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New York Times Report Claims, Donald Trump’s Businesses Lost More Than $1 Billion During Early 90’s

House Democrats are trying to get their hands on Trump's tax returns from 2013 to 2018 as part of their investigation into the president's foreign business deals.

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Developer Donald Trump poses for photos outside the New York Stock Exchange after the listing of his stock in New York, June 7, 1995. VOA

Between 1985 and 1994, Donald Trump’s businesses lost more than $1 billion, allowing the future president to avoid paying federal taxes for eight of those 10 years, The New York Times reported Tuesday.

Trump portrays himself as a successful self-made entrepreneur and master dealmaker. However, he lost more money year after year than any other U.S. taxpayer, according to the Times, which did not use the actual returns but instead used information provided by someone who has access to the returns.

The bulk of Trump’s losses during that period came from his core businesses, including hotels, casinos and retail space inside apartment buildings.

FILE - Donald Trump ascends the stairs with his fist raised from the genie's lamp after opening the Trump Taj Mahal Casino Resort in Atlantic City, N.J., April 5, 1990. Behind Trump is the 42-story hotel.
Donald Trump ascends the stairs with his fist raised from the genie’s lamp after opening the Trump Taj Mahal Casino Resort in Atlantic City, N.J., April 5, 1990. Behind Trump is the 42-story hotel. VOA

They also include failed investments in an airline, a professional football team and unfinished plans for real estate developments.

According to the Times, Trump was able to maintain a life of luxury all those years because most of his money came from banks and bondholders who invested in the Trump empire. Trump also relied on his father’s wealth, according to the report.

But it appears Trump did not break any federal laws because the U.S. tax code allows people to deduct substantial business losses from their income taxes.

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They also include failed investments in an airline, a professional football team and unfinished plans for real estate developments. Pixabay

The White House has yet to respond to the Times story. But one of the president’s lawyers, Charles Harder, told the newspaper that the tax information it used was “demonstrably false.”

“IRS [Internal Revenue Service] transcripts, particularly before the days of electronic filing, are notoriously inaccurate … would not be able to provide a reasonable picture of any taxpayer’s return,” he told the Times.

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House Democrats are trying to get their hands on Trump’s tax returns from 2013 to 2018 as part of their investigation into the president’s foreign business deals.

Treasury Secretary Steven Mnuchin has so far declined, saying the request has no “legitimate legislative purpose.” (VOA)

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Samsung India Renews its Focus on AC Business to Become Top Player

Samsung currently sells ACs in the premium segment. The ACs coming next year will range from Rs 26,000 to Rs 70,000

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Samsung said it will expand its inverter AC lineup and make a re-entry into the window AC and on/off AC segments in 2020, thereby addressing 100 per cent of the Indian market. Wikimedia Commons

Electronics major Samsung India is renewing its focus on the air conditioner (AC) business in India and aims to become the top player in the country by 2022, a senior company executive said on Thursday.

To achieve this target, Samsung is aiming to double its AC business every year over the next two years and expand its product portfolio.

Samsung currently sells ACs in the premium segment. The ACs coming next year will range from Rs 26,000 to Rs 70,000.

“Our objective is to be in the top 3 in the next two years and become No. 1 by 2022 and we are very confident of achieving this as we become a full-range player in the AC business,” Rajeev Bhutani, Senior Vice President, HVAC division, Consumer Electronics Business, Samsung India, told IANS.

The AC business in India has been growing at a fast rate over the last few years. In 2019, it grew at around 25 per cent and is expected to maintain similar growth levels in 2020.

The growth is coming on the back of changing lifestyles, urbanisation, higher electrification across the country and also due to the fact that current AC penetration levels in the country are just at 5 per cent.

Samsung said it will expand its inverter AC lineup and make a re-entry into the window AC and on/off AC segments in 2020, thereby addressing 100 per cent of the Indian market.

Samsung
Electronics major Samsung India is renewing its focus on the air conditioner (AC) business in India and aims to become the top player in the country by 2022, a senior company executive said on Thursday. Wikimedia Commons

To drive the growth, Samsung has set up a separate heating, ventilating and air conditioning (HVAC) HVAC division within its consumer electronics business. This includes both room ACs and commercial ACs.

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To tap further into tier-II and III cities, Samsung will expand its network from 9,000 outlets to 14,000 pan India in the first half of 2020, strengthening its retail and distribution.

The company said it will also set up 300 exclusive HVAC stores in 2020, which will showcase Samsung AC both for homes and commercial uses, offering completed solutions. (IANS)