Donald Trump blames 'write offs' and 'depreciation' for $1 billion in business losses

[demmiblue]

Source: USA Today

WASHINGTON – President Donald Trump blamed "write offs" and "depreciation" for millions in business losses in the 1980s and 1990s detailed in tax returns that are the subject of a new news report.

Trump also disputed the New York Times story saying his businesses lost more than $1 billion from 1985 to 1994, but did not specify his objections.

"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 early Wednesday.

In a pair of tweets, he added: "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."

Read more: https://www.usatoday.com/story/news/politics/2019/05/08/donald-trump-blames-write-offs-and-depreciation-1-b-losses/1138894001/

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Link to tweet

Link to tweet

[duforsure]

1. Coming from

Our illegitimate corrupt serial liar president who recently bragged openly how good he is at coming up with excuses. Was his tax scam from skimming profits , then claiming losses to pay zero in taxes?

[forgotmylogin]

45. Isn't over a BILLION DOLLARS of depreciation indicative of bad investment?

And therefore not a great "business mind"?

[blugbox]

2. Let me start by explaining exactly how and why I do what I do

And let me finish by exclaiming that this is a fake news hit job.

Don, you are a dumb FUCK.

[marble falls]

3. Hahahajahahahahahahaha ...

Stop it, you're killing me!

[watoos]

4. I hope that people don't start calling Trump a Loser.

He is a snowflake.

[lagomorph777]

33. That would be so sad.

[BeyondGeography]

5. I'm sure all his fake stiffed vendors feel better now

Oh, and please feel free to fill us in on that mysterious $52 million in “interest income” in 1989.

[Iliyah]

6. Sport, it is a sport . . .

[Harker]

22. And he's a known cheater

at every "sport" he engages in.

[genxlib]

7. All of that business jargon would be more convincing

Except for the actual bankruptcies that followed him around.

If they were just strategies used to milk the tax advantages, they wouldn't have ended up in ultimate failure.

[PatSeg]

13. So essentially,

he was even a failure at being a cheat. The guy just couldn't do anything right. Yes, definitely the "biggest loser"!

[Lock him up.]

14. He still can't do anything right, I mean, he can't be a "successful" criminal...

... and by "successful" I mean one who keeps his mouth shut and doesn't get caught.

He feels he's above the law and he HAS to show it off on Twitter every effin day...

[PatSeg]

27. How on earth did someone

this incompetent get this far? And why do so many people still support him? Mind-boggling!

[lagomorph777]

32. Not incompetent. A very skilled fraudster.

He persuaded the Government that he's a big loser.
He persuaded Putin that he's a soft target.
He persuaded the Despicables that he's cool.

[PatSeg]

42. He might be good at fraud,

but he still lost money repeatedly, which would make him incompetent as a con artist. Whenever Trump had a success, it seems it was just a fluke or dumb luck. His skills came in covering it up.

As for Putin, Trump WAS a soft target, though he probably sees himself differently.

[Stuart G]

35. I know few specifics, (on How?) but the Russians helped him get this far.

Why?... Don't know why, but your guess is as good as mine.

[Bernardo de La Paz]

41. Why? Money laundering & create chaos in West to give Russia a freer hand on world stage. . . . nt

[PatSeg]

43. Yes

Putin plays the long game and probably has been nurturing this relationship for many years. I have a feeling that Trump paid off far beyond Putin's wildest dreams.

[Stuart G]

37. ".....who keeps his mouth shut and doesn't get caught"...Yes, "He feels he's above the law..."

His loses are the laughing stock of this country and the world.

He calls it, "..fake news" , but Mr. Trump has the ability (in this case) to clarify the "fake news" by simply releasing his taxes. That is pretty simple.

[underpants]

8. Seems that I heard his tax returns were far too complicated for mere mortals to understand

but he just explained it in two tweets.

Odd that.

[Docreed2003]

9. So is it a sport or a fake sport?

Always an excuse with this asshole and never an acceptance of responsibility or shred of remorse

[Maeve]

11. Professional wrestling, aka acting on steroids eom

[Docreed2003]

12. Lmao...

Funny because, sadly, it's true

[rurallib]

10. he could release his tax returns and prove it

else he's lying.

[pazzyanne]

15. au' contraire, prsident(e)

How do you explain bankruptcies while using "write offs" and depreciations when two of your bankruptcies occurred during the time period covered by the leaked tax records from 1985 through 1994?

Years of trump's bankruptcies were 1991, 1992, 2004 and 2009.

