Decade in the Red: Trump Tax Figures Show Over $1 Billion in Business Losses

Discussion in 'Politics, Religion, Social Issues' started by Rogifan, May 7, 2019.

  1. Rogifan macrumors Core

    Rogifan

    Joined:
    Nov 14, 2011
    #1
    This is why Trump refuses to release tax returns.

    The data — printouts from Mr. Trump’s official Internal Revenue Service tax transcripts, with the figures from his federal tax form, the 1040, for the years 1985 to 1994 — represents the fullest and most detailed look to date at the president’s taxes, information he has kept from public view. Though the information does not cover the tax years at the center of an escalating battle between the Trump administration and Congress, it traces the most tumultuous chapter in a long business career — an era of fevered acquisition and spectacular collapse.

    The numbers show that in 1985, Mr. Trump reported losses of $46.1 million from his core businesses — largely casinos, hotels and retail space in apartment buildings. They continued to lose money every year, totaling $1.17 billion in losses for the decade.

    In fact, year after year, Mr. Trump appears to have lost more money than nearly any other individual American taxpayer, The Times found when it compared his results with detailed information the I.R.S. compiles on an annual sampling of high-income earners. His core business losses in 1990 and 1991 — more than $250 million each year — were more than double those of the nearest taxpayers in the I.R.S. information for those years.

    Over all, Mr. Trump lost so much money that he was able to avoid paying income taxes for eight of the 10 years. It is not known whether the I.R.S. later required changes after audits.

    https://www.nytimes.com/interactive/2019/05/07/us/politics/donald-trump-taxes.html
     
  2. RichardMZhlubb Contributor

    RichardMZhlubb

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    #2
    The article points out that, in 1991, his business losses accounted for 1 percent of all personal business losses reported to the IRS by all US taxpayers. And yet his defenders will still perpetuate the myth that he’s some sort of business genius.
     
  3. niji Contributor

    niji

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    tokyo
    #3
    thanks for the link.

    oddly enough, for rump's supporters, more awareness of things like this will be useful.
    for most of us, his being traitorous to the USA and becoming a dictator is why we want him out of office immediately.
    but for his supporters, they were/are enamored by his being a billionaire "therefore he knows what the american people need him to do" is the way they think.

    there are 2 things that will help his supporters:
    1 showing rump is a failed businessman (his supporters place a false value on money showing worthiness)
    2 keep up news about his inhumane policies about family separation at the border (americans don't believe in this, as a people)
     
  4. Huntn macrumors P6

    Huntn

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    #4
    Hmm let’s see:

    • Horrible business execution.
    • Supreme Leader’s Art of The Tax Scam.
    • Both!

    Go New York Southern District, GO!
     
  5. samcraig macrumors P6

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    USA
    #5
    During the election, many said that we don't want a career politician. And if Trump can run a business, he can run the country. Even heck then I said that running a country is very different than r running a business. And that Trump isn't the savvy businessman many people think... He's worse.
     
  6. appleisking macrumors 6502a

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    #6
    Still can't rap my head around how you can lose money on casinos
     
  7. mgguy macrumors 6502

    mgguy

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    #7
    25 years ago = ancient history. Who cares?
     
  8. RichardMZhlubb Contributor

    RichardMZhlubb

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    #8
    Well, considering that his only alleged qualification for the presidency (his business capabilities) turns out to be a complete lie, I think that everyone should care.
     
  9. mgguy, May 7, 2019
    Last edited: May 7, 2019

    mgguy macrumors 6502

    mgguy

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    #9
    S
    Seems he’s done pretty well financially over the years and now he's POTUS. Not too shabby.
     
  10. raqball macrumors 68000

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    #10
    Watching the obsession / insanity over his taxes is entertaining though... I couldn't care less if the man made 5 cents or lost 256 gazillion.....
     
  11. daflake macrumors 6502a

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    Apr 8, 2008
    #11
    i'm not a Trump fan, but who cares about his financial past? This hole obsession is actually kind of amusing and while the left looks for a reason to say "see, he isn't fit to be president!", guess what? He already is...

