Newt Gingrich: Trump Tax Cuts 'Vindicated' by NY Times Report

Newspaper Trump lost more than $1 billion from 1985 to 1994

Trump on Wednesday blasted the report on Twitter as "a highly inaccurate Fake News hit job" even as he essentially confirmed its accuracy. His core business losses in 1990 and 1991 - more than $250 million each year - were more than double those of the nearest taxpayers in the I.R.S. information for those years. On Monday, Treasury Secretary Steven Mnuchin formally denied a request from the House Ways and Means Committee for Trump's last six years of tax returns, a period not covered by the documents reported by The Times on Tuesday.

President Donald Trump said the reports were inaccurate.

"When you lower taxes, there is less reason to create losses for tax purposes".

The White House did not immediately respond to the report Tuesday night. Given that his very real success is built upon a bedrock of vast financial fraud bequeathed unto him by his father, Trump is simultaneously capitalism's biggest victor and biggest loser of all time.

Watch above via Fox News. Well, not always. Not if it's a Trump casino.

The tax documentation also covers an interesting period from 1986 to 1989, where Trump tried to supplement his income by playing the stock market.

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"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", he wrote in a pair of tweets Wednesday morning. "Year after year, Mr. Trump appears to have lost more money than almost any other individual American taxpayer", the Times said.

During his business career, President Donald Trump pretended to be a corporate raider, using debt to buy shares in a company while suggesting he might soon become a majority owner to boost its value before he sold the holdings quietly to pocket the gains, it is claimed. Thus, while this was Trump's personal tax liability, it benefited from a few perks for businesses embedded in the tax code. "Much was non monetary".

The sweeping, bipartisan law that Trump railed against was popular in both Democrat and Republican circles, as it got rid of numerous loopholes, reduced tax-code chicanery and lowered tax rates across income brackets. Harder told The Times its reporting about the president's tax returns and business dealings was "demonstrably false" and "highly inaccurate".

Trump Tower on 5th Avenue in the Manhattan borough of New York City, April 18, 2019.

Meanwhile, house speaker Nancy Pelosi, said Trump was "becoming self-impeachable", pointing to his efforts to fight all subpoenas from congressional investigations and prevent key aides from testifying before Congress.

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