U.S. President Donald Trump on Wednesday derided a bombshell report that showed he and his business empire claimed over $1 billion in losses over a decade in the 80s and 90s as a “highly inaccurate Fake News hit job” even as he defended his record over that period.
The New York Times reported Tuesday that tax figures it obtained from the years 1985 to 1994 show that even as Trump was loudly touting his wealth and dealmaking prowess, he was bleeding money, some years to the tune of hundreds of millions.
“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,” he wrote on Twitter claiming that “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,” he continued. “Additionally, the very old information put out is a highly inaccurate Fake News hit job!”