NYT Report Says Trump Lost Over $1 Billion in a Decade
- The New York Times released a report that said President Donald Trump’s businesses accumulated nearly $1.2 billion in losses between 1985 and 1994.
- The report also said that Trump got out of paying taxes for eight years and lost more than almost any other taxpayer in the country within those years.
- All of this comes amid escalating calls for Trump’s tax returns, particularly from Democrats.
- The House Ways and Means Committee is working on a request to get ahold of them while the New York State government works on legislation that allows Congress to ask for New York State tax documents.
New York Times Report
The New York Times published information that they claim comes from President Donald Trump’s tax returns, which shows over a $1 billion in losses over the course of a decade.
In the report published Tuesday, the Times said that they did not receive actual copies of the president’s tax documents, but got information from someone with legal access to them. They then verified the information using IRS documents and other figures they collected from a prior investigation into his taxes. The data the paper uncovered spanned from 1985 to 1994.
During this timeframe, Trump reportedly saw $1.17 billion in losses. These losses, which stemmed from businesses like his hotels, casinos, and retail space in apartments, were so severe that he did not pay any income taxes for eight out of those ten years.
The Times wrote that within those years, Trump “appears to have lost more money than nearly any other individual American taxpayer.” Specifically, in 1990 and 1991, he saw losses totaling $250 million each year. According to the Times, this is more than double the losses of the nearest taxpayer.
The Times spoke to one of Trump’s lawyers, Charles J. Harder, who called these numbers “demonstrably false.”
“I.R.S. transcripts, particularly before the days of electronic filing are notoriously inaccurate,” he added, speaking to the Times in their piece.
A former IRS employee who also spoke to the Times for the investigation countered this. He claimed that this data has gone through intensive quality control and is trusted by many sources.
On Wednesday morning, Trump took to Twitter to explain the losses by saying they were tied to write-offs used by real estate professionals in the 1980s and ’90s. He also called the report “highly inaccurate.”
Congress Fights For Trump’s Taxes
The Times’ report comes as the fight for Trump’s tax returns escalates. Debates over their release began sparking conversation when Trump chose not to disclose them when he became the Republican nominee. That decision broke a strong precedent set by nominees before him.
On Monday, Treasury Secretary Steve Mnuchin declined the House Ways and Means Committee’s request to see Trump’s tax information between the years of 2013 and 2019.
In a letter to Committee Chairman Richard Neal, he said that the request “lacks a legitimate legislative purpose, and pursuant to section 6103, the Department is therefore not authorized to disclose the requested returns and return information.”
Though many are debating Mnuchin’s right to decline this, as section 6103 of U.S. Internal Revenue Code implies that the Treasury Secretary has obligations to give the Committee tax returns when requested.
“Upon written request from the chairman of the Committee on Ways and Means of the House of Representatives, the chairman of the Committee on Finance of the Senate, or the chairman of the Joint Committee on Taxation, the Secretary shall furnish such committee with any return or return information specified in such request,” the section states.
Still, Mnuchin has fought back, saying you would need a legitimate policy reason, which he does not believe Congress has.
Chairman Neal has said that he will be meeting with the House Council to discuss the next steps. He has even suggested taking the matter right to federal court, as opposed to issuing a subpoena.
“There doesn’t have to be any intermediary step,” he told reporters on Tuesday. “They seem not to be paying a lot of attention to the subpoenas, so take it from there.”
He anticipates having a plan by the end of the week.
Vote in New York State Senate
The fight for Congress’ right to obtain the president’s tax returns is also ongoing in New York. On Wednesday, the New York State Senate passed a bill that would allow Congress to request Trump’s state tax returns in New York. It will advance to the State Assembly next week, which has a Democratic majority. It is also expected to pass there.
New York State Senator Brad Hoylman tweeted on Wednesday morning, saying that the state responsible for Trump’s taxes has to act because “Washington has failed.”
The bill was first introduced in April, and Governor Andrew Cuomo has indicated support for it.
As far as whether or not we will ever see Trump’s tax returns, there is still a lot of skepticism despite Democratic efforts. Trump has refused to release them at every turn, and regularly claims that he cannot because he is under audit.
On Sunday, acting White House Cheif of Staff Mick Mulvaney said that he doesn’t think a release will ever happen.
When asked by Fox News host Bill Hemmer if he believed that Democrats will never see the president’s tax returns, Mulvaney responded, “No, never.”
“Nor should they,” he added.
