Trump's tax records show loss of over 1 billion USA dollars

Trump welcomes Slovakia's Prime Minister Pellegrini at the White House in Washington

Citing printouts from the president's Internal Revenue Service (IRS) tax transcripts obtained by the paper, The Times said Mr. Trump reported approximately $1.17 billion in losses between 1985 and 1994 from his business ventures in casinos, hotels and residential buildings.

"They can get out of reporting the profits, and also more easily get deductions on their losses", Wamoff said.

US Treasury Secretary Steven Mnuchin in a letter to the House of Representatives Ways and Means Committee said Monday he would not release Donald Trump's tax returns as requested by the panel.

A new report revealing that Donald Trump lost more than $1bn in a decade is fueling heated Democratic demands for Trump to hand over his tax returns. And when you lower taxes, there's less reason to create losses for tax purposes. "So, in a very real way, the Trump tax cuts are vindicated by the "New York Times" story", Gingrich proclaimed.

In reality, Trump sought bankruptcy protection three times, in 1991, 2006, and again in 2009, and even had to take a $65 million bailout from the state of New Jersey.

Watch above via Fox News.

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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".

In October a year ago, the NYT published an article detailing how Mr Trump had inherited hundreds of millions of dollars from his father's real estate empire through "dubious tax schemes", contradicting the President's claims that "I built what I built myself". "Trump was propelled to the presidency, in part, by a self-spun narrative of business success and of setbacks triumphantly overcome".

According to the Times, Trump's apparent losses were greater than almost any other individual American taxpayer, so much so that he managed to avoid paying income taxes for eight of the 10 years. "It also confirmed significant findings using other public documents, along with confidential Trump family tax and financial records from the newspaper's 2018 investigation into the origin of the president's wealth". By 2005, according to portions of his tax returns unearthed by reporter David Cay Johnston, Trump was enjoying a positive income flow again, and paying income taxes.

The president's lawyer, Charles Harder, told the NY Times that IRS transcripts before the days of electronic filing are notoriously inaccurate and would not be able to provide a reasonable picture of any taxpayer's return.

The