The Colorado senator called the president's tax losses of more than $1 billion earlier in his career—and the subsequent dodging of taxes—the “best example lately of socialism in this system.”
Presidential candidate and Democratic Senator Michael Bennet equated President Donald Trump’s business losses of more than $1 billion earlier in his career—and the subsequent dodging of taxes—to socialism, a term the president constantly berates and accuses Democrats of trying to invoke through certain policy proposals.
“That’s an amazing thing,” Bennet told a group of supporters, according to video of his remarks. “There are rich people all over America, and none of them lost more money than Donald Trump.”“Then, Donald Trump says, ‘no, no, I didn’t lose that money,’” Bennet continued. “Because, he said, ‘I’m the greatest businessman in the world. I just was able to write that stuff out of my taxes.
Trump’s explanation for the losses and ability to skirt paying taxes came in tweets, where he said that “ Real estate developers in the 1980’s & 1990’s…were entitled to massive write offs and depreciation which would, if one was actively building, show losses and tax losses in almost all cases. ” He added that “ You always wanted to show losses for tax purposes… and often re-negotiate with banks, it was sport.
With Senator Bernie Sanders’ presidential announcement, who describes himself as a Democratic-socialist, the Trump campaign responded by predicting that “every candidate is embracing his brand of socialism.” And at his State of the Union address, Trump said he was"alarmed by the new calls to adopt socialism in our country.
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