While the interview was conducted before the Times’ article, his statement suggests that Trump and his Administration are committed to keeping public eyes off those documents.
See what others are saying: (Politico) (The Hill) (Fox News)
Trump Lawyer Notes Indicate Former President May Have Obstructed Justice in Mar-a-Lago Documents Probe
The notes add to a series of recent reports that seem to paint a picture of possible obstruction.
Corcoran’s Notes on Mar-a-Lago
Prosecutors have 50 pages of notes from Donald Trump’s lawyer Evan Corcoran that show the former president was explicitly told he could not keep any more classified documents after he was subpoenaed for their return, according to a new report by The Guardian.
The notes, which were disclosed by three people familiar with the matter, present new evidence that indicates Trump obstructed justice in the investigation into classified documents he improperly kept at his Mar-a-Lago estate.
In June, Corcoran found around 40 classified documents in a storage room at Mar-a-Lago while complying with the initial subpoena. The attorney told the Justice Department that no additional documents were on the property.
In August, however, the FBI raided Mar-a-Lago and discovered about 100 more.
The Guardian’s report is significant because it adds a piece to the puzzle prosecutors are trying to put together: whether Trump obstructed justice when he failed to comply with the subpoena by refusing to return all the documents he had or even trying to hide them intentionally.
As the outlet noted, prosecutors have been “fixated” on Trump’s valet, Walt Nauta, since he told them that the former president directed him to move boxes out of the storage room before and after the subpoena. His actions were also captured on surveillance footage.
The sources familiar with Corcoran’s notes said the pages revealed that both Trump and the Nauta “had unusually detailed knowledge of the botched subpoena response, including where Corcoran intended to search and not search for classified documents at Mar-a-Lago, as well as when Corcoran was actually doing his search.”
At one point, Corcoran allegedly noted how he had told the Nauta about the subpoena prior to his search for the documents because the lawyer needed him to unlock the storage room, showing how closely involved the valet was from the get-go.
Corcoran further stated that Nauta had even offered to help go through the boxes, but the attorney declined. Beyond that, the report also asserted that the notes “suggested to prosecutors that there were times when the storage room might have been left unattended while the search for classified documents was ongoing.”
Adding to the Evidence
If real, Corcoran’s notes are very damning, especially considering other recent reports concerning Trump’s possible efforts to obstruct the documents probe.
A few weeks ago, The New York Times reported that Corcoran had testified before a grand jury that multiple Trump employees told him the Mar-a-Lago storage room was the only place the documents were kept.
“Although Mr. Corcoran testified that Mr. Trump did not personally convey that false information, his testimony hardly absolved the former president,” the outlet reported, referencing people with knowledge of the matter.
“Mr. Corcoran also recounted to the grand jury how Mr. Trump did not tell his lawyers of any other locations where the documents were stored, which may have effectively misled the legal team.”
Additionally, the only reason that Corcoran handed over these notes was that he was under court order to do so. Corcoran had refused to turn the materials over, citing attorney-client privilege.
A federal judge rejected that claim on the grounds that there was reason to believe a lawyer’s advice or services were used to further a crime — meaning prosecutors believed they had enough evidence to prove Trump may have acted criminally.
See what others are saying: (The Guardian) (The New York Times) (Vanity Fair)
Homeless Men Promised Money to Pose as Veterans in Anti-Immigrant Scheme, Sources Allege
New York State Attorney General Letitia James said she is reviewing whether to launch a formal investigation into the ruse.
A story that was spread by right-wing media about homeless veterans getting evicted from their hotel rooms to make way for asylum seekers has turned out to be false, according to numerous sources.
Early this month, New York City Mayor Eric Adams announced a plan to bus some migrants to hotels in neighboring counties, where they would stay for several months.
Orange County and Rockland County filed lawsuits to block the move, and the state supreme court granted both temporary restraining orders, but many migrants had already arrived. To make room for the incoming migrants, one hotel in Orange County forced at least 15 homeless veterans to leave, media reported at the time.
But several homeless men told local outlets they had allegedly been offered payment if they posed as military veterans staying at the hotel.
Sharon Toney-Finch, head of Yerik Israel Toney Foundation (YIT), a nonprofit that houses the homeless, allegedly masterminded the scheme.
Her associates allegedly rounded up 15 homeless men at a shelter and promised them as much as $200 each if they spoke with a local politician about homelessness. But they told reporters that when they met Toney-Finch at a diner, she presented her real plan. They would speak to a local chamber of commerce instead, the men recalled, and if they weren’t comfortable with telling the lie, Toney-Finch instructed them to say they had PTSD and couldn’t speak.
