Please ensure Javascript is enabled for purposes of website accessibility

Leaders, Journalist Groups React to Israeli Gaza Strike That Killed Five Journalists

4 hours ago

Trump To Sign Executive Order Directing AG To Prosecute Flag Desecration

5 hours ago

Trump Signs Orders Aimed At Ending Cashless Bail Policies

6 hours ago

Fresno County DUI Crash Sends Car Into Embankment Near Highway 99

8 hours ago

Wrongly Deported Migrant Abrego Again Detained by US Immigration Officials

8 hours ago

US National Guard Troops in Washington to Begin Carrying Weapons, Officials Say

8 hours ago

Fresno County Wildfire Burns 3,338 Acres, Evacuation Orders Issued

9 hours ago

Wall Street Slips as Powell-Led Momentum Wanes

9 hours ago
Trump Acknowledges Over $1 Billion in Tax Write Offs, Calls It 'Sport'
gvw_ap_news
By Associated Press
Published 6 years ago on
May 8, 2019

Share

WASHINGTON — President Donald Trump on Wednesday acknowledged taking massive tax write offs for real estate losses topping $1 billion from the mid-1980s to mid-1990s, calling it “sport” among developers like himself during that period.

Trump was reacting to a New York Times report Tuesday that his businesses lost more than $1 billion from 1985 to 1994. The newspaper said its reporting was based on printouts it acquired of Trump’s official IRS tax transcripts, including figures from his federal tax form.

Trump reported business losses of $46.1 million in 1985, and a total of $1.17 billion in losses for the 10-year period.

“You always wanted to show losses for tax purposes….almost all real estate developers did – and often re-negotiate with banks, it was sport.” — President Donald Trump

The president appeared to defend his actions in a pair of tweets early Wednesday.

“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,” Trump tweeted. He contended the reported losses were “non monetary.”

First President Since Watergate to Decline to Release Tax Returns

“Sometimes considered ‘tax shelter,’ you would get it by building, or even buying. You always wanted to show losses for tax purposes …. almost all real estate developers did – and often re-negotiate with banks, it was sport,” Trump said.

He claimed the Times report was a “highly inaccurate Fake News hit job!” based on old information.

After comparing Trump’s information with that of other “high-income earners,” the Times concluded that Trump “appears to have lost more money than nearly any other individual American taxpayer.” Because of his business losses, the newspaper reported, Trump did not pay income taxes for eight of the 10 years.

The House Ways and Means Committee has asked the IRS to provide Trump’s personal and business returns for 2013 through 2018. Treasury Secretary Steven Mnuchin on Monday refused to do so, saying the panel’s request “lacks a legitimate legislative purpose.” Mnuchin oversees the IRS.

Mnuchin’s move, which had been expected, is likely to set a legal battle into motion. The chief options available to House Democrats are to subpoena the IRS for the returns or to file a lawsuit.

Trump is the first president since Watergate to decline to make his tax returns public.

DON'T MISS

What Are Fresno Real Estate Experts Predicting for 2025 and Beyond?

DON'T MISS

First California EV Mandates Hit Automakers This Year. Most Are Not Even Close

DON'T MISS

Two Students Arrested After Fight at Visalia’s Redwood High School

DON'T MISS

Trump Wants to Meet North Korea’s Kim This Year, He Tells South Korea

DON'T MISS

Fresno Police Arrest Man After Shooting and Stabbing Leave Two Hospitalized

DON'T MISS

Entz: Bulldogs Must ‘Learn, Burn, Return’ After Kansas Loss

DON'T MISS

Caleb Quick’s Father, Other Parents Protest at Fresno Court to Repeal Prop 57

DON'T MISS

SF Has Avoided Trump’s Ire Until Now. Will He Send National Guard?

