DECADE IN THE RED: Trump Lost More Than $1 BILLION From 1985 to 1994

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The New York Times reported Tuesday that Donald Trump’s businesses lost more than $1 billion from 1985 to 1994, based on tax information the newspaper acquired.

The Times said it has acquired printouts from the future president’s official IRS tax transcripts, including figures from his federal tax form.

The newspaper said Trump reported business losses of $46.1 million in 1985, and a total of $1.17 billion in losses for the 10-year period.

After comparing Trump’s information with that of other “high-income earners,” the Times concluded that Trump “appears to have lost more money than nearly any other individual American taxpayer.” Because of his business losses, the newspaper reported, Trump did not pay income taxes for eight of the 10 years.

The House Ways and Means Committee has asked the IRS to provide Trump’s personal and business returns for 2013 through 2018. Treasury Secretary Steven Mnuchin on Monday refused to do so, saying the panel’s request “lacks a legitimate legislative purpose.”

Mnuchin’s move, which had been expected, is likely to set a legal battle into motion. The chief options available to Democrats are to subpoena the IRS for the returns or to file a lawsuit.

Trump is the first president since Watergate to decline to make his tax returns public.

(AP)




9 COMMENTS

  1. “The Times said it has acquired printouts from the future president’s official IRS tax transcripts, including figures from his federal tax form.”
    Future president? IS this a 2016 article?

    Even if the IRS must give the tax returns over, whydoes that give Congress a right to make it public?

    Why do they claim they need his tax returns?

  2. Classic fake news
    Business losses.
    Yeah?
    Does nobody understand how big business works?
    I’m not saying the following is true because obviously I have no information but the ultimate in financial success in this country is to make money and still figure out how to legitimately declare a loss.
    Think GE
    So just maybe he is actually the most successful, as he made tons of money and still figured out how to declare a loss and keep all his money instead of paying taxes.
    Remember his worldview is that you should use the bankruptcy laws to gain a financial advantage. He sees not only nothing wrong, but actually a benefit in making piles of money and then figuring out how to keep it all by declaring bankruptcy.
    (In theory I even agree with him just I’m a few steps back. First I need to figure out how to make those piles of cash….)
    So here we have again a media that cares not a whit about truth nor accuracy.
    This is just a hit piece for the salivating dogs who can’t find any real scandal to hit him with

  3. Trump is a complete phoney, he grew up rich and inherited wealth. He makes money selling his name.
    Big companies do have big losses, but they are public companies, trump is private and obviously can’t run his business well.
    Michael Bloomberg, for example, is a self made billionaire. He seems to know what he’s doing.

  4. Per DJT:
    1) Taking a tax loss is more important than making profits.

    2) There is no minimum acceptable tax payment % for Wealthy Americans. Only for Middle Class Income suckers.

    3) Running a company into the ground is a sign of being “smart”

  5. I guess the poor schlemiels who work hard and have to pay 25-40 percent of their earnings in taxes are kvelling that their Trumpkopf was smart enough to use the tax laws to avoid paying a dime in taxes while he accumulated billions in wealth (or so he says). They are so lucky to have such a business genius as their leader.

  6. Gadolhadorah
    and if trump made money and paid taxes then the “poor schlemiels who work hard and have to pay 25-40 percent of their earnings in taxes” would be better off?
    what are you saying?
    what does one have to do with the other?

  7. There is no News in NYT, US version of Izvestia (news in Russian) and there is no Truth in WAPO, US version of Pravda
    (truth in Russian).