According to the New York Times, which said it obtained printouts from Trump’s official Internal Revenue Service tax transcripts, U.S. President Donald Trump’s businesses lost a total of more than $1 billion from 1985 to 1994. Trump lost so much money that he was able to avoid paying income taxes for eight of the 10 years.
President Trump did not deny the report, but instead, he turned to Twitter and tried to give reasons for the loss. According to Trump: ” Real estate developers in the 1980’s & 1990’s, more than 30 years ago, were entitled to massive write offs and depreciation which would, if one was actively building, show losses and tax losses in almost all cases. Much was non monetary. Sometimes considered “tax shelter,” .
Some online users later slammed Trump for his comments on Twitter. According to online user who goes by the name Aleksa203: “Here is your so called president, proudly explaining why and how he was avoiding paying taxes. Don’t forget also avoiding military service. Can’t think of a better MAGA champion.”
Nancy, another Twitter user wrote: “Just because he inherited wealth and was handed a business by his father doesn’t mean he’s a good businessman. This news combined with his multiple bankruptcies would tend to prove otherwise.”SEE: More Donald Trump news in Donald Trump Archive as well as in Trump Quick News