Donald Trump calls New York Times’ report on his tax returns ‘highly inaccurate Fake News hit job’
President Trump said Wednesday a New York Times report showing he lost more than $1 billion dollars from 1985 to 1994 does not accurately depict real estate practices during that time frame.
“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,’ you would get it by building, or even buying,” the president tweeted.
“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,” he said.
The report also found Mr. Trump did not pay federal income taxes for eight out of 10 years due to losing so much money.
This report comes after the Treasury Department denied Monday a request from the House Financial Committee for access to six years of tax returns from the 2010s.
Mr. Trump said he’d be open to releasing his tax returns once he’s out of audit but has been resistant to House Democrats government oversight investigations.