donald Trump did not have a corporation except one related to his casino and that went bankrupt - after he took out all of his money. All his businesses were LLC's where income or losses passed directly to his personal tax return. This is why seeing back-up schedules is so important as that is how one "follows the money."
2
First, that's only true for sole member LLCs. The rest do file returns, even if the income ultimately gets passed through to its owners. But in any case, that doesn't change my point. Businesses tax losses (including depreciation) of the type you describe get reported on an individual's Schedule C.
MAGA should refer to Trump's history of staggering business losses: Millions Are Gone Again.
14
Trump's business losses brings a prime opportunity to publicly shame and humiliate him. He deserves no less. Who is willing to light up Times Square with this information?
5
Wait, so it's actually not that easy to make money with money even when you're rich? This seems to contradict what very liberal Democrats have been saying about wealth, and it makes me wonder if their economic reforms are actually grounded in reality.
The point is that it's actually very easy to make money with money, and Donald STILL lost money.
3
1) all that interest income suggests that he had a large cash inflow that he could not spend quickly. Where did it come from? I wonder if all this interest generating cash was parked with him in some development scheme before it got laundered. If so, that explains why Mr. Trump is so sensitive about Russia and why it always seems as though he has been compromised by Russia when we see his interactions with Putin and others.
How did someone who said that he loved debt somehow have so much cash lying around?
2) how could Deutsche Bank (DB) agree to be his private banker, even if they would not lend for his real estate projects? If the financial statements submitted to DB were true, then they are willing dupes for working with someone who is just a lousy, reckless, ego driven businessman, if the financial statements submitted to DB weren't true, then that's fraud.
3) Trump's engaged in "pump and dump" market manipulation and was never called by the SEC for this? How is that possible?
4) It's not surprising that the tax laws largely did not touch "pass-through" corporations. Too much money involved in current tax schemes to allow that to be changed. if you have pass-through status.
5) Mr. Trump is a genius. He has figured out how to scam just about everyone and get away with it almost forever.
2
Trump didn't get away with anything. If he did, we would not have known about it, yet here is an article that explains only ONE DECADE of horrendous business ventures.
3
So he lost over $500M 30 years ago. Big deal. Name a single treatise on leadership or running a business that says you will never fail. In fact, it's quite the opposite. You WILL fail and the measure of a person is pressing forward despite such setbacks. Clearly Trump has done that so I'm not sure this really challenges his reputation. Also, keep in mind the incentives of a privately owned business. You don't want to report profit at tax time. You want to reinvest that profit back into the business and, if anything, report negative income at tax time. This is not real loss. Just look at Amazon before they went public and even in their early public years. They took losses every year because they were growing the business. Anyway, this article is only a clickbait scheme to fire up the ignorant among us. For those that are financially literate, it won't change opinions about Trump either way.
4
It's not the failure that is what is appalling, it is the fact that he presents himself as a successful person when really he isn't. Not only that, he didn't just fail only once, he failed multiple times, lost over a billion dollars, and as far as we know, has not paid one cent of it back. I wouldn't trust anyone with that kind of baggage to be the head of a company, much less the President of the most powerful country in the world.
7
Successful people don't pay taxes. You don't understand his tax return.
Confirmatory stories such as this one may not move the needle much. They are interesting to read and serve a valuable purpose: training the American public in the art of reading and understanding complex financial balance sheets and tax form line items.
It is to be hoped that these skills will come in handy in the near future.
Please - tax returns are materially a fiction - yes he clearly lost a lot of money but it is absolutely clear that the losses are so overstated - to avoid any future liability - that they can not be relied on for anything. Remember, his effort was to understate taxable income (low taxes) and overstate financial positions (loan qualification) this just shows he was exceptionally criminal in his filings.
4
Tax losses in real estate are the name of the game for individuals who invest in properties that have government guarantees. Without those guarantees, development in inner cities blighted would never happen. However, if and when they happen, they often fall into bankruptcy when they are destroyed by some of the tenants. The tax benefits are worth it assuming that one's tax accountant has passed "Real Estate Accounting-101"
3
"He would acquire shares in a company with borrowed money, suggest publicly that he was contemplating buying enough to become a majority owner, then quietly sell on the resulting rise in the stock price."
