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NYT Report Says Trump Lost Over $1 Billion in a Decade

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  • 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.

Trump Responds

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)

Politics

Jan. 6 Committee Prepares Criminal Charges Against Steve Bannon for Ignoring Subpoena

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The move comes after former President Trump told several of his previous aides not to cooperate with the committee’s investigation into the insurrection.


Bannon Refuses to Comply With Subpoena

The House committee investigating the Jan. 6 insurrection announced Thursday that it is seeking to hold former White House advisor Steve Bannon in criminal contempt for refusing to comply with a subpoena.

The decision marks a significant escalation in the panel’s efforts to force officials under former President Donald Trump’s administration to comply with its probe amid Trump’s growing efforts to obstruct the inquiry.

In recent weeks, the former president has launched a number of attempts to block the panel from getting key documents, testimonies, and other evidence requested by the committee that he claims are protected by executive privilege.

Notably, some of those assertions have been shut down. On Friday, President Joe Biden rejected Trump’s effort to withhold documents relating to the insurrection.

Still, Trump has also directed former officials in his administration not to comply with subpoenas or cooperate with the committee. 

That demand came after the panel issued subpoenas ordering depositions from Bannon and three other former officials: Chief of Staff Mark Meadows, Deputy Chief of Staff Dan Scavino, and Pentagon Chief of Staff Kash Patel.

After Trump issued his demand, Bannon’s lawyer announced that he would not obey the subpoena until the panel reached an agreement with Trump or a court ruled on the executive privilege matter.

Many legal experts have questioned whether Bannon, who left the White House in 2017, can claim executive privilege for something that happened when he was not working for the executive.

Panel Intensifies Compliance Efforts

The Thursday decision from the committee is significant because it will likely set up a legal battle and test how much authority the committee can and will exercise in requiring compliance.

It also sets an important precedent for those who have been subpoenaed. While Bannon is the first former official to openly defy the committee, there have been reports that others plan to do the same. 

The panel previously said Patel and Meadows were “engaging” with investigators, but on Thursday, several outlets reported that the two — who were supposed to appear before the body on Thursday and Friday respectively —  are now expected to be given an extension or continuance.

Sources told reporters that Scavino, who was also asked to testify Friday, has had his deposition postponed because service of his subpoena was delayed.

As far as what happens next for Bannon, the committee will vote to adopt the contempt report next week. Once that is complete, the matter will go before the House for a full vote.  

Assuming the Democratic-held House approves the contempt charge, it will then get referred to the U.S. Attorney for the District of Columbia to bring the matter before a grand jury.

See what others are saying: (CNN) (The Washington Post) (Bloomberg)

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Senate Votes To Extend Debt Ceiling Until December

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The move adds another deadline to Dec. 3, which is also when the federal government is set to shut down unless Congress approves new spending.


Debt Ceiling Raised Temporarily

The Senate voted on Thursday to extend the debt ceiling until December, temporarily averting a fiscal catastrophe.

The move, which followed weeks of stalemate due to Republican objections, came after Senate Minority Leader Mitch McConnell (R-Ky.) partially backed down from his blockade and offered a short-term proposal.

After much whipping of votes, 11 Republicans joined Democrats to break the legislative filibuster and move to final approval of the measure. The bill ultimately passed in a vote of 50-48 without any Republican support.

The legislation will now head to the House, where Majority Leader Steny Hoyer (D-Md.) said members would be called back from their current recess for a vote on Tuesday. 

The White House said President Joe Biden would sign the measure, but urged Congress to pass a longer extension.

“We cannot allow partisan politics to hold our economy hostage, and we can’t allow the routine process of paying our bills to turn into a confidence-shaking political showdown every two years or every two months,’’ White House Press Secretary Jen Psaki said in a statement.

Under the current bill, the nation’s borrowing limit will be increased by $480 billion, which the Treasury Department said will cover federal borrowing until around Dec. 3.

The agency had previously warned that it would run out of money by Oct. 18 if Congress failed to act. Such a move would have a chilling impact on the economy, forcing the U.S. to default on its debts and potentially plunging the country into a recession. 

