Donald Trump’s taxes show he lost a staggering $1.17bn in 10 years
Washington — President Donald Trump’s taxes show that he lost $1.17bn over a decade starting in the mid-1980s, The New York Times reported on Tuesday.
Trump’s apparent losses are greater than nearly any other individual American taxpayer, so much so that he managed to avoid paying income taxes for eight of the 10 years.
Trump’s federal tax forms from 1985 show he reported $46.1m in losses from his main businesses, which consisted mainly of casinos, hotels and retail spaces in apartment buildings.
Over the course of the next 10 years, they continued to lose money, with losses totaling $1.17bn by 1994, the Times said.
The report comes the day after treasury secretary Steven Mnuchin denied Democratic legislators’ request for Trump’s tax returns, saying it “lacks a legitimate purpose”, raised constitutional questions and threatened taxpayer privacy.
“I am informing you now that the department may not lawfully fulfil the committee’s request,” Mnuchin said in a letter to House ways and means committee chair Richard Neal.
Mnuchin’s refusal after a month of deliberation appeared certain to spark yet another legal clash between the embattled president and congressional Democrats who now control the House of Representatives.