Trump lobbied for tax loopholes in the 1990s that he now calls 'sport.'
In a tweet on Wednesday, after the New York Times reported that President Donald Trump lost over $1 billion between 1985 and 1994 and avoided paying income taxes for eight of those years, Trump wrote that in the 1980s and 1990s, almost all real estate developers took massive tax write-offs and deductions, calling it"sport."
“It has taken all incentive away from investing in real estate, and real estate really means so many jobs." Trump told the committee. While Trump did not get everything he wanted, in 1993 Congress changed that tax law to allow real estate professionals to take unlimited deductions on losses from rental activities.
Trump said it was"foolish people" who changed the rules because"they heard the word tax shelter and they thought that tax shelter was a bad thing as opposed to an investment in real estate."
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