Donald Trump has been getting heavy media coverage as of late regarding his taxes and sketchy business dealings, with USA Today detailing in a recent analysis decades worth of tax evasion and ongoing court battles with the government.
But now ABC News has obtained New Jersey records that show something even more damaging: In 1978 and 1979, Trump paid zero dollars in federal income taxes, and posted net negative earnings in those years. Remember, this is the guy who’s supposed to be the financial guru who will “save” the American economy.
As ABC details:
Trump claimed negative income in both those years: losses of $406,379 in 1978 and $3,443,560 in 1979. In 1975, 1976, and 1977, he claimed $76,210, $24,594, and $118,530 in income, respectively, paying $18,714, $10,832, and $42,386 in federal taxes, according to the document, the Report to the Casino Control Commission.
Now, were these negative postings and subsequent tax evasions before or after his four bankruptcies and court appearances?
In 1979, Trump lost the $3.4 million after losing HUGE in investments on real-estate holdings in New York City:
The Division notes that in 1978 and 1979 Trump incurred no federal income tax liability. In 1979, the lack of such liability is primarily attributable to losses incurred by Trump in the operation of rental properties located at Third Avenue, Fifth Avenue, East 56th Street, East 57th Street, East 61st Street and East 62nd Street, New York City, New York.
Were these failed investments part of his “art of the deal?” Considering Trump and his business cronies are notorious for overvaluing their properties, this might explain why he lost big in 1979.
So not only did Trump screw himself over, he (once again) screwed over investors an creditors involved in the process.
Along with Panama Paper mentions, multiple instances of tax evasion, overvalued properties and now this, no wonder Trump has been using every excuse in the book, including an ongoing audit, to not release his taxes – which the head of the IRS has now completely debunked. With all these bombshell reports coming out regarding his taxes, land values, and evasions, how many more years did Trump lose an exorbitant amount of money thus paying nothing back to society? This is highly suspect and a big clue about why he won’t release his returns.
But with all this information being public if people just take the time to dig, what is he really hiding that could only be found in the documents he won’t release?
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