Donald Trump once lost $50 million of his daddy’s Money when he was only 33 years old. So much for the image he created for himself as a successful businessman — he pays no taxes, stiffs small businesses and left a trail of destruction for employees in the aftermath of his bankruptcy filings. He’s a hypocrite.
Newsweek’s Kurt Eichenwald is out with a new bombshell that Trump would have gone bankrupt hadn’t his father bailed him out. Donald Trump’s rise to fame was on his father’s back, which Hillary Clinton reminded him of during the first presidential debate. But this latest revelation proves that Donald Trump has never been a good businessman:
All of the tax information that has been publicly revealed — The Washington Post published figures for 1978 and 1979 in May, Politico reported in June he had paid no taxes in 1991 and 1993, The New York Times published 1995 information last week and further information from the 1970s show the same thing: Trump paying little or no taxes because of poor financial performance and huge mistakes he made in his business. Trump has steadfastly refused to release any tax returns on his own, but the headline numbers for the eight years of financial returns that have now been disclosed demonstrate that Trump’s self-celebrated business genius is a pose.
Eichenwald says Trump was “unable to control his spending,” loading “himself up with debt from the credit line in an apparent belief that he could make enough money through other deals and investments to cover the interest payments.”
Eichenwald reveals Donald Trump runs the ultimate shell game by racking up debt:
“In 1978, the same year that Fred Trump set up the credit line for his son at Chase Manhattan, Trump’s personal finances collapsed. By then, he had borrowed $38 million from his line of credit—the bank adjusted the available amount up by $3 million when Trump exceeded his credit limit.”
Mr. Trump likes to use other people’s money to finance his lifestyle and settle lawsuits because he doesn’t have as much as he claims:
Moreover, the tax records show that, even in the years leading up to Trump’s first big losses, Trump’s personal income failed to rise above the level of comparatively minuscule. He reported $76,210 in income to the Internal Revenue Service for 1975; $24,594 in 1976; and $118,530 in 1977. In other words, his losses in 1978 totaled almost twice his combined income from 1975 through 1977. His 1979 losses were 15 times his combined income for those three years.
The business acumen Donald Trump likes to brag about is as fictitious as unicorns. Mark Cuban said it right in his tweet to Eichenwald’s bombshell: “So Donald Trump lost more than $50mm of daddy’s money by the age of 33. Born on 3rd base, stranded on 1st.” It’s pretty clear that Trump isn’t as successful or smart as the image he is portraying to the world. He’s a self-made hypocrite and pathological liar whose idol-worship of himself is an illusion.
‘Genius’ Donald Trump Once Lost $50 Million of His Daddy’s Money When He Was 33
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