Fox's Newt Gingrich: Trump's tax returns showing $1 billion in losses are "actually an argument for the Trump tax cuts"
Gingrich: Trump "was clever about what he was able to do with the tax code and, in fact, the other taxpayers helped make him rich because he did legally what he is allowed to do"
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From the May 8 edition of Fox News' Fox & Friends:
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BRIAN KILMEADE (CO-HOST): All right. Joining us now is Newt Gingrich, who I don't think has bought buildings, casinos, or golf courses yet. But I actually thought this was flat-out fascinating over the last 10 years. At a time at which the market crashed he bought stuff. When things weren't making money yet he bought out his partners. And a lot of this stuff turned around. But along the way Newt, you're a big businessman too in your own right, you take writeoffs to incentivize more risks.
NEWT GINGRICH (FOX NEWS CONTRIBUTOR): Tiny.
KILMEADE: Right, so I found this whole thing fascinating -- did the New York Times, in illustrating this, actually hurt their own cause?
GINGRICH: Well, I mean, first of all, just assume that the New York Times is the mortal enemy of President Trump. It would be fun, for example, to challenge the owner of the New York Times to release all of his tax returns and find out how many loopholes and shelters the New York Times and the family have taken over the last 30 or 40 or 50 years. It would be fascinating to have Nancy Pelosi release her family tax returns and find out how many different things they've done, because they're pretty rich. And what you find is, look, Donald Trump knew he was going to be audited. He was a very serious businessman. He had very good lawyers, very good accountants. But this is actually an argument for the Trump tax cuts. When you lower taxes, there is less reason to have shelters. And when you lower taxes, there is less reason to create losses for tax purposes. So in a very real way, the Trump tax cuts are vindicated by the New York Times story. But every American should ask themselves: How sick do you get when the New York Times and the Washington Post go out of their way day after day after day to find an excuse to attack the president of the United States?
AINSLEY EARHARDT (CO-HOST): Well this was the headline in the New York Times: "Decade in the red: Trump tax figures show over $1 billion in business losses." How much does this really matter though? I mean, maybe it would have mattered in 2016 but now look at the economy. Is this more of just interesting information or will it really sway the way people vote?
GINGRICH: Oh, sure. Look, we live in the age of the Kardashians and the New York Times has managed to descend to that level. The fact is, let's be clear, Donald Trump is rich, and this is not a shock. He announced for president at Trump Tower, coming down this giant escalator into this marble room --
EARHARDT: That he built.
GINGRICH: -- and it's kind of obvious that he's rich. Apparently he was clever about what he was able to do with the tax code and, in fact, the other taxpayers helped make him rich because he did legally what he is allowed to do. And I repeat what I said a minute ago. I would love to see the Sulzberger family release all of their records, show us all the different tax advantages that their companies have taken over the years. How did they do, for example, when they sold the Boston Globe? I think that this kind of one-sided, dishonest attack is part of what is sickening American politics and making it harder to get decent people to run.