May 8, 2019

NYT: Trump tax records revealed $1 billion in business losses

Photo: Spencer Platt/Getty Images

A decade of tax information obtained by the New York Times illustrates that in 1985, Trump reported losses of $46.1 million from his primary businesses — casinos, hotels and retail spaces — with losses totaling $1.17 billion through 1994, according to his federal income tax returns.

The big picture: The Times reports that Trump lost more than nearly any other American taxpayer when compared to a high-income data sampling compiled annually. He seems to have lost enough money that he was able to avoid paying income taxes for 8 of the 10 years.

  • Trump's business losses between 1990 and 1991 alone totaled more than $250 million annually, the Times reports.
  • The returns do not cover 2013–2018, the years at the center of an ongoing dispute between the Trump administration and Democrats.

What they're saying: Last Saturday, Charles J. Harder, a lawyer of Trump's, called the tax information “demonstrably false,” and said the NYT's statements “about the president’s tax returns and business from 30 years ago are highly inaccurate."

  • “I.R.S. transcripts, particularly before the days of electronic filing, are notoriously inaccurate” and “would not be able to provide a reasonable picture of any taxpayer’s return,” Harder said.
  • "Mark J. Mazur, a former director of research, analysis and statistics at the I.R.S., said that, far from being considered unreliable, data used to create such transcripts had undergone quality control for decades and had been used to analyze economic trends and set national policy," reports the Times.

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Protests for George Floyd continue for 10th day

Thousands of protesters march over the Brooklyn Bridge on June 4 in New York City. Photo: Angela Weiss/AFP via Getty Images

All four former Minneapolis police officers have been charged for George Floyd’s death and are in custody, including Thomas Lane, J. Alexander Kueng and Tou Thao, who were charged with aiding and abetting second-degree murder and aiding and abetting second-degree manslaughter.

The latest: Crowds gathered in Portsmouth, New Hampshire on Thursday evening and in Atlanta, Georgia, despite the rain. Atlanta Mayor Keisha Lance Bottoms joined demonstrators on Thursday. Demonstrators in Washington, D.C. dispersed following a thunderstorm and rain warning for the region.

Trump says he will campaign against Lisa Murkowski after her support for Mattis

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President Trump tweeted on Thursday that he would endorse "any candidate" with a pulse who runs against Sen. Lisa Murkowski (R-Alaska).

Driving the news: Murkowski said on Thursday that she supported former defense secretary James Mattis' condemnation of Trump over his response to protests in the wake of George Floyd's killing. She described Mattis' statement as "true, honest, necessary and overdue," Politico's Andrew Desiderio reports.

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Trump visits Mattis and the Pentagon in 2018. Photo: Brendan Smialowski/AFP via Getty

Over the course of just a few hours, President Trump was rebuffed by the Secretary of Defense over his call for troops in the streets and accused by James Mattis, his former Pentagon chief, of trampling the Constitution for political gain.

Why it matters: Current and former leaders of the U.S. military are drawing a line over Trump's demand for a militarized response to the protests and unrest that have swept the country over the killing of George Floyd by police.