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Trump had the biggest financial loss in America — and used it to get out of paying 8 years of taxes: report

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On Tuesday, The New York Times released information obtained from ten previously unaccounted-for years of President Donald Trump’s tax returns from an IRS source.

According to the Times, “Mr. Trump appears to have lost more money than nearly any other individual taxpayer, according to the I.R.S. information on high earners.” His core businesses reportedly lost $250 million a year between 1990 and 1991, due in part to his disastrous decision to buy his own airline — losses more than double those of taxpayers with similar holdings.

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Moreover, Trump apparently used these losses “to avoid paying taxes on future income,” banking hundreds of millions of dollars worth of “net operating losses” that allowed him to completely skip paying income tax for eight years. In fact, his operating losses accounted for fully 1 percent of all taxable income in the United States that was exempted from IRS collections this way in 1991.

While this new information is a bombshell, the actual tax returns themselves are still concealed and many sources of income for Trump remain unknown.

Trump has fought tooth and nail to keep his tax returns hidden, even though presidents from both parties over the last 40 years have generally disclosed at least some of this information to the public. House Democrats have recently invoked federal law to demand the Treasury Department furnish his returns to Congress, which Treasury Secretary Steve Mnuchin has defied.


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Here is how the 99% can force the 1% to defeat COVID-19

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The government's response to the pandemic has further enriched the wealthy, while everyday people, especially Black and Brown workers, face sickness, death, and destitution. Government handouts to the rich are unsurprising, since they repeat the century-old pattern of "rescue packages", but another pattern is more perplexing: why have business leaders not stepped up to demand a robust public health response, which would ultimately be in their own self-interest? The titans of industry have mostly stood by in the face of Trump's criminal negligence, which has devastated much of the 99% but also endangers the wealthy.

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Trump Organization planning ‘high-end’ retirement community — with 225 properties — on foreign soil: report

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The Trump Organization is planning a massive real estate development, according to a new report by Martyn McLaughlin in The Scotsman.

"In what would be one of the most ambitious and expensive foreign projects undertaken by Donald Trump’s family business since he assumed the presidency, his company has commissioned a detailed masterplan to develop as many as 225 properties, as well as leisure facilities and shops, on an expanse of rolling farmland adjacent to Turnberry’s lauded Ailsa course, a four-time host of golf’s Open Championship," the Scottish newspaper reported.

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WATCH: Video shows how Trump makes his caddie hang on to the back of the golf cart

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Despite the ongoing coronavirus pandemic and economic catastrophe, the leader of the free world spent the weekend golfing at his private, for-profit golf course in Virginia.

For the second day in a row, Donald Trump's presidential motorcade traveled to Trump National Golf Club in Sterling, Virginia.

"Today marks the president’s 86th day trip to Sterling," reported HuffPost correspondent S.V. Dáte, who was the White House pool reporter for print covering the day's events.

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