After fulfilling their end of the bargain, however, they said she never paid them the cash they were promised.
Several of them described the ordeal to media outlets, and reporters soon poked more holes in the story.
The Times Union published a copy of a credit card receipt that purportedly showed a payment of more than $37,000 for rooms at the Crossroads Hotel for the unhoused veterans alongside a copy of what appears to be Toney-Finch’s credit card.
But a graphics expert who examined the documents said the receipt appeared to have been “altered with smudges behind the darker type and [had] different fonts,” according to Mid Hudson News.
A hotel manager also told the outlet he could not find any record of the transaction, and there were no veterans at the hotel and nobody was kicked out.
Local Republican state assembly member Brian Maher, who previously reacted to the fake story with outrage, told The Times Union he felt “devastated and disheartened” when he learned that he was duped.
“She alluded to the fact that, ‘Maybe it’s not exactly how I said it was,’” Maher recalled, describing a conversation with Toney-Finch. “This is something I believe hurt a lot of people.”
New York State Attorney General Leticia James is reportedly reviewing the incident to determine if a formal investigation is warranted.
See what others are saying: (The Guardian) (CNN) (The New York Times)
Lawmakers Have 10 Days to Reach Debt Deal: Here’s How Failure Would Impact Americans
In addition to causing massive disruptions to the U.S. economy and global markets, failure to prevent a debt default could seriously harm Social Security and Medicare recipients, veterans, federal workers, and many more Americans.
President Joe Biden and House Speaker Kevin McCarthy (R-Ca.) met Monday to discuss ongoing debt ceiling negotiations as the deadline to reach an agreement looms nearer and nearer.
Treasury Secretary Janet Yellen has repeatedly said that June 1 is the “hard deadline” by which the debt ceiling must be raised to prevent the U.S. from defaulting for the first time in history. Such a failure could trigger a recession and send global markets into complete disarray.
Despite the ticking doomsday clock, Republicans and Democrats have failed to reach any agreement, remaining firm in the lines they have drawn.
Republicans have said they will support any debt deal until Biden agrees to massive spending cuts that would significantly roll back much of his domestic agenda. Biden has refused to cave, and Democratic negotiators instead proposed a plan to freeze but not reduce federal spending in the next fiscal year.
Republicans rejected that plan Friday, abruptly ending negotiations. While talks briefly restarted later the same evening, they stalled again, prompting Biden — who was at a G7 summit in Japan — to cut his trip short and head home to take a hand in the talks.
The president and the House Speaker did seem to express some tentative optimism after sharing a call Sunday where they set the meeting.
In comments to reporters, McCarthy said that Biden: “walked through some of the things that he’s still looking at, he’s hearing from his members; I walked through things I’m looking at. I felt that part was productive. But look — there’s no agreement. We’re still apart.”
Biden also echoed that, telling reporters late Sunday night that the call “went well” — a marked shift from comments he made at the summit over the weekend, where he slammed House Republicans.
“I can’t guarantee that they wouldn’t force a default,” he said at one point. Biden also once again raised the possibility of invoking the 14th Amendment to declare the debt ceiling unconstitutional because of a clause that requires the U.S. to pay its debts.
At the summit, the president asserted that he had the “authority” to take such a step but reiterated that this is a last resort option.
Impacts on the American People
In addition to having a catastrophic effect on the U.S. economy and global markets, failing to reach the debt ceiling would also seriously impact many everyday Americans.
“The most drastic impact might be a pause in regular federal payments to tens of millions of American families, including seniors on Medicare and Social Security and people relying on food stamps,” The Washington Post explained.
Specifically, failure to raise the debt ceiling could delay essential federal payments to tens of millions of Americans who rely on them for their livelihoods. This includes the over 60 million people — mostly seniors — who receive monthly Social Security payments, as well as a similar number of Medicaid recipients.
Those folks would be forced to miss out on the $25 billion in Social Security benefits and $47 billion for Medicare providers the government is scheduled to pay in early June.
The veterans would be affected, as the government is supposed to pay out $12 billion in benefits on June 1 — the same day as the expected default.
Many of the millions of federal employees could also be placed in limbo if the federal government is unable to pay the $4 billion in salaries it needs by June 9. That situation could further harm many essential workers like military personnel, food safety inspectors, and air traffic controllers, among others.