Trump Reacts To NYT Tax Report On His Losses: 'Highly Inaccurate Fake News Hit Job'
President Trump reacted to a New York Times piece revealing his losses in past years.
President Trump is reacting to the New York Times piece that revealed he reported $1.17 billion in losses to the IRS between 1985 and 1994.
"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 tweeted Wednesday.
"Much was non monetary," Trump continued.
"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.
Additionally, the very old information put out is a highly inaccurate Fake News hit job!"
In its report, based on the IRS data, the New York Times noted: "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 added.