Are there any checks and balances in place that would prevent trump and his family from profiting from the huge swings in the stock market that occur each time he has opened his mouth during his "presidency"? Or are his steadfast GOP senators also profiting from this?
4
Interesting highlights and FACTS.
But of course, this is just another liberal media witch hunt, and since this was all done legally .... the only ones swayed will be Rush and Sean and the like, inspired to rant and rave more.
Most if the 63 million really DO think this type of reporting justifies .... whatever Trump wants to say. Since Trump said he succeeded, he DID.
2020 elections should not only be "against" Trump, and moving a few hundred thousand voters in those key states would ensure that the Electoral College would reflect the votes of Americans at large.
Just as his business the nation is getting the Trump treatment, and he will walk away from the disaster he created.
4
That Mr. Trump is fourth-rate at the various skills involved in business but quite adept at being a con artist is known to everyone, including his supporters. They, though, believe that it’s better to back a criminal than a liberal (without even understanding what “liberal” means let alone how self-defeating they’re being in service of the ol’ thumb in the eye).
As far as Mr. Trump’s long career of colossal financial losses and self-dealing misappropriation of other people’s money is concerned, either he is able to hypnotize reputable investors who have sound due diligence regimes or he is up to his implants in money laundering and corruption. His existential fear of revealing his financial history suggests the latter.
It’s one thing to be a person who’s only interested in doing well, not in doing good. In Mr. Trump we have someone who knowingly harmed others’ interests to bolster his own. (His insider trading with borrowed money is just one example.) Bernie Madoff was rightly jailed for such behavior. The fact that Mr. Trump managed to occupy the office of President doesn’t - mustn't - shield him from the same accountability.
2
Wow! Finally, we can prove that Trump made a true statement. When he declared he was "the King of Debt," truer words were never spoken. We can only imagine how successful the Trump Organization might have been if it hadn't been for Trump.
And as incredible as this article is, we should all remember that what he did to his own finances he is now doing to our country's. This should be required reading for soybean farmers, steel importers, cheese exporters, economics students, bank officials and campaign donors. However it should come with a warning that it is not suitable for those with sensitive stomachs or common sense.
5
I'm still waiting for the period 2003-2015.
Good work of course, but it doesn't answer the pressing questions
about what he got through Deutsche Bank and from whom.
This only gives an idea how he operated, exploiting what he could
exploit for fun and profit and the internal buzz generated by
a well concocted sales job/con/gamble (or all three). Since there
is nothing apparently illegal, it seems, it is only the undercutting of the
myth in part that is of interest herein.
But details that puncture myths are only helpful for changing minds of those willing to be, or open to being disillusioned by confrontation with evidence. I doubt seriously there is 1% of the base to whom this applies. They are part of cult trump for racialist reasons or religious ones since he's clearly given the evangelical part of the base everything they could possibly have prayed for.
It is clear the racialist component is more than satisfied with his rhetorical posturing, which may be all that they really look for anyway.
These two halves will merely snort at what this article details. And the congressional trumpicans will take their cues accordingly.
It will be interesting to learn how the disinformers at f-x deal with this
material, if they actually choose to do so.
What Trump got from Deutsche Bank and from whom is easy - Millions upon millions coordinated by Justin Kennedy, the bank's head of Global Banking and the son of Supreme Court Justice Anthony Kennedy. Could there have been a deal cut wherein Justice Kennedy resigned, giving Trump a second conservative Court pick in exchange for Justin Kennedy not being prosecuted for bank fraud? Just asking.
1
I'd be very surprised if it was that simple. It will take the investigation
by the Southern NY District to explain what was going on with
Deutsche Bank backing. I think we are very very far away from
understanding what happened with this bank and who argued
for and against the loans from the inside.
So in other words, Trump would be penniless if the tax code, aka US Citizens, didn't bail him out of his financial mess via tax writeoffs.
3
It is sad to see number of dismissive opinions.
A few things worth further investigating when it comes to Trump and his assets:
(1) Trump Taj Mahal was incurring mounting losses from Day 1 of its opening. Still, he was able to take it to public issue and be able to extract his investment out.
