Trump: I Reported Business Losses As A “Sport”

The Huffington Post reports:

President Donald Trump tweeted early Wednesday following a report that documented more than $1.1 billion in personal business losses over a 10-year period beginning in 1985.

Trump seemingly tried to downplay the report, saying that “almost all real estate developers” wanted to show losses for tax purposes and renegotiate with banks, and it was “sport.”

His comments came after The New York Times published the article, based on 10 years of tax documents the newspaper acquired covering the years 1985 to 1994.

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,” ……

— Donald J. Trump (@realDonaldTrump) May 8, 2019

….you would get it by building, or even buying. You always wanted to show losses for tax purposes….almost all real estate developers did – and often re-negotiate with banks, it was sport. Additionally, the very old information put out is a highly inaccurate Fake News hit job!

— Donald J. Trump (@realDonaldTrump) May 8, 2019