President Trump’s best-selling book, “Trump: The Art of the Deal,” should go out of print, according to the book’s ghostwriter, reports The Hollywood Reporter.
“Given the Times report on Trump’s staggering losses, I’d be fine if Random House simply took the book out of print. Or recategorized it as fiction,” writer Tony Schwartz said on Twitter Wednesday.
Earlier this week, The New York Times reported that Trump sustained $1.17 billion loss over a decade, resulting in him being unable to pay taxes for that period of time. His losses were apparently so extreme that he avoided paying taxes until 2005.
“By the time his master-of-the-universe memoir ‘Trump: The Art of the Deal’ hit bookstores in 1987, Donald Trump was already in deep financial distress, losing tens of millions of dollars on troubled business deals, according to previously unrevealed figures from his federal income tax returns,” the report said. “Trump was propelled to the presidency, in part, by a self-spun narrative of business success and of setbacks triumphantly overcome. He has attributed his first run of reversals and bankruptcies to the recession that took hold in 1990. But 10 years of tax information obtained by The New York Times paints a different, and far bleaker, picture of his deal-making abilities and financial condition.”
Following the report, Schwartz feels that everything written in “Art of the Deal” has been officially debunked, referring to Trump as a horrible businessman and a “tax cheat.”
“So The New York Times reports that Trump reported losses on his tax returns of more than $1.1 billion in ten years — more than any American taxpayer. Worst businessman ever? Biggest tax cheat? It’s one or the other — and very likely both,” Schwartz tweeted.
“Thelegal [sic] implications of Trump’s staggering losses may have very little to do with the amount of money he lost — although he was clearly a terrible businessman — than with the fact that he likely committed vast tax fraud in claiming the level of losses he did,” he later added.
Trump denounced the report as “inaccurate” in a detailed tweet about how companies were entitled to massive write-offs in the 80s and 90s.
“Real estate developers in the 1980’s & 1990’s, more than 30 years ago, were entitled to massive write-offs and depreciation which would, if one was actively building, show losses and tax losses in almost all cases. Much was non-monetary. Sometimes considered ‘tax shelter,'” he tweeted. “You would get it by building, or even buying. You always wanted to show losses for tax purposes … almost all real estate developers did – and often re-negotiate with banks, it was sport. Additionally, the very old information put out is a highly inaccurate Fake News hit job!”
“The Art of the Deal” remained on The New York Times best-seller list for 51 weeks. Speaking with The New Yorker in 2016, Schwartz expressed regret for his role in bringing the book to light, saying he presented Trump in a way that catapulted him to become a pop-cultural sensation.
“I put lipstick on a pig,” Schwartz said at the time. “I feel a deep sense of remorse that I contributed to presenting Trump in a way that brought him wider attention and made him more appealing than he is.”
Instead, Schwartz prefers that “The Art of the Deal” be retitled “The Sociopath.”