Public will invest in business only if the profitability data is assuring. That means Trump must have misstated data (aka lied) about casino's financial performance in the public offering despite losses.
(2) When Trump made windfall profit, such as in Moritz Hotel deal, his investment more than doubled in four years, that was when the economy was stagnating. That could happen only if financing is from shady sources with malicious intents like money laundering.
(3) Even after staggering losses, Trump was still able to borrow huge sums of money from Deutsche Bank and other questionable sources from Russia associated sources. Such possibilities is what makes him subject to blackmail and could be driving his strange affinity and submissiveness to Putin.
1
NYT, thank you for your dogged pursuit of the truth of Mr. Trump's tax history.
But what's new here? We already knew the guy somehow lost money despite owning several casinos, and that he's a terrible businessperson, and that other business people have known that for a long time. We already knew that he used lots of business losses to pay no taxes for many years. I think he himself acknowledged how deeply in the red he was in the 90's. There's the important suggestion at the end that he may have been bailed out by his father with 52 million dollars - this is probably a story worth digging into more. Donald's dependence on his father for success is an old story, but this shows that daddy's support extended far into adulthood, and the sheer amount of unexplained money points to something seriously shady.
He's declared journalists to be his enemy, and he knows how to win news cycles by softening the blow of potentially disastrous stories (see: the Mueller saga). As far as I see, this story just allows him to push his persecution narrative without any real gains. Next time you have a headline about his taxes, please make it headline-worthy.
Mr. Trump lost more money than almost any other individual in this country. That's quite an accomplishment.
He is not just a loser. He is a world-class loser.
6
No, he didn't lose it, he spent it, and then he wrote it off as a loss. That's what privately-held companies do. Ask Weisselberg.
Donald Trump is a massive black hole that 63 million voters fell into.
Better register and vote in record and historic numbers on November 3 2020 if you want to avoid the entire nation being swallowed by this dark force.
16
Preach. We need a true Democrat with oodles of charisma to go out to the midwest states and paraphrase Reagan: "Are you better off than you were 4 years ago?". And not appear patronizing, if that's even possible anymore.
Is Putin now saying to himself, “I too have made a bad investment”?
5
I am not surprised. He has been going to great lengths to keep his taxes secret, and in addition, his behavior and reputation led me to predicts he lost more money than he has made. President Trump lies continuously, he is a shameless fraud and an embarrassment to this country. I can not fathom why people support him.
2
Dear Republicans,
Who's the 1980s "welfare queen" now?
10
I was vaguely aware of a guy named Donald Trump in the '70's, '80's and '90's, thanks, mostly, to Playboy magazine and an occasional mention in "Time" or "Newsweek." He disgusted me then, with his flamboyant, Dracula-draped poses. Today, he disgusts me exponentially more.
Yesterday, upon the stair, I met a man who wasn't there.
He wasn't there again today. I wish, I wish that he would go away.
7
Re: "As losses from his core enterprises mounted, Mr. Trump took on a new public role, trading on his business-titan brand to present himself as a corporate raider. He would acquire shares in a company with borrowed money, suggest publicly that he was contemplating buying enough to become a majority owner, then quietly sell on the resulting rise in the stock price."
Putting aside for the nonce Trump himself, this general sort of thing, playing stupid games with other people's money, that is, is precisely how the very richest in America get rich, get richer, and then get richer still. This is not the slightest bit exceptional. The really rich produce nothing whatsoever. They don't create products or services or jobs; they're simply a drain--a huge parasitical drain--on the general economy.
4
This is shocking news indeed. 1985-1994 were such great years to be in the real estate business for everyone else. (Except maybe for the 300 or so Savings and Loans that had to be shut down by the FDIC (costing taxpayers more than $100 billion) due to real estate loan losses. And also perhaps for the 1600+ banks that were closed, merged, or bailed out.)
How about a headline "As measured from market peak year to trough year, real estate investor performs poorly"?
1
Then why couldn't he have given that context for his bragging? If it's true, that is. Instead he gives the impression he was smarter than everyone else and he wasn't. And isn't.
(FDIC didn't have jurisdiction over S and L's. It was FSLIC. Details.)
