On Tuesday, following the massive New York Times report that President Donald Trump took almost $1 billion in business losses over ten years in the late 80s and early 90s, and wrote it all off to pay zero federal income tax for eight of those years, award-winning tax journalist David Cay Johnston broke down how damning the revelations are for the president.
"This is entirely consistent with what I've been reporting on Donald for 30 years," said Johnston. "It's all a fraud. And Ross Buettner and Susanne Craig ... are journalistic Totos who have pulled back the curtain and revealed that the Wizard is actually a con artist."
"Donald has always claimed that he has these tremendous business deals," said Johnston. "What this shows is, it's nonsense, it's just made up by Donald. He creates his own reality. And this shows that his claim of being the modern Midas, that everything he touches turns to gold, no, it turns to dross."
"What he does say that's true is he had a lot of cash flow," Johnston added. "When he created his only publicly traded company, and ran it at least nominally for nine years, the investors were wiped out, the bondholders only collected pennies on the dollar, but Donald got $82 million out of it. That's what he does. He reaches in like a vulture, he sucks something dry, and he leaves the vendors unpaid, sometimes the workers unpaid. Ruins other people's businesses. And yet is held out in the press as this great business genius."