Losing money in business is part of the risk of entrepreneurship. For the left in America to raise tax losses as an example of anything only shows their ignorance, and the ignorance of the people who follow them.
This is Rush Limbaugh: Trump Discussed His Business Losses on The Apprentice!. In fact, he wrote them up in one of his books where he discussed the importance of luck in getting things to turn out right. The left are repulsive in so many ways, with this just one more. The video, by the way, is a treat.
RUSH: I have here a show open from Donald Trump on The Apprentice. I want you to listen to how Trump introduced himself as The Apprentice debuted on the NBC network.
TRUMP: My name is Donald Trump, and I’m the largest real estate developer in New York. I own buildings all over the place, model agencies, the Miss Universe pageant, jetliners, golf courses, casinos, and private resorts like Mar-a-Lago, one of the most spectacular estates anywhere in the world. But it wasn’t always so easy. About 13 years ago, I was seriously in trouble. I was billions of dollars in debt. But I fought back, and I won, big league. I used my brain. I used my negotiating skills, and I worked it all out. Now my company’s bigger than it ever was and stronger than it ever was, and I’m having more fun than I ever had.
RUSH: So the New York Times is breaking these news stories three years ago and then yesterday that Trump lost a billion dollars, that Trump didn’t pay any taxes, that Trump’s a lousy businessman. Trump admitted it all! He admitted it all when doing his intro to the TV show The Apprentice. Trump has never hidden this, by the way.
And yet the New York Times twice now has acted like they have uncovered and discovered the biggest secret Donald Trump wants no one to know, when in fact Donald Trump has bragged about it, talked about it, written books about it. The New York Times has hailed him as the comeback kid. I’ll tell you, folks, the desperation on the part of the left is getting tough to watch here.
RUSH: By the way, that Trump sound bite we just played from The Apprentice in 2004, like 15 years ago. People are making fools of themselves and don’t know it yet, so they’re gonna keep doing it. And we’ll keep monitoring and pointing it out to you.
There is also a discussion of this same idiocy at Ace of Spades: New York Times Bombshell Nothingburger: During the Period When Four of Trump’s Businesses Notoriously Declared Bankruptcy, Trump Himself Suffered Losses and Paid Little Income Tax on the Money He Was Not Actually Making (Due to the Bankruptcies). This comes at the end:
If memory serves, when Twitter and FaceBook-approved Conspiracy Theorist Rachel Maddow announced her BLOCKBUSTER! (nothingburger) Trump tax leak, it turned out that much of the losses in some years was just carried-forward losses from earlier YUGE years of losses.
The idea of this is simple: Let’s say in one year you are absolutely wiped out. You lose one hundred million, and pay no tax.
The next year you earn $100 million.
How should you be taxed? You weren’t taxed that one year you lost $100 million. But should you pay normal tax rates for the next year — say, $50 million in federal taxes.
Or would a rational tax code look at these two years together and say that really, for both years combined, you actually made about zero dollars cumulatively?
Legislators have decided taxing half your money that second year wouldn’t be a fair representation of your actual multiyear-term income, and so they let you take the losses from that one year and carry them over to reduce your income in later years.
But you know, we’re in the End Times now, the Time of Chaos, and Democrats and their media masters (yeah, it’s the media calling the shots now, especially social media tech monsters) will decide that following the law is now against the law.