Liberals are salivating over the New York Times’ supposed bombshell exposing Donald Trump’s business tax losses over a decade in the 1980’s. But once again, facts illuminate the real situation, which the Times craftily ignored.
President Trump’s lawyer has called the report ‘inaccurate.’ The Times claims tax record copies in their possession show his businesses lost over $1 billion during a nine-year period, and seems to think that since Trump was able to avoid paying incomes taxes (not the scores of other taxes that are imposed) for eight of those 10 years, somehow this shows how terrible he is.
And so what? So he lost money in the 1980’s, who cares?
The Daily Beast Daily Update outlines the real truth perfectly:
That’s the big “bomb” the news-fakers at the New York Times dropped on President Donald Trump Tuesday night, as the paper somehow got hold of a decade of Trump’s tax returns.
In all, the returns show that Trump’s real estate and casino businesses lost over a billion dollars during the 10 year period.
Well, for tax purposes, that is.
Anyone familiar with how the tax code works, i.e., nobody who works for the NYTimes, would know that tax losses do not necessarily reflect actual business losses. The President himself addressed this idiotic move by the Times on his Twitter account this morning:
….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!
— Donald J. Trump (@realDonaldTrump) May 8, 2019
As a businessman, Donald Trump has stated repeatedly and unfailingly anytime this stupid subject has been raised by our craven fake media that he took full advantage of the U.S. tax code in the conduct of his business ventures.
The demented nutjobs at the NYTimes – whose own business, by the way, also takes full advantage of the U.S. tax code – wants you to think that this means Trump is a somehow a really bad guy who was stealing from you personally.
Tax “write-offs” exist in the code for a reason. They exist because at some point in time the U.S. congress felt it would be advantageous to the U.S. economy to incentivize certain behaviors in the business world.
Anyone with any understanding of the history of the 1980s – which again would obviously exclude anyone working for the despicable NYTimes – would know that Ronald Reagan came into office in 1981 in the midst of a major recession created by Jimmy Carter and convinced congress to pass a major tax reform designed to boost economic growth.
The new tax code (which I understand because I was an accountant doing tax work in the 1980s) that came out of that reform effort included various incentives, like the old ACRS system of accelerated depreciation, designed to increase investment of new capital in the building and manufacturing of hard assets.
You know, stuff like high rise office buildings and fancy high-rise condo developments in oh, say, Manhattan.
Like me, many of my readers live in Texas. Those of us over the age of, say, 50 will remember that the skylines of Houston and Dallas were completely transformed during the 1980s, with new high-rise buildings like the ones Donald Trump was building and buying and selling in Manhattan also being built in those cities by major developers like Trammel Crow.
See, building big buildings like that and manufacturing all manner of hard goods benefits the economy by creating … wait for it, Democrats because I know you don’t know the answer here … JOBS. Oh, and that other thing all Democrats hate with a passion, ECONOMIC GROWTH.
How did that new tax code work out for America? Well – listen closely all you economic ignoramuses in the Democrat Party and the fake news media – it created the LONGEST AND BIGGEST ECONOMIC EXPANSION IN MODERN HISTORY.
Oh, hey, guess which individual’s business empire was in a better position than anyone else in America in 1981 to take full advantage of the incentives offered by this handy new tax code?
That would be a guy named Donald John Trump.
So, basically, the Times is promoting a non-story as something that actually matters. But, it doesn’t.
How about actually investigating the massive frauds and criminals acts surrounding the Clinton Foundation? Maybe check out Mueller’s involvement in the Uranium One handoff?
Nah. The Uber-liberals at the Times think that 20-year old information about a real-estate mogul is better for their brainwashed zombie followers.
They’re probably right.