NY Times Attacks Trump's 1995 Tax Records -- But in 1995 Crowned Him 'The Comeback King'

Consistency never has been liberals' strong suit.

10.3.2016 

 

News

 

 Tiffany Gabbay 

 

6

4716

"Crowning the comeback king."

That was the praiseworthy headline of a 1995 New York Times profile on Donald Trump that marveled at his rebound from financial difficulty following the 1980s real estate collapse. The article is replete with flattering quotes from fellow business and civic leaders who praised Trump for his undeniable "comeback" and awarded him with a special honor. 

To reiterate, the New York Times published an article touting Trump's "comeback of the decade" in 1995 -- yet now the outlet is attempting to spin that his 1995 tax records show he was a business failure that same year? Let's take a quick look again at the praise the Times lavished on Trump this very same year: 

Mr. Trump, the developer who came to epitomize opulent wealth during the 80's before tumbling into deep financial trouble, has managed to erase much of his debt and is moving ahead with major projects at a time other developers are idling. 

Judging from the attention showered on him yesterday at the Union League Club, some of New York's civic and business leaders are quite captivated by Mr. Trump, despite the financial uncertainties that still surround some of his properties. 

But the operative word at the luncheon was comeback, though Mr. Trump might dispute that he ever went far away. William D. Fugazy, the limousine magnate and chairman of the Forum Club, the group of business and civic leaders that sponsored the luncheon, presented Mr. Trump with a boomerang encased in glass. "You throw it and it always comes back," he said as he handed it over. 

In a flattering speech, Lieut. Gov. Betsy McCaughey called Mr. Trump "the comeback kid." Charles A. Gargano, who as chairman of the Empire State Development Corporation is himself considered one of the new powers of the state, joked about a Perot-Trump presidential ticket. "He would be the most loved Vice President since Spiro T. Agnew," he said. Mr. Gargano, who heads the state's economic development efforts, added, "Thank you for your tax dollars."

"In addition to his real estate ventures, revenues are strong throughout the casino business, where Mr. Trump is one of the most noteworthy operators, owning three gaming establishments in Atlantic City," The Times wrote before quoting a business associate who called a "vibrant" Trump's comeback undeniable.

Now The Times is positively giddy, having just published Trump's tax documents from 1995 and asserting it shows the GOP "could have avoided paying taxes for two decades." What the documents show, rather, is that Trump declared $916 million in losses -- likely the very same losses cited here in the New York Times 1995 "comeback" profile and that were carried over to subsequent years: 

After the collapse of the real estate market of the 1980's, Mr. Trump's company was left holding some $8.8 billion in debt, causing his personal net worth to drop to a low of about $1 billion in the red by 1991.  But since then, his fortunes have changed. [...]

The loss resulted in Trump not having a tax liability in certain years following. That is a far cry from "avoiding" paying taxes.

For the record, it also seems the New York Times did not pay taxes in 2014. Political commentator Joel Pollak unearthed a Forbes piece noting the media outlet's tax relief in 2014: 

… for tax year 2014, The New York Times paid no taxes and got an income tax refund of $3.5 million even though they had a pre-tax profit of $29.9 million in 2014. In other words, their post-tax profit was higher than their pre-tax profit. The explanation in their 2014 annual report is, “The effective tax rate for 2014 was favorably affected by approximately $21.1 million for the reversal of reserves for uncertain tax positions due to the lapse of applicable statutes of limitations.” If you don’t think it took fancy accountants and tax lawyers to make that happen, read the statement again.

What's more, it appears the New York Times obtained and published Trump's tax documents illegally -- but then, laws are for "little people," right? 

(1995 "comeback kid" h/t WeaselZippers)