DON'T MISS

Lil Nas X Pleads Not Guilty to Felony Charges of Assaulting Police

DON'T MISS

Leaders, Journalist Groups React to Israeli Gaza Strike That Killed Five Journalists

DON'T MISS

CA Bill To Give Interest On Insurance Payments To Homeowners

DON'T MISS

Bakersfield Man Pleads Guilty to Shining Laser at Sheriff’s Helicopter

UP NEXT

Leaders, Journalist Groups React to Israeli Gaza Strike That Killed Five Journalists

UP NEXT

CA Bill To Give Interest On Insurance Payments To Homeowners

UP NEXT

Trump To Sign Executive Order Directing AG To Prosecute Flag Desecration

UP NEXT

Trump Signs Orders Aimed At Ending Cashless Bail Policies

UP NEXT

US National Guard Troops in Washington to Begin Carrying Weapons, Officials Say

UP NEXT

Trump to Sign Orders Aimed at Ending Cashless Bail Policies

UP NEXT

Pentagon Working on Plans for Military Deployment in Chicago, Washington Post Reports

UP NEXT

Hegseth Authorizes Troops in DC to Carry Weapons

UP NEXT

Texas, Florida Seek to Join Legal Challenge to Abortion Pill

UP NEXT

Wrongly Deported Migrant Abrego Released, May Be Detained Again

Entz: Bulldogs Must ‘Learn, Burn, Return’ After Kansas Loss

1 hour ago

Caleb Quick’s Father, Other Parents Protest at Fresno Court to Repeal Prop 57

2 hours ago

SF Has Avoided Trump’s Ire Until Now. Will He Send National Guard?

3 hours ago

Lil Nas X Pleads Not Guilty to Felony Charges of Assaulting Police

3 hours ago

Leaders, Journalist Groups React to Israeli Gaza Strike That Killed Five Journalists

4 hours ago

CA Bill To Give Interest On Insurance Payments To Homeowners

4 hours ago

Bakersfield Man Pleads Guilty to Shining Laser at Sheriff’s Helicopter

5 hours ago

Former Mexican Drug Kingpin Ismael ‘El Mayo’ Zambada Pleads Guilty to US Charges

5 hours ago

Fresno Police Arrest Two Convicted Felons After Traffic Stop

5 hours ago

Trump To Sign Executive Order Directing AG To Prosecute Flag Desecration

5 hours ago

Two Students Arrested After Fight at Visalia’s Redwood High School

Two students were arrested after a fight involving a knife at Visalia’s Redwood High School on Monday morning, authorities said. A You...

12 minutes ago

12 minutes ago

Two Students Arrested After Fight at Visalia’s Redwood High School

U.S. President Donald Trump meets with South Korean President Lee Jae Myung at the Oval Office, at the White House, in Washington, D.C., U.S., August 25, 2025. (Reuters/Brian Snyder)
30 minutes ago

Trump Wants to Meet North Korea’s Kim This Year, He Tells South Korea

46 minutes ago

Fresno Police Arrest Man After Shooting and Stabbing Leave Two Hospitalized

Fresno State head coach Matt Entz
1 hour ago

Entz: Bulldogs Must ‘Learn, Burn, Return’ After Kansas Loss

Parents in Fresno County are calling for reforms to California’s Proposition 57, arguing it allows violent juvenile offenders to receive lighter sentences and slows prosecution, while providing support for families who have lost children to teen violence. (GV Wire)
2 hours ago

Caleb Quick’s Father, Other Parents Protest at Fresno Court to Repeal Prop 57

3 hours ago

SF Has Avoided Trump’s Ire Until Now. Will He Send National Guard?

U.S. rapper Lil Nas X attends his arraignment at Los Angeles Superior Court in Los Angeles, California, U.S., August 25, 2025. Frederic J. Brown/Pool via REUTERS
3 hours ago

Lil Nas X Pleads Not Guilty to Felony Charges of Assaulting Police

Smoke rises from Gaza after an explosion, as seen from the Israeli side of the border, August 25, 2025. (Reuters/Amir Cohen)
4 hours ago

Leaders, Journalist Groups React to Israeli Gaza Strike That Killed Five Journalists

Search

Help continue the work that gets you the news that matters most.

Send this to a friend