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11 6

Donald Trump's emperor-has-no-clothes moment is here

"More than $1 billion in losses in a single decade!

"Here's why this Times story matters so, so much: Trump explicitly ran for president on the idea that his business acumen gave him a unique -- and more valuable -- perspective on how to run the country than anyone else who had ever held the office (and certainly the other Republicans and Democrats running for the White House in 2016.)"

[cnn.com]

#DonaldTrump #republicans #WhiteHouse #democrats
LiterateHiker 9 May 9
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11 comments

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1

Level 5

Losses are how wealth is acquired in capitalism today.

3

Level 8

He grossly inflated his losses, to avoid paying any taxes at all. He probably still does!

6

Level 8

Please, no pics!!!

This is not a surprise for so many of us. I still have a hard time grasping what keeps these other folks believing in him. Is it pride, that they put their hopes and dreams in this clown and will go to the end with him.. despite that he has delivered nothing for middle America.

2

Level 3

HE was just practicing to be dumb ass in chief !!!

3

Level 10

He is, and always has been a complete sham! Surely everyone must have known that he was not a self made man, he was the son of a billionaire! This was common knowledge, also the fact that he had bankrupted several of his companies over the years. I’m British and I knew, and I never followed his affairs closely, so how could so many of the US electorate not know?

@Krowmagnum Can you explain why that is the case.

@Krowmagnum Oh yes! I missed the obvious!

@Krowmagnum I believe that is sadly true...it sucks hard...but yeah.
3

Level 8

Trump invested heavily in Atlantic City Casinos.
Casinos on Indian Reservations sprung up all around the USA.
There was no need for gamblers to go to the Atlantic City Casinos any more.
Many of the Atlantic City casinos went broke.

In business, you win some and you lose some.
Trump has won more than he has lost.

BD66 Level 8 May 9, 2019
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Yeah, by not paying his contractors for repairs and renovations.
With all the money Trump inherited, he would have been better off to invest it in an index fund back in the day rather than go on his failed business ventures. The interest on the fund would have gotten him billions, so he'd be a true billionaire instead of lead spray painted gold fake that he is today.

He filed Chapter 11 bankruptcies on those Casinos...by doing so, he protected his personal assets and screwed many people out of payments for work completed. Investors were also screwed. If anything, he would have had to report the cancellation of debts as income, and not sustain the amount of loss that is being reported.

The old "casino loss excuse" does not hold water...

@dokala I have heard that argument before, but I wonder if it takes into account his two divorces.

@Krowmagnum You know they are talking about the period from 1985 to 1991 with the Real Estate bust, and the rise in Indian Reservation gambling and riverboat gambling don't you?

@Krowmagnum The decade Trump had >$1B in losses was 1985 through 1994. What do statistics on Atlantic City casinos in 2014 have to do with that?

@Krowmagnum That's were he lost most of the billion dollars between 1985 and 1994.
1

Level 8

There are two possible stories here:
1). The guy is not wealthy and has been lying about it.
2). The guy used and abused tax laws to show losses on his tax forms that do not necessarily reflect his net worth.

I don't see where these reporters have definitively ruled out story number 2. And I wish someone would.

The two aren't mutually exclusive. Scenario 3.) He pumps up his valuations for insurance purposes, and then devalues everything to declare a tax loss.

Until he stops defying the law of the land and turns over his tax returns to
Congress, you'll never know.

4

Level 8

The sad thing is that fact don't matter to his supporters.

Unity Level 8 May 9, 2019
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4

Level 9

Run america like a business he said. And he is. Only damn true thing he said. And it isn't a good one...

Exactly
3

Level 8

I wonder if there’s a photo lineup of the biggest losers at some IRS office - with Donald as the biggest loser 🤔

5

Level 10

Com man what did you expect

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