President Trump on Wednesday blasted a “Fake News hit job!” for a report that said he lost more than $1 billion on bad deals decades ago and claimed he was just haggling with banks like other developers at the time.
”Real estate developers in the 1980’s & 1990’s, more than 30 years ago, were entitled to massive write offs and depreciation which would, if one was actively building, show losses and tax losses in almost all cases,” Trump wrote in two tweets to counter a New York Times report.
“Much was non monetary. Sometimes considered ’tax shelter,’ you would get it by building, or even buying. You always wanted to show losses for tax purposes….almost all real estate developers did – and often re-negotiate with banks, it was sport,” the president said.
“Additionally, the very old information put out is a highly inaccurate Fake News hit job!,” he concluded.
The Times, citing copies of IRS tax transcripts from 1985 to 1994, said Trump took a bath on casinos, hotels and retail space for a total loss of $1.7 billion during that decade.
And comparing those IRS documents to other high-income earners, the newspaper said Trump appeared to have lost more money than any other individual tax-payer during that time.
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