By Russ Buettner and Susanne Craig
This mornings Drudge Report Headline and subsequent article by the NYT authors covers Trumps Tax Returns from 1985-1994, data allegedly Internal Revenue Tax Services information not previously shown, although if you read further into the article it says NYT did not obtain The President’s Actual Tax Returns rather it has information contained in the returns from someone with legal access to it. Now who could that be?
For the decade cited the article states Trump’s accumulative loses totalled $1.17 Billion. That is a lot of money but in the grand scheme of things and considering the nature of the businesses he ran in that time period, it is not a surprise figure, at least to Paul P.
The early 90’s saw a period of economic recession with downward pressure of commercial real estate; less disposable income for consumers of luxury spending like casinos and hotel and travel. High interest rates impacted businesses in a negative way. In 1990-91, according to this article Trump lost $250 million each year. Big loses- yes. And given the nature of his business not surprising. He used debt as leverage to accumulate assets; He used the Tax Code to take advantage of write-offs and He used the Bankruptcy Courts to his advantage.
All within the legal system practiced in America. Was Donald Trump a successful businessman during 1985-94. This article would have you believe he was not. Is he a successful businessman today? Most certainly. He is also President of the United States. The later is the real reason why we are discussing the former , in my humble opinion.