[meow2u3]

16. So tax evasion is nothing but sport to Trump

Spoken like a criminal tax cheat!

[ck4829]

49. Right

[dawg day]

17. In the roaring 90s, Trump was a loser

Lawrence O'Donnell pointed out last night that Trump lost most of this money during a time of great innovation and the creation of two entirely new industries, the cell phone industry and the Internet.

At a time when so many others became legitimate billionaires, Trump couldn't even make a profit at all. Also, really successful real estate people were making billions legitimate billions in New York City real estate.Trump is a really good example of how you can live high by losing other people's money, your father, your siblings, and your employees.

[Dave Starsky]

18. MAD Magazine had him pegged way back in 1992.

[lagomorph777]

31. MAD was decades ahead of their time.

As always!

[Dave Starsky]

40. MAD used to be based in New York City.

Every New Yorker has known for decades what a worthless shitheel he is.

[ck4829]

48. Wow

[beachbum bob]

19. he bankrupt casinos....he bankrupt suppliers, contractors and workers

and he says it was "write offs"? LOL

People of Alantic City may disagree as well as investors.. But this is hardly new frickin news

[sanatanadharma]

20. Seems a House tax committee needs to investigate tax laws...

Seems a House tax committee has valid reasons to investigate tax laws to see if the tax-payer is being ripped off.
Clearly, there is necessity to invoke the law requiring the income taxes of Trump (top dog rep of the ruining class) to be made available to committee.

Trump said so, as he is exposing the rot of the rich, and reveling in revealing the dirty secrets of super-class socialism.
Some sarcasm!

[ArizonaLib]

21. Blaming expenses on his losses? Genius!

Maybe for last place in a Junior Achievement contest.

[ck4829]

47. Haha

[ArizonaLib]

52. Glad you appreciated that

Have a good week!

[BlueIdaho]

23. Know What Commercial Bankers Say?

If you don’t show a profit, you can’t get a loan. American banks stopped returning Shitler’s calls because he is a financial train wreck.

[BeyondGeography]

30. Russian money arrived just in time

...for more than three decades, at least 13 people with known or alleged links to the Russian Mafia held the deeds to, lived in or ran criminal operations out of Trump Tower in New York or other Trump properties. I mean that many of them used Trump-branded real estate to launder vast amounts of money by buying multimillion-dollar condos through anonymous shell companies. I mean that the Bayrock Group, a real estate development company that was based in Trump Tower and had ties to the Kremlin, came up with a new business model to franchise Trump condos after he lost billions of dollars in his Atlantic City casino developments, and helped make him rich again.

https://www.washingtonpost.com/outlook/trumps-businesses-are-full-of-dirty-russian-money-the-scandal-is-thats-legal/2019/03/29/11b812da-5171-11e9-88a1-ed346f0ec94f_story.html?utm_term=.35de74a194c6

[BlueIdaho]

39. Well said and great link - thanks.

[ck4829]

46. Yep

[NCjack]

24. The MFer-#45 needs a plan to become profitable. I suggest an innovative approach.

The MFer-#45 should bundle his debts into marketable packages. Then, sell these packages, for example, to Russia, China, Saudi Arabia. The packages could be made attractive to buyers by including secret promises to provide favorable treatment by U.S. Government. Yeah, he should try that -- might work.

[lagomorph777]

29. Apparently it is working.

For now.

[William Seger]

25. America's Biggest Loser

O'Donnell said last night that his losses during that time were the largest of any individual in the country, and they were 1% of all losses reported.

[unblock]

26. write-offs and depreciation -- but mostly write-offs, arising from LOSING A BILLION DOLLARS!

[lagomorph777]

28. The "Fraud Defense" - brilliant, President Turd. Just brilliant.

"No, I really am rich - I just committed massive tax fraud, that's all!"

[OilemFirchen]

34. I've never cared to research Trump's business, but...

was he a sole proprietor? Or, were his various businesses incorporated?

TIA for any info from our intrepid DUers.

[ffr]

36. Sooo, what you're saying, Drumpf, is that you don't know how to manage assets.

Which is what every business person is responsible for. Everyone has those expenses too.

You are a fraud!

[keithbvadu2]

38. Show us, Donald.

[ck4829]

50. Kick

[duforsure]

51. He'll be exposed

For many,many counts of tax fraud and money laundering, then claim everyone does it, and claim he's the victim, then he'll accuse others, his opposition of crimes and try to get Barr to prosecute them for his false claims.