Newspaper: Trump lost more than $1 billion from 1985 to 1994
- Author: Darren Santiago May 09, 2019,
May 09, 2019, 0:30
Donald Trump waves to reporters with his wife, Ivana, as they board their luxury yacht in New York City in 1988.
Wouldn't you think someone who personally lost over a BILLION dollars ("more than almost any other taxpayer in America") be vulnerable to shady activity to get out of that hole?
Over the 10 years obtained by the newspaper, Trump reported a total of $1.7bn in losses.
Congressional Democrats have always been trying to force Trump to provide his tax returns, but the USA president has repeatedly stated the documents were being audited by the Internal Revenue Service and thus could not be released.
All of these losses came as Donald Trump published his ghostwritten book the "Art of the Deal" in 1987, which portrayed himself as a brilliant self-made business mogul. This may well mean he has good accountants, but it does not make Trump a smart businessman.
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Trump, starting at the age of 3, received at least $413 million in today's dollars from his father's real estate empire, the Times previously reported.
The report indicated that Trump was able to use these losses to avoid paying taxes in eight of the 10 years covered by the tax documents, which the Times said were acquired from a source "who had legal access to it".
Officials in New York state are also taking steps to seek the president's tax returns, the New York Times has reported. The Times then matched the information to figures in the public database of IRS information on top earners, where identifying details are removed.
Meanwhile, the congressional battle over Trump's more recent tax returns rages on, as Treasury Secretary Steve Mnuchin maintains that he will not release the records to congressional Democrats.
Because most of his businesses were not created as partnerships, Trump was on the hook for federal income taxes.
He broke with a decades-old precedent by refusing to release his tax returns as a presidential candidate or since being elected, saying he could not do so while his taxes were being audited.