1
Except, of course, that the FSLIC didn't survive the S&L Crisis. It was merged into the FDIC. But the real point is that it was _taxpayers_ who were on the hook for the failed S&Ls thirty years ago, much like we were for the failed investment banks & mortgage lenders in the 2007-2008 financial crisis. Details indeed.
For extra credit: Name the "Keating Five."
1
I care a lot about his business dealings....they are a record of the type to person he has always been. He is a con artist, liar and probably a tax cheat. What I cannot figure out is how he got banks to loan him money. My experience as a lender tells me that his bankruptcies would have eliminated any possibility of receiving the loans that he did....a mystery. And...I love the interest income! Where did that come from? I think it will be revealed that perhaps he did not tell the whole truth to the gaming commission...what a surprise.
3
First, not surprising at all. Second, this should not have been placed above news about the school shooting in Colorado (all Trump wants is to be at the top -- all the time -- no matter what kind of news). Third, I don't see what this will do to advance the important work of getting this bozo out of the White House. But I am convinced that it confirms only further (as if we needed anymore confirmation) that a man of Donald Trump's constitution is the most dangerous kind of person we continue to allow to be the President of the United States of America.
Many of the losses arose from debts that banks decided were uncollectible. That was debt cancellation, which most often results in taxable income. Yet trump took tax deductions, which he carried over to future years, for the net operating losses.
The real story is how he did both, took tax losses and avoiding paying income tax on the debts that were cancelled.
2
That chart with the big red bars looks just like:
A) west Virginians with healthcare after trump
B) budget deficit/ surplus under trump
C) trade deficit with China under trump
D) net Mexican migration under trump
No wonder his red ties are so long.
3
This is why we subscribe. Keep it up!
10
for those of you who aren't bothered by his proven illegal business practices of the not very distant past, are you also not concerned by his lack of morals and ethics? it's not as though he has changed. all his acts are indicative of the type of character we have seen out in the open since the campaign began. we are all going to suffer from this dishonesty and corruption for years to come.
And he has done all this and hasn't shot anyone on Fifth Avenue and still it makes no difference to the "deplorables" or the Republican party. The filthy rich don't care either as long as their campaign cash achieves the tax policy they paid for. There is no better investment for the filthy rich than a political party, none. Teflon Don did it all legally through the tax policies bought and paid for by the ultra wealthy's campaign cash. And guess who's taking "donor" money? Joe Biden and Teflon Don. Guess who's not Bernie Sanders and Elizabeth Warren. Guess who will push for policies that will benefit the majority of the American public and work for the constituents. Isn't it obvious? Donor money corrupts the politicians who take it. But all you hear in the Times or on the establishment media is who has the biggest campaign war chest, hardly ever where that war chest comes from.
3
I have often wondered since 2015 when Trump decided to run, why no investigation into Trump ever took place. Aside from those who are completely ignorant, anyone could clearly see that he's a fraud. How did he get the opportunity to even run for President?
I have no doubt that once he's out of office, the truth will come out with regards to all of his white collar crimes since the 1980s to help keep himself afloat through the years. The man who became President should have been in jail well over 20 years ago. Shame on Trump, the GOP, the American justice system, and all the deplorable Trump supporters.
2
"New Jersey casino regulators show no evidence that he owned anything capable of generating close to $52.9 million annually in interest income."
Which begs the question; what did the IRS have to say about the figure?
Overall, the reportage is staggering on two levels; the magnitude of tax loopholes and outright thievery used by this man and the almost stoic manner presented.
The period captured here (mid-late 1980's) was devastating for those who lived through it. Trump and cohorts; T. Boone Pickens, The Bass Brothers, Carl Icahn all preyed upon companies, pulling out assets and leaving millions of employees jobless and bankrupt- all the while enriching themselves. The interesting thing to note is; Trump was even a failure at that.
4
I believe that the $52.9 million in interest income was earned by Fred Trump but, Donald reported it on his own return as he had plenty of losses to wash it against. All you need is the 1099-INT's that were issued for that interest as document matching is an important component of the IRS's work.
2
Trump is an outstanding President and there is no reason for him to share his tax returns with the public. Life, liberty and the pursuit of happiness are still very important concepts in America!
