I know progressives are excited by this New York Times story about Donald Trump’s taxes, but it really is not news.
We did not know the exact numbers, but Donald Trump’s business troubles were splashed all over newspapers and covered on tabloid news shows throughout the 80’s and 90’s. Trump got book deals out of it on both deals and recovery.
There really is not anything new here. It is just the gossip to fuel elite temper tantrums about the man they hate.
The data — printouts from Mr. Trump’s official Internal Revenue Service tax transcripts, with the figures from his federal tax form, the 1040, for the years 1985 to 1994 — represents the fullest and most detailed look to date at the president’s taxes, information he has kept from public view. Though the information does not cover the tax years at the center of an escalating battle between the Trump administration and Congress, it traces the most tumultuous chapter in a long business career — an era of fevered acquisition and spectacular collapse. 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.
Again, we know about the Trump business fortunes. He filed a public bankruptcy. This is salacious certainly, but it is not news. And his opponents used all this in 2016 against him claiming he really was not a great businessman. He still got elected.