Just days after The New York Times revealed that Donald Trump had lost over $900 million in 1995 and probably hasn’t pay income tax for over 18 years, Newsweek’s Kurt Eichenwald has just released some new findings that show the Republican presidential nominee has been a failure for decades.
According to Eichenwald: “all of the tax information that has been publicly revealed — The Washington Post published figures for 1978 and 1979 in May, Politico reported in June he had paid no taxes in 1991 and 1993, The New York Times published 1995 information last week and now Newsweek has further information from the 1970s—show the same thing: Trump paying little or no taxes because of poor financial performance year after year.”
These records show what most of us have suspected for months: Donald Trump is not only an awful businessman, he’s also a con man with a pretty mediocre mind.
“After being gifted a personal line of credit at Chase Manhattan bank for $35 million—without a written agreement—Trump went on to blow that money. But he had nothing to worry about, his dad was rich.”
According to Eichenwald, in 1978, the same year that Fred Trump set up the credit line for his son at Chase Manhattan, Trump’s personal finances collapsed. By then, he had borrowed $38 million from his line of credit —the bank adjusted the available amount up by $3 million when Trump exceeded his credit limit.
The GOP presidential nominee learned a lesson from his bad business decisions and that was this: if you’re the son of a very well connected and very rich real estate mogul, you don’t have to be good at anything.
Newsweek notes that “this is the reason Trump has refused to release any tax returns on his own. But the headline numbers for the eight years of financial returns that have now been disclosed demonstrate that Trump’s self-celebrated business genius is a deception.”
Eichenwald’s investigation reveals that Trump shows nothing but huge “personal” losses in his 1978 and 1979 taxes, while also showing virtually nowhere near the amount of income needed to cover even the interest on those debts. Donald Trump is not a self-made man. He’s a rich kid being buoyed by the wealth his father created in a world rigged for his success.
H/T: Daily Kos.