The New York Times obtained tax transcripts for Donald Trump from the years 1985 to 1994, which reveal that the President lost over $1 billion over the course of a decade, thanks largely to bad business deals, poor investments, and losing casinos. The tax returns are not of the years currently in dispute (the House requested tax returns for the last six years), but they do show that Trump’s financial situation during that period was “far bleaker” than previously believed.
I won’t get into all the details — do check the Times for that — but the key takeaway is this:
In fact, year after year, Mr. Trump appears to have lost more money than nearly any other individual American taxpayer, The Times found when it compared his results with detailed information the I.R.S. compiles on an annual sampling of high-income earners. His core business losses in 1990 and 1991 — more than $250 million each year — were more than double those of the nearest taxpayers in the I.R.S. information for those years.
To put it another way:
The newly revealed tax information sheds light on how those net operating losses snowballed. By 1991, they had grown to nearly $418 million, accounting for fully 1 percent of all the losses that the I.R.S. reported had been declared by individual taxpayers that year.
So, maybe it’s not financial misdeeds that Trump has been trying to hide (or maybe it’s that, too), but the fact that he is a spectacularly terrible business person who never should have been trusted with the U.S. economy. Or, to put it in the words of Seth Meyers: “You are poor.”
Welfare queen. pic.twitter.com/yVJgcP8mEt— Dave Holmes (@DaveHolmes) May 7, 2019