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Trump Slams NYT “Hit Job” – “You Always Wanted To Show Losses For Tax Purposes”

Courtesy of ZeroHedge. View original post here.

President Trump hit back at the New York Times Wednesday morning after the Grey Lady published excerpts from nearly a decade's worth of Trump tax returns (the first dump of sensitive Trump tax records since the paper revealed during the final stretch of the campaign that Trump had claimed a $916 million loss in 1995), explaining that it was very common for real estate developers to claim "massive write offs and depreciation" 30 years ago before blasting the entire story as "inaccurate" and "Fake News".

Trump

As we explained in our analysis of the NYT story, nothing Trump did was illegal. The world's rich take advantage of net operating loss tax planning all the time, and in fact acquiring companies for their NOL tax benefits has been a common corporate strategy for a long time.

Though the NYT used the story to impugn Trump's business acumen, the president pointed out that many of the losses were non-monetary, adding that taking advantage of what would sometimes be considered "tax shelters" was considered "sport" among big developers. NYT further faulted Trump for retaining his wealth and lifestyle during the bankruptcies of the Trump Taj Mahal Hotel and Casino, while sticking investors with the losses, which, last time we checked, was a widely accepted reality of free enterprise.

As the Hill pointed out, the president’s response mirrors comments from a senior administration official who told the newspaper several weeks ago that Trump "got massive depreciation and tax shelter because of large-scale construction and subsidized developments."

A lawyer for Trump was quoted in the story denouncing the tax information as "demonstrably false."


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