Apparently, dude lost a lot of money in those years. In fact, according to the sourcelink he lost more money than ANY OTHER INDIVIDUAL AMERICAN TAXPAYER.
Specifically, Trump lost $1.17 billion over a ten year period. For each of the ten years reviewed, he reported a negative adjusted gross income, which meant that he didn’t even have to pay income taxes for 8 of the 10 years. The losses included those from his casinos, hotels, and space for leasing to retailers in various apartment buildings. During that 10 year time frame, Trump released that now-famous book The Art of the Deal.
The NYT also has revealed that the $1 million dollar loan that Trump’s father reportedly gave him in order to become the successful businessman he ultimately became, was reeeeeeeeeeeally more like $413 million (in 2018 dollars). So he took that money and hurled himself into the real estate world, building several hotels and casinos, and also becoming the owner of a football team that no longer exists. He also borrowed a bunch of money and bought more casinos, a hospital, etc.
As his various business adventures faced millions in losses, Trump’s book sold like crazy. He also continued to receive a bunch of money from his daddio in the form of salary and shares in various partnerships.
Once Trump’s father died in 1999, Trump and his siblings eventually sold their father’s business empire, and that netted Trump millions.
The records that the NYT got their hands on are NOT what House Dems have been salivating for (they want the last 6 years, specifically). But Steve Mnuchin so far isn’t budging, and so it’ll likely be in a legal tangle for a loooong time before anyone sees those returns.
It should be noted that the NYT apparently didn’t get their hands on Trump’s Actual Returns, but instead they got “information from someone who had legal access.”
If that sounds fishy to you, welcome to the level of trust people have in today’s media outlets.
According to the sourcelink, “The Times was then able to match the results with the IRS’ publicly available database on top earners, as well as public documents and confidential Trump family tax and financial records that it had obtained in 2018.”
According to one of Trump’s lawyers, this whole story is completely false from the NYT, and statements about the returns are “highly inaccurate,” but the lawyer didn’t get specific.
Trump is tweeting 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
Anyway, so this will be a huuuuuuuuuuuuuge topic of the Left today, who will be super excited to talk about the fact that Trump got lots of money from his dad and lost a bunch of money on business ventures.
Meanwhile, those of us who don’t give a crap about Trump’s taxes will be over here being thankful for a growing economy, two awesome Supreme Court justice picks, and a president who is trying to actually get sh*t done for the country.