“I went to the
Wharton School of Business… I’m, like, a really smart person.” Donald Trump
"I'm the most
successful person ever to run for the presidency, by far. Nobody's ever been
more successful than me. I'm the most successful person ever to run. Ross Perot
isn't successful like me. Romney - I have a Gucci store
that's worth more than Romney." Donald
Trump
“Donald
Trump was the dumbest goddam student I ever had.” The late
William T. Kelley, Professor of Marketing at Wharton School of Business and
Finance, University of Pennsylvania
“The New York Times reported Tuesday
that Donald Trump’s businesses lost more than $1 billion from 1985 to 1994,
based on tax information the newspaper acquired.
“The Times said it had acquired
printouts from the [then] future president’s official IRS tax transcripts,
including figures from his federal tax forms… The newspaper said Trump reported
business losses of $46.1 million in 1985, and a total of $1.17 billion in
losses for the 10-year period.
“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.” Los Angeles Times, May 8th. It seems
that, according to IRS statistics, The Donald actually had double the losses of
the individual who was in second “highest reported loss” place during that time
period.
But those returns are from a long
time ago, many will claim. First, it’s all we’ve got. Trump still will not
produce his last decade of returns despite a pledge to make them public once
the now-concluded audit was complete. What is he hiding? Second, there is clear
evidence – currently being pursued by the New York State Attorney General –
that Trump and his companies had trouble qualifying for a spate of major loans
and may have overstated values and income in the relevant loan applications.
We cannot forget that his companies
have filed for six separate bankruptcies, leaving workers and vendors high and
dry, and, according to USA today, he and his companies have been embroiled in
4,095 lawsuits over the past three decades, a record by many thousands compared
to any other admitted or self-proclaimed American “billionaire.” So, how did
Trump respond to the NY Times article? Two early morning tweets on May 8th:
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. Much was non monetary. 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.
Additionally, the very old information put out is a highly inaccurate Fake News
hit job!
Genius, right? For those who claim
that Trump was simply clever in using the tax loopholes in our federal tax
system, it is interesting to note that during the same period, the man who
really built the Trump real estate fortune, the man who really had real estate
holdings subject to the same depreciation rules and loopholes, his father Fred Trump, showed serious profits. Donald was losing money faster than
even Daddy could make it! And why are The Donald’s losses so much higher that
any other individual real estate developer during the same period? Yes Donald,
as you have claimed many times, the system is rigged!
I have little or no doubt that Donald
Trump has used, is using and, if he escapes criminal prosecution for financial
and other crimes, will continue to use his presidency (even after his term,
assuming he departs) to make up for lost revenues in past dealings. It is,
after all, what his fellow autocrat-bromance partners accept as part of their
entitlement as “leaders.” Shamefully, his committed base just doesn’t care.
Even more shameful is Trump’s coattail Republican Party more focused on
“explaining away” and “stopping inquiries” than in facing this ugly truth:
Emperor Trump has no clothes.
Oh, Democrats, don’t get too cocky.
As much as Donald Trump has failed to advance most of his agenda – aside from
judicial appointments and an income-inequality, deficit-busting tax cut for the
rich – he has built his political career playing the victim and blaming others.
Mostly you! He is the master of this tactic, and it binds him to his supporters
like no other.
He just loves to be attacked and to
pretend to be a champion by fighting back and denigrating his opponents. So
far, that tactic won him an election and ties him to his base with epoxy glue.
He would love an impeachment effort, knowing that his GOP-cronies in the Senate
would never ever convict him. He would really be able to show his followers how
he is the “victim of unhinged Democrats.” Probably the same result if the House
decided to pursue impeachment over Attorney General William Barr. Trump cannot
lead, but he can attack! “Fake News,” here we come!
I’m Peter Dekom, and America seems to have
elected a president on a litany of false qualifications based on simple
braggadocio and fabrications without substance or truth.
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