The more the public learns about the past business dealings of Republican presidential nominee Donald Trump, the less impressed they should be with his already abysmal resume. The New York Times uncovered Trump lost $916 million in 1995, and has potentially not paid a nickel of taxes since. Now new revelations from a shocking investigation by Newsweek has found that the depths of Trump’s business failures goes back decades, and that his entire organization would have gone belly-up if he had not been bailed out by a timely loan from his father. No, not the $1 million he brags about as if it was chump change. He borrowed far more in the 1970s.
Tax records for Trump have been recovered from 1975 – 1977. Trump touts himself as a fabulous businessman, but in 1975 he earned $76,210. In 1976 he only earned 24,591. In 1997 he earned $118,530, which is a far cry from what he claims to have been worth. Then in 1978 Trump reported personal losses of $406,379. Finally the shoe dropped for Trump and in 1979 he lost $11.2 million in “constant dollars.” However his father, the actual successful businessman Fred Trump, extended to his failure of a son a line of credit to the tune of $35 million from Chase Manhattan. Trump, however, couldn’t even keep his spending under control and the credit line had to be inflated by $3 million more.
While Trump bragged on “The Apprentice”, “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.” the record of his dealings show something entirely different. He won nothing. He was handed a victory. He was born rich, and had he not been he likely would be poor like the majority of Americans.