    I think the left really needs to move on and start actually doing what they have been hired to do. Legislate...
     
  12. Night Spring macrumors G5

    Night Spring

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    Jul 17, 2008
    #12
    House has already passed several bills, which Mitch McConnell is ignoring and not bringing to a vote in the Senate. Even if they pass the Senate, Trump then needs to sign them.

    That's where Trump's finances start to matter. Because he can veto legislation. I, for one, would like to make sure that he's approving / vetoing legislation based on what's good for the American people, and not because it benefits himself, or benefits those to whom he depends on for his lifestyle.
     
  13. samcraig macrumors P6

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    USA
    #13
    The house always wins. Except for Trump's casinos and Trump's party in 2018
     
  14. KUKitch macrumors 6502

    KUKitch

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    #14
    This is so dumb... he's lost a ******** of money over the years - money which he was fraudulently gifted by his dad, by the way - but let's just leave out the tax evasion from the very beginning. He's not a good businessman by any measure, he'd actually be one of the richest people in the world if he'd just put the money from his dad in index funds. Instead, he's managed to build some ******, gaudy buildings around the world and then proceed to run them right into bankruptcy. Good on him I suppose for having money, certainly I'll admit I wish I had the kind of dough he's received over the years, definitely jealous of that!
     
  15. T'hain Esh Kelch macrumors 601

    T'hain Esh Kelch

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    #15
    If all of this is known, why is it that people want his tax returns? What more would they add?
     
  16. Nhwhazup macrumors 68020

    Nhwhazup

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    #16
    His base loves him no matter what. I don’t get it.
     
  17. RichardMZhlubb Contributor

    RichardMZhlubb

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    #17
    This information actually makes it even more important that his most recent returns are released, to see how Trump went from the worst businessman in the country to an alleged billionaire.
     
  18. Nhwhazup macrumors 68020

    Nhwhazup

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    #18
    At the end of the day, who cares? It won’t matter at all to his base. They only have love in their eyes.
     
  19. Night Spring macrumors G5

    Night Spring

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    #19
    The information is for 1985 to 1994. I, for one, want to know where he has gotten his money from in more recent years.
     
  20. GermanSuplex macrumors 6502a

    GermanSuplex

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    Aug 26, 2009
    #20
    So he tweets an explanation as to why things look the way they do on paper... then follows it up by claiming "fake news". Which one is it, Donny?
    --- Post Merged, May 8, 2019 ---
    His kids have already told us.
     
  21. LordVic macrumors 603

    Joined:
    Sep 7, 2011
    #21
    Here's a question to ponder.

    if Trump historically has a massive record of losing billions over several decades.

    And yet, still somehow manages to be filthy rich. That money is coming from somewhere, or someone.

    the question is who? Having someone in a position of authority like the President of the United States, who maybe financially beholden to others, including foreign powers, is something that every American should be worried about.

    Somehow, despite the billions in losses, Trump still has a lot of money at his disposal. Something doesn't add up
     
  22. Rogifan, May 8, 2019
    Last edited: May 8, 2019
  23. ericgtr12 macrumors 65816

    ericgtr12

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    Mar 19, 2015
    #23
    True, his base couldn't care less if the guy shot someone on 5th ave as he once stated, correctly I might add. However, now that we're seeing all of these things Trump's tried so desperately to hide come to light, Democrats are going to pounce on them during the election. These political ads write themselves, and never has a candidate been more toxic.
     
  24. Rogifan thread starter macrumors Core

    Rogifan

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    Nov 14, 2011
    #24
    Some are suggesting Trump’s defense as this is how the game is played and I’m a player won’t hurt him in the general election. I guess we’ll find out. But on the one hand using that excuse but on the other claiming it’s all fake news doesn’t wash.
     
  25. daflake macrumors 6502a

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    Apr 8, 2008
    #25

    And yet it still won’t matter. Nothing in his tax returns are going to remove him from office. Just making the liberals look like whiny babies.
     

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