Leaked Tax Information Paints Clearer Picture Of President Donald Trump's Atlantic City Casino FailuresNew York Times Report Reveals Trump Lost $1.17 Billion During Decade-Long Run In Atlantic City |
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Leaked tax transcripts obtained by the New York Times are painting a clearer picture of the business failures of President Donald Trump during his time as a casino mogul in Atlantic City between 1985 and 1994.
Trump spent months on the campaign trail prior to the election boasting that he “never went bankrupt” and that he emerged from his time in Atlantic City with a profit of $10 billion.
“Atlantic City fueled a lot of growth for me,” Trump said at the time. “The money I took out of there was incredible.”
I have nothing to do with Atlantic City-sold years ago (great timing). For losers and haters, I NEVER went bankrupt. Plus $10 billion, sorry
— Donald J. Trump (@realDonaldTrump) September 13, 2014
In reality, Trump sought bankruptcy protection three times, in 1991, 2006, and again in 2009, and even had to take a $65 million bailout from the state of New Jersey. Another New York Times report from October of 2018 confirmed that Trump needed to sell off his father’s $1 billion New York real estate empire to keep his own casinos afloat.
Recently revealed tax records now show that Trump reportedly lost more than $1.1 billion during that stretch on his projects, which included the Trump Plaza, Trump Castle, and Trump Taj Mahal.
The figures are sobering for those who bought into Trump’s The Art Of The Deal persona. From the New York Times report.
The numbers show that in 1985, Mr. Trump reported losses of $46.1 million from his core businesses — largely casinos, hotels and retail space in apartment buildings. They continued to lose money every year, totaling $1.17 billion in losses for the decade.
The report went on to point out that Trump not only lost, but lost more than just about anyone else.
In fact, year after year, Mr. Trump appears to have lost more money than nearly any other individual American taxpayer, The Times found when it compared his results with detailed information the I.R.S. compiles on an annual sampling of high-income earners. 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. Overall, Mr. Trump lost so much money that he was able to avoid paying income taxes for eight of the 10 years.
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