alternet logo

Tough Times

Demand honest news. Help support AlterNet and our mission to keep you informed during this crisis.

Bob Brigham

‘It was all a hoax’: NYT destroys Trump’s claims of business success in second blockbuster on his taxes

President Donald Trump's tax returns have resulted in a second bombshell story by The New York Times.

"From the back seat of a stretch limousine heading to meet the first contestants for his new TV show "The Apprentice," Donald J. Trump bragged that he was a billionaire who had overcome financial hardship. 'I used my brain, I used my negotiating skills and I worked it all out," he told viewers. "Now, my company is bigger than it ever was and stronger than it ever was.' It was all a hoax," the newspaper reported Monday evening.

"Months after that inaugural episode in January 2004, Mr. Trump filed his individual tax return reporting $89.9 million in net losses from his core businesses for the prior year. The red ink spilled from everywhere, even as American television audiences saw him as a savvy business mogul with the Midas touch. Twelve years later, that image of the self-made, self-saved mogul, beamed into the national consciousness, would help fuel Mr. Trump's improbable election to the White House," The Times reported.

"But while the story of "The Apprentice" is by now well known, the president's tax returns reveal another grand twist that has never been truly told — how the popularity of that fictional alter ego rescued him, providing a financial lifeline to reinvent himself yet again. And then how, in an echo of the boom-and-bust cycle that has defined his business career, he led himself toward the financial shoals he must navigate today. Mr. Trump's genius, it turned out, wasn't running a company. It was making himself famous — Trump-scale famous — and monetizing that fame," the newspaper reported.

The NBC show "The Apprentice" made Trump over $400 million.

"By analyzing the tax records, The New York Times was able to place a value on Mr. Trump's celebrity. While the returns show that he earned some $197 million directly from 'The Apprentice' over 16 years — roughly in line with what he has claimed — they also reveal that an additional $230 million flowed from the fame associated with it," the newspaper reported.

When contacted, the Trump campaign complained about the newspaper reporting on Trump's finances before Tuesday's debate.

"In response to a request for comment, a White House spokesman, Judd Deere, did not dispute any specific facts," the newspaper reported. "Instead, he delivered a broad attack, calling the article 'fake news' and 'yet another politically motivated hit piece full of inaccurate smears' appearing 'before a presidential debate.'"

Regardless, the newspaper provided details.

"This article is based on an examination of data from those returns, which include personal and business tax filings for Mr. Trump and his companies spanning more than two decades. Every dollar is disclosed for the first time: $8,768,330 paid to him by ACN, a multilevel marketing company that was accused of taking advantage of vulnerable investors; $50,000 from the Lifetime channel for a "juicy nighttime soap" that never materialized; $5,026 in net income from a short-lived mortgage business; and $15,286,244 from licensing his name to a line of mattresses," the newspaper reported. "Mr. Trump was not terribly discriminating in his choice of endorsements. He slapped his name on everything from steaks and vodka to a board game and cologne."


Trump tells supporters he won’t be ‘stupid’ enough for peaceful transition of power if he loses

President Donald Trump continued to spread debunked conspiracy theories about the 2020 presidential election during a Friday night campaign rally in Virginia.

Trump argued that it was impossible for him to lose the election, thus concluding he would be "stupid" to hand over power peacefully should he lose.

"We not gonna lose this, except if they cheat," Trump falsely claimed about the 2020 campaign, where he trails Joe Biden in national and battleground polling.

"That's the only way we're gonna lose is if there's, uh, mischief," he argued. "And it will have to be on a big scale."

"And we do want a very friendly transition, but we don't want to be cheated and be stupid and say, 'oh, let's transit -- we'll go and we'll do a transition' and we know that there were thousands and thousands of ballots that made the difference through cheating," he said, repeating the debunked conspiracy theories.

"We're not going to stand for it," he vowed. "We're not going to stand for it."

Here's how CNN fact-checker Daniel Dale described it:

https://twitter.com/ddale8/status/1309675473178439680

Attorney George Conway suggests two ‘great’ questions — that Trump can’t answer

Prominent Republican attorney and Lincoln Project member George Conway on Monday offered his analysis of how reporters should question President Donald Trump.

Keep reading... Show less

Lincoln Project releases devastating new ad against vulnerable Republican Lindsey Graham

The chair of the Senate Judiciary Committee had his own words used against him in a hard-hitting new ad from the Lincoln Project.

Keep reading... Show less

Mitch McConnell is ‘immune to shame’ and charges of hypocrisy — but he has one key weakness that could impact the Supreme Court fight

Since the passing of Justice Ruth Bader Ginsburg, Democrats have repeatedly pointed out the hypocrisay of Republicans seeking to force through a Supreme Court during an election year after arguing against doing so after Barack Obama nominated Merrick Garland in 2016.

Keep reading... Show less

Pharma official reveals the White House sought an '11th-hour political boost' for Trump's election: NYT

White House efforts to help Donald Trump politically before the 2020 presidential election prevented America’s seniors from receiving $150 billion in prescription drug price relief.

Keep reading... Show less

Donald Trump mocked for 95-minute 'slurring' campaign speech -- before crowd 'packed in like sardines' in Wisconsin

President Donald Trump gave a fear-filled and factually inaccurate campaign rally in Mosinee, Wisconsin on Thursday.

Keep reading... Show less
BRAND NEW STORIES