If Trump's rich dad hadn't bailed him out in 70s-Trump would forgotten, failed real estate developer

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Moreover, the tax records show that, even in the years leading up to Trump’s first big losses, Trump’s personal income failed to rise above the level of comparatively miniscule. He reported $76,210 in income to the Internal Revenue Service for 1975; $24,594 in 1976; and $118,530 in 1977. In other words, his losses in 1978 totaled almost twice his combined income from 1975 through 1977. His 1979 losses were 15 times his combined income for those three years.

No one could withstand these types of losses given the comparatively paltry amount of money available to offset them. So Trump took the same route he did for the rest of that decade and in decades to come: He borrowed more to keep himself afloat. Apparently, no bank would lend him additional amounts, so he turned to his father to rescue him. On September 24, 1980, Fred Trump arranged for a series of loans totaling $7.5 million to his son, which Donald Trump used to pay down some of the debt on his personal credit line. That same day, one of the Trump family’s companies, Trump Village Construction Corporation, lent Donald Trump an additional $976,238. All of the loans could be paid back at any time, and Donald Trump was not liable for any of the interest payments on them. Again, the rich are different.

The bottom line—no pun intended—is this: Trump is not a self-made man. He is a self-made disaster who only avoided personal bankruptcy thanks to his father being there to clean up his messes. In other words, if Trump really was the businessman he pretends to be—an executive who made it on his own through sheer grit and determination, rather than through his family’s ability to bail him out—today he would not be the Republican nominee for president, but instead just another forgotten footnote in the annals of New York real estate development.



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http://www.newsweek.com/donald-trump-federal-income-tax-records-506713