President Trump hit back at the New York Times Wednesday morning after the Grey Lady published excerpts from nearly a decade's worth of Trump tax returns (the first dump of sensitive Trump tax records since the paper revealed during the final stretch of the campaign that Trump had claimed a $916 million loss in 1995), explaining that it was very common for real estate developers to claim "massive write offs and depreciation" 30 years ago before blasting the entire story as "inaccurate" and "Fake News".
As we explained in our analysis of the NYT story, nothing Trump did was illegal. The world's rich take advantage of net operating loss tax planning all the time, and in fact acquiring companies for their NOL tax benefits has been a common corporate strategy for a long time.
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," ......— Donald J. Trump (@realDonaldTrump) May 8, 2019