Trump businesses reportedly lost more than $1 billion over a decade

President Donald Trump pauses while speaking during a meeting with in the Oval Office of the White House Friday

The Times has previously reported on parts of Trump's tax returns from his 1995 filings after receiving some of the pages in the mail. "But 10 years of tax information obtained by The New York Times paints a different, and far bleaker, picture of his deal-making abilities and financial condition".

"The numbers show that in 1985, Trump reported losses of $46.1 million from his core businesses - largely casinos, hotels and retail space in apartment buildings".

The losses, in the 1980s and 1990s, were greater than those reported by almost any other American taxpayer during that period, according to Internal Revenue Service data the Times said it had reviewed. The New York Times said he filed billions of dollars in losses from 1985 to 1994.

Trump on Wednesday morning defended his actions, tweeting that developers during that time "were entitled to massive write offs and depreciation which would, if one was actively building, show losses and tax losses in nearly all cases".

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

Though he portrayed himself as a wildly successful businessman, Mr. Trump was actually piling up losses, the newspaper said. Last month, House Ways and Means Chairman Richard Neal requested that the IRS release Mrs Trump's personal and business tax returns, but Treasury Secretary Steven Mnuchin on Monday refused.

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The Times said the president reported such a high amount of business losses that he avoided paying income taxes for eight of the 10 years analyzed. You can not rely upon IRS tax transcripts from so long ago, "ABC News reported". Sometimes considered "tax shelter".you would get it by building, or even buying.

Fox News contributor Newt Gingrich defended President Donald Trump from what many see as a very damning New York Times report that outlines in grave detail, just how financially unsuccessful Trump's business dealings were from the mid-80s to the mid-90s.

The Times quoted a lawyer for the president, Charles Harder, as saying the tax information was "highly inaccurate".

The president's campaign insists his tax returns are still in audit and, once this process is complete, he will consider releasing them.

Because most of his businesses were not created as partnerships, Trump was on the hook for federal income taxes.

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