Newt Gingrich: 'Trump Tax Cuts are Vindicated By the NY Times Story'

Thursday, 09 May, 2019

The Times report comes a day after Treasury Secretary Steven Mnuchin said he would not comply with a request from a House committee to turn over copies of more recent Trump tax returns.

After comparing Trump's information with that of other "high-income earners", the Times concluded that Trump "appears to have lost more money than almost any other individual American taxpayer".

Democrats, citing a section of the tax code from 1924, say the law is on their side. Ways and Means Chairman Richard Neal, a Democrat from MA, said in a statement he will consult with the committee's counsel and "determine the appropriate response".

President Donald Trump reacted to the New York Times' publishing of his tax returns from 1985 to 1994 by insisting that he meant to lose money on his businesses, calling it "sport".

In 1990 and 1991, Trump's core business losses were more than $250 million each year - more than double those of the closest taxpayers in those years, the Times reports. "You can make a large income and not have to pay large amount of taxes".

"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 nearly all cases", Mr. Trump tweeted Wednesday morning.

The tax returns show $1 billion in losses over the decade. In addition to losing $46.1 million in 1985, his tax information shows he also carried over $5.6 million from earlier losses, the Times reports; in fact, IRS data on one-third of high-income tax returns shows that for 1985, only three other taxpayers had greater losses that year. But the tactic stopped working when traders realized Trump was just bluffing and would not follow through on his takeover threats. They showed that Trump had reported a loss of $915.7 million. His returns for showed a positive income of $53.9m, the Times reported.

But according to Fox News' Marc Thiessen, it's actually cause for praising Trump - because it proves his skill in hiring accountants.

Congressional Democrats have always been trying to force Trump to provide his tax returns, but the USA president has repeatedly stated the documents were being audited by the Internal Revenue Service and thus could not be released. Treasury Secretary Steven Mnuchin has refused to do so, saying the panel's request "lacks a legitimate legislative goal".