Major Hurdles Remain

While the legislation extending the ceiling will certainly offer temporary relief, it sets up another perilous deadline for the first Friday in December, when government funding is also set to expire if Congress does not approve another spending bill.

Regardless of the new deadline, many of the same hurdles lawmakers faced the first time around remain. 

Democrats are still struggling to hammer out the final details of Biden’s $3.5 trillion spending agenda, which Republicans have strongly opposed.

Notably, Democratic leaders previously said they could pass the bill through budget reconciliation, which would allow them to approve the measure with 50 votes and no Republican support.

Such a move would require all 50 Senators, but intraparty disputes remain over objections brought by Joe Manchin (D-W.V.) and Kyrsten Sinema (D-Az.), who have been stalling the process for months.

Although disagreements over reconciliation are ongoing among Democrats, McConnell has insisted the party use the obscure procedural process to raise the debt limit. Democrats, however, have balked at the idea, arguing that tying the debt ceiling to reconciliation would set a dangerous precedent.

Despite Republican efforts to connect the limit to Biden’s economic agenda, raising the ceiling is not the same as adopting new spending. Rather, the limit is increased to pay off spending that has already been authorized by previous sessions of Congress and past administrations.

In fact, much of the current debt stems from policies passed by Republicans during the Trump administration, including the 2017 tax overhaul. 

As a result, while Democrats have signaled they may make concessions to Manchin and Sinema, they strongly believe that Republicans must join them to increase the debt ceiling to fund projects their party supported. 

It is currently unclear when or how the ongoing stalemate will be resolved, or how either party will overcome their fervent objections.

See what others are saying: (The New York Times) (NPR) (The Washington Post)

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California Makes Universal Voting by Mail Permanent

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California is now the eighth state to make universal mail-in ballots permanent after it temporarily adopted the policy for elections held amid the COVID-19 pandemic. 


CA Approves Universal Voting by Mail

California Gov. Gavin Newsom (D) signed a bill Monday requiring every registered voter in the state to be mailed a ballot at least 29 days before an election, whether they request it or not.

Assembly Bill 37 makes permanent a practice that was temporarily adopted for elections during the COVID-19 pandemic. The law, which officially takes effect in January, also extends the time mail ballots have to arrive at elections offices from three days to seven days after an election. Voters can still choose to cast their vote in person if they prefer.

Supporters of the policy have cheered the move, arguing that proactively sending ballots to registered voters increases turnout.

“Data shows that sending everyone a ballot in the mail provides voters access. And when voters get ballots in the mail, they vote,” the bill’s author, Assemblyman Marc Berman (D-Palo Alto), said during a Senate committee hearing in July.

Meanwhile opponents — mostly Republicans — have long cast doubts about the safety of mail-in voting, despite a lack of evidence to support their claims that it leads to widespread voter fraud. That strategy, however, has also faced notable pushback from some that a lot of Republicans who say it can actually hurt GOP turnout.

Others May Follow

The new legislation probably isn’t too surprising for California, where over 50% of votes cast in general elections have been through mail ballots since 2012, according to The Sacramento Bee. Now, many believe California will be followed by similar legislation from Democrats across the country as more Republican leaders move forward with elections bills that significantly limit voting access.

Newsome signed 10 other measures Monday changing election and campaign procedures, including a bill that would require anyone advocating for or against a candidate to stand farther away from a polling place. Another bill increases penalties for candidates who use campaign funds for personal expenses while a third measure increases reporting requirements for limited liability corporations that engage in campaign activity.

“As states across our country continue to enact undemocratic voter suppression laws, California is increasing voter access, expanding voting options and bolstering elections integrity and transparency,” Newsom said in a statement.

“Last year we took unprecedented steps to ensure all voters had the opportunity to cast a ballot during the pandemic and today we are making those measures permanent after record-breaking participation in the 2020 presidential election.”

The news regarding California came just in time for National Voter Registration day today, giving Americans another reminder to make sure they’re registered in their states. For more information on how to register, visit Vote.gov or any of the other resources linked below.

See what others are saying: (The Hill) (Los Angeles Times) (The Sacramento Bee)

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