🔎 Axios PM: Trump's red ink

Plus: Confetti "flight test" | Friday, December 30, 2022

Open in app View in browser   Presented By BlackRock   Axios PM By Mike Allen · Dec 30, 2022 🥳 Happy Friday, and thank you for a winning year. PM will see ya in '23. Today's PM — edited by Kate Nocera — is 463 words, a 2-min. read. Thanks to Mickey Meece for the copy edit.     1 big thing: Trump's red ink Data: Axios research/IRS. Chart: Tory Lysik/Axios Visuals House Democrats released former President Trump's tax returns, which show his sprawling empire was awash in a sea of red ink from 2015-2020, Axios managing editor Javier E. David reports. During the six-year period covered by the tax returns, Trump's primary holding company, DJT Holdings LLC, accumulated in excess of $313 million in reported losses. Between the lines: During each of those years, DJT Holdings reported assets north of $600 million, which in theory would be sufficient to cover those paper losses. The complicated U.S. Tax Code allows companies to carry losses for years on end — just one area that critics say is ripe for reform. Trump responded to the document release saying his returns "once again show how proudly successful I have been and how I have been able to use depreciation and various other tax deductions as an incentive for creating thousands of jobs and magnificent structures and enterprises." Trump's personal tax returns showed his tax liability, with Melania, fluctuated between almost $1 million at its peak and zero at its lowest during the six-year period. What we're watching: During their last hybrid conference ahead of next year's new Congress, House Republicans debated how — or if — they should weaponize any of President Biden's returns in light of the disclosure, multiple sources on the call told Axios' Alayna Treene. Read the returns.     2. ⚖️ Arrest in mysterious Idaho deaths A flier seeks information about the killings of four University of Idaho students. Photo: Ted S. Warren/AP A suspect in the killings of four University of Idaho students was arrested in Pennsylvania today. The murders of Kaylee Goncalves, Madison Mogen, Xana Kernodle and Ethan Chapin in Moscow, Idaho, had baffled law enforcement for weeks. The four were found stabbed to death in a home near the school in November. Bryan Christopher Kohberger, 28, was being held for extradition to Idaho on a warrant for first-degree murder, AP reports. He was arrested by Pennsylvania State Police at a home in Chestnuthill Township.     A message from BlackRock Invested in the future of retirees     All across the country, people are working hard to build a better future. So, we are hard at work, helping them achieve financial freedom. At BlackRock, we are proud to manage the retirement plan assets of over 35 million Americans. Learn more.     3. Catch up quick In 1922, Soviet founder Vladimir Lenin (left) and Soviet leader Joseph Stalin sit in a park just outside Moscow. Photo: AP ☭ 100 years ago today: Five years after the overthrow of Russia's czar, a treaty was signed on Dec. 30, 1922, to create the USSR — the Union of Soviet Socialist Republics. For decades, the brutal communist state loomed over the world. Go deeper. President Biden's chief antitrust official, Tim Wu, is departing the White House, Axios' Ashley Gold reports. Fidelity has slashed its carrying value of Twitter by 56% during the first month of Elon Musk's ownership, Axios' Dan Primack reports. Go deeper.     4. 🎊 1 fun thing: New Year's practice Photo: Timothy A. Clary/AFP via Getty Images Organizers run a confetti "flight test" in Times Square ahead of tomorrow's New Year's Eve celebration. 1.5 tons of confetti will fly at midnight. More fun facts. Photo: Timothy A. Clary/AFP via Getty Images Minute-by-minute schedule for Times Square New Year's Eve.     A message from BlackRock What's behind sinking confidence around retirement investing?     Inflation and COVID-19 have taken a toll on people's ability to invest for retirement. BlackRock's 2022 Read on Retirement research explores how various generations are approaching life after work. Learn about BlackRock's commitment to providing retirement income solutions for Americans.   Are you a fan of this email format? Your essential communications — to staff, clients and other stakeholders — can have the same style. Axios HQ, a powerful platform, will help you do it.   Axios thanks our partners for supporting our newsletters. Sponsorship has no influence on editorial content. Axios, 3100 Clarendon B‌lvd, Arlington VA 22201   You received this email because you signed up for newsletters from Axios. To stop receiving this newsletter, unsubscribe or manage your email preferences.   Was this email forwarded to you? Sign up now to get Axios in your inbox.   Follow Axios on social media: