Speed Reads

Late Night Tackles Trump's Taxes

Stephen Colbert, Trevor Noah, and Seth Meyers have some thoughts on the $1 billion losses in Trump's taxes

Everyone has a theory about why President Trump is hiding his tax returns, Trevor Noah said on Wednesday's Daily Show. "Some people think it's because he cheated on his taxes, or because he took money from unsavory people. My conspiracy theory is that he's hiding the extra income he makes working part-time at TGI Fridays." But while "no one knows for sure what's hiding in Trump's taxes," he said, "last night The New York Times found out what he used to be hiding": $1.17 billion in losses from 1985 to 1994.

Yes, "for 10 years, Donald Trump might have lost more money than any person in America," Noah said, and this "is the same guy who claims to be the best businessman. That's like finding out Hugh Hefner died a virgin." But not everyone thinks this proves Trump is "a shady loser," he added, playing a Fox & Friends clip. "Here's the thing: Fox & Friends aren't outliers. Many Trump supporters feel Trump losing a billion dollar just shows how successful he was."

"Keep in mind, '85 to '94 was Trump's prime, those were his salad days — minus the salad," Stephen Colbert said at The Late Show. "Everything we thought we knew about Trump back then is a lie." He was bemused at Trump's tweeted defense and half-agreed with one part of the positive spin from Fox & Friends: "Yes, we've noticed he's a little different. If he were most people, he would either be in jail or napping on the couch while his children quietly discuss 'the next steps.'"

"This isn't just a story about Trump — we already knew he was a con artist," Seth Meyers said at Late Night. "It's also a story about the thing Trump cynically claimed to fix, the thing he actually benefitted from his entire life — the rigged system. Most regular people are one layoff or medical emergency away from a financial crisis, but this guy lost a billion dollars over 10 years and he ended up fine," mostly. Watch below. Peter Weber