1
Sarcasm, I assume.
You're kidding, right?
I am "recommending" your post just because of the sheer gall and ridiculousness of it. I am actually chuckling at your self deception.
If I owned stock in any of the banks who loaned Trump money, I'd be taking a long, hard look at their business practices.
"He would acquire shares in a company with borrowed money, suggest publicly that he was contemplating buying enough to become a majority owner, then quietly sell on the resulting rise in the stock price."
When you see how the markets fall and rise on trump's pronouncements, during his presidency, doesn't anyone else wonder whether there is some illegal stock trading taking place, either directly or indirectly by trump and his family? Are there any regulations in place that would preempt him from doing this, or do the GOP look the other way on this, too?
4
"He would acquire shares in a company with borrowed money, suggest publicly that he was contemplating buying enough to become a majority owner, then quietly sell on the resulting rise in the stock price."
In the common parlance of penny-stock-scam promoters this is called pump-and-dump. See, for example, real events as fictionalized and portrayed in the movies _Boiler Room_ and _The Wolf of Wall Street._
2
Obviously not a particularly savvy businessman early in his career.
Perhaps a riches to rags to riches story.
Nice recovery by any measure. President.
No one could lose that much money without intent. These tax returns will be as fake as Trump is.
He's not worried about people finding out his net worth, he's worried about the IRS. Owners of privately held companies drain cash from their company to show a tax accounting loss. Banks know this, so they lend anyway.
Trump's CFO, Weisselberg, runs the other set of books. That's his job.
1
But there's nothing new here...We all knew that Trump was $8 billion in debt in 1990.
Google "Born Rich", it's a documentary featuring Ivanka. Watch the clips on YouTube.
And this is the man leading our country, a complete fraud. The rest of the world sees this man for what he is. When are members of the Republican party and his supporters going to acknowledge the truth?
3
In America today, honest, hard-working people don't have a chance.
5
I believe he also showed a $950 mil loss in 1995 & another $50 mil in 2005 according to previous verified reporting. So, that's 2 bil in losses over 20 years. I suspect most if not all was OPM (other people's money) but the result would be $0 in taxes paid for the rest of his life. Yeah, I wouldn't release my returns either...
2
This tells me a lot about Donald J. Trump beyond his taxes paid or not paid. It shows extreme recklessness, a willingness to let others pick up the tab for investing in his ill-considered businesses, and above all, that mysterious "interest payment" amount for one year only, suggests money laundering of some sort.
The entire Trump family was so entwined in tax fraud it's breathtaking to behold. His sister, a judge, had to abruptly resign before she was to undergo an ethics investigation.
Just think: from Fred on down, he taught his kids to bilk the US treasury while profiting handsomely from the swindle.
And today, he's continuing to defraud the United States, not only as a tax cheat, but also as someone who breaks the law, takes an ax to the Constitution, and generally, changing the culture and values of this country in a very short period of time.
20
Maybe I should care what Trump did or didn't do 25-35 years ago, but the truth is that I don't. On his 2016 financial reporting form (100+ pages), he claimed to have made $600 million the year before (2015), which suggests his fortunes have changed since 1985-94. Frankly, I couldn't care less. What I DO care about is that Hillary Clinton voted for the Iraq War in 2002, and I vowed then that I'd never reward any Senator who backed Bush on that. And I didn't. I didn't vote for Trump either, but I'm not at all dissatisfied with his performance. If he lied on his 2016 financial reporting form, by all means his opponents should let us know. If not, that's the way it works for RE people, and presumably HAS to work that way for them to compete with foreign RE people (many of whom live in countries that have no capital gains tax at all). My very strong bunch is that Trump owns several properties with a very low tax basis (as the result of past "like-kind exchanges" which defer the tax day but leave the exchanger with the usually low tax basis of the old property), and so he'd like to sell them for a very high price (and, in the meantime, borrow gobs of money from whomever will lend it to keep those properties afloat until he can sell them).
I smell the burnt-rubber odor of rationalization.
5
So you were against the Iraq war, yet you are not at all dissatisfied with Trump's performance. That makes no sense whatsoever. His "performance" has been a horror show. If you can't see that, you are lost.