Opinion: JRubinBlogger's five takeaways from Trump’s reported billion-dollar loss
The Trump World Tower in New York. By Jennifer Rubin Jennifer Rubin Opinion writer covering politics and policy, foreign and domestic Email Bio Follow Opinion writer May 8 at 11:35 AM A blockbuster report from the New York Times tells us that while Donald Trump “was propelled to the presidency, in part, by a self-spun narrative of business success and of setbacks triumphantly overcome,” he was a record-breaking financial loser. “The numbers show that in 1985, Mr. Trump reported losses of $46.
Trump had a peculiar and contradictory response to the New York Times report. He unsurprisingly claimed that the “very old information put out is a highly inaccurate Fake News hit job!” On the other, hand he defended his ability to show losses on his tax returns: First, Trump’s former attorney Michael Cohen testified that Trump would undervalue properties for tax purposes and overvalue them when seeking bank credit. Was he engaged in tax, insurance and/or bank fraud? New York state officials are investigating, but Congress has more reason than ever to review his tax returns in conjunction with Cohen and testimony from the Trump Organization’s chief financial officer, Allen Weisselberg.
Fourth, the extent of his tax losses revives the question about how Trump got out of his debt and where his money came from in the late 1990s and early 2000s. The Post reports:
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