New York Times: Tax documents show Trump businesses lost more than $1 billion in a decade

Source: CNN | May 7, 2019 | Kate Sullivan

Washington (CNN) – 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 US 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.

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    Just as I thought — not the great successful businessman the propaganda claims.

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