x

Politics

Trump: Report His Businesses Lost More than $1B “Inaccurate”

BC-US–Trump Taxes,1st Ld-Writethru

May 08, 2019 2:49PM (GMT 11:49) – 327 words

Eds: Adds Trump response. With AP Photos.

WASHINGTON (AP) — President Donald Trump said Wednesday a New York Times report that his businesses lost more than $1 billion from 1985 to 1994 was “highly inaccurate.”

He contended the reported losses were “non monetary,” and that real estate developers like him during that period were entitled to take “massive write offs and depreciation” for tax purposes.

The Times reported Tuesday it has acquired printouts from Trump’s official IRS tax transcripts, including figures from his federal tax form. The newspaper said Trump reported business losses of $46.1 million in 1985, and a total of $1.17 billion in losses for the 10-year period.

After comparing Trump’s information with that of other “high-income earners,” the Times concluded that Trump “appears to have lost more money than nearly any other individual American taxpayer.” Because of his business losses, the newspaper reported, Trump did not pay income taxes for eight of the 10 years.

Trump tweeted Wednesday that developers during that period were “entitled to massive write offs and depreciation” that would “show losses and tax losses in almost all cases.” He tweeted that much of those losses were “non monetary.”

“You always wanted to show losses for tax purposes” and “renegotiate with banks,” Trump tweeted. He called that “sport.”

Trump said the Times story was based on “very old information” and a “highly inaccurate Fake News hit job!”

The House Ways and Means Committee has asked the IRS to provide Trump’s personal and business returns for 2013 through 2018. Treasury Secretary Steven Mnuchin on Monday refused to do so, saying the panel’s request “lacks a legitimate legislative purpose.” Mnuchin oversees the IRS.

Mnuchin’s move, which had been expected, is likely to set a legal battle into motion. The chief options available to Democrats are to subpoena the IRS for the returns or to file a lawsuit.

Trump is the first president since Watergate to decline to make his tax returns public.

RELATED

NEW YORK – A fundraiser for the re-election campaign of the philhellenic U.

Top Stories

Columnists

A pregnant woman was driving in the HOV lane near Dallas.

General News

FALMOUTH, MA – The police in Falmouth have identified the victim in an accident involving a car plunging into the ocean on February 20, NBC10 Boston reported.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

Video

After Amazon, Google’s First Cloud Region Coming to Greece

ATHENS - Despite having a costly Internet that’s the slowest in the European Union, Greece is continuing to attract high-tech giants, with Alphabet’s Google planning to create its first cloud region in the country.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. abc@xyz.com

You may unsubscribe at any time using the link in our newsletter.