Tax Documents Show Trump Businesses Lost More Than $1 Billion in a Decade, Report Says

President Donald Trump’s businesses reported losses of $1.17 billion from 1985 to 1994, The New York Times reported Tuesday, citing information from tax documents from those years.

It appears Trump lost more money than nearly any other individual U.S. taxpayer year after year, the Times reports, according to the 10 years of tax information the newspaper acquired.

Trump ran for president branding himself as a self-made billionaire, touting his financial success, but he has been steadfast in his refusal to release his tax returns to the public, despite mounting pressure from Congress. On Monday, Treasury Secretary Steven Mnuchin formally denied a request from the House Ways and Means Committee for Trump’s last six years of tax returns, a period not covered by the documents reported by The Times on Tuesday.

In 1990 and 1991, Trump’s core business losses were more than $250 million each year – more than double those of the closest taxpayers in those years, the Times reports.

Trump lost so much money that he avoided paying income taxes for eight of the 10 years, according to the newspaper.

The Times previously reported that Trump helped “his parents dodge taxes” in the 1990s, including “instances of outright fraud,” and that he and his siblings helped his parents hide millions of dollars in gifts in a “sham corporation.”

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 Times did not obtain Trump’s tax returns, but someone who had legal access to the returns gave the newspaper information about their contents. The Times then matched the information to figures in the public database of IRS information on top earners, where identifying details are removed. The Times used other public documents to confirm significant findings, and used confidential Trump family tax and financial records the newspaper had previously acquired.

Several weeks ago, a senior White House official told the Times, “The President got massive depreciation and tax shelter because of large-scale construction and subsidized developments. That is why the President has always scoffed at the tax system and said you need to change the tax laws. You can make a large income and not have to pay large amount of taxes.”

CNN has reached out to the White House for comment on the Times report.

On Saturday, Charles J. Harder, a lawyer for the President, told the Times that the tax information the newspaper acquired was “demonstrably false” and that the Times’ statements “about the President’s tax returns and business from 30 years ago are highly inaccurate.” He didn’t cite any specific errors, according to the newspaper.

On Tuesday, Harder told the Times, “IRS transcripts, particularly before the days of electronic filing, are notoriously inaccurate” and “would not be able to provide a reasonable picture of any taxpayer’s return.”

15 comments

  • Rusty Knyffe

    In my many decades, I have never, ever seen such an attack against a President. Two years and how much was spent? How many interviews? How many subpoenas? How many man-hours (yeah, I typed “MAN”)? All of this in an attempt to destroy one man…

    I am NOT a fan of DJ Trump. However, I have to say that he never put himself forward as anything other than what he has always been. I’ve never witnessed such mass-meltdowns in my entire life. Nor have I ever seen the level of SJWism that began in the Obamanation years. Yeah, POTUS is ill-mannered, ill-tempered, and certainly not a lawmaker. But, this is where we got ourselves because we, as a Nation, became complacent. So, instead of spending tax payer dollars in this futile effort, these lawmakers (have to laugh) need to get down to the business of taking care of their constituents instead of putting so much time, money, and energy into this outrageous endeavor.

  • yabbadabbadude

    Sing along, dems – (to the tune of “I Have A Never-Ending Love For You)…
    ‘We have a never-ending hoax for you
    From now on, that’s all we’re gonna do
    From the day Trump was sworn in, it’s true
    We’ll have a never-ending string of hoaxes for you.’

    Hahahahahahahahahaha…

  • yabbadabbadude

    The NYT ‘conveniently’ left out the NYC real estate crash from 1988 to 1995. Not only did Trump lose money then but so did every other real estate investor in town. I smell democrat desperation here, and it smells like VICTORY.

  • fortisveritas

    Kids in cages: Failed. Sex scandal: Failed. Kavanaugh appointment block: Failed. Collusion: Failed. Taxes: Will fail. Never before in the history of the Presidency has a faction attempted to destroy the POTUS with such BS. What are they afraid of? Exposure? Their corruption? Stay strong Mr. President – true Americans and patriots have your back, and your vote come 2020.

    • Jimi Dauber Marchese

      Are you high? Or you were just under a rock from 08-16?
      No other POTUS has been treated so badly. Aren’t you cute.

      • fortisveritas

        Never been high, but I’ve been under a few rocks when exploring caves. Obama treated worse than Trump? You’re joking, right? How many celebrities paraded around with his bloody, severed head? How many celebrities dreamed of blowing up the White House or ‘taking Trump out back’ for a beating? Was every episode of SNL an Obama hate-fest? Was every morning talk show with a bunch of cackling old crows an Obama smack-down? Give me a freaking break. Every President has faced criticism and parody. No President EVER has had to endure the daily onslaught of belligerence and hatred like 45.

  • straubdavid9

    ZZZZZzzzzzzzzzzzzzz …… when you make a boat load of money, losing a dingy is inevitable ~8^)

  • Hey You (@ThatGuy1903)

    So what…that’s business…. some win some fail…look at CNN numbers….there laying workers off as we speak…..next year they may be hiring…..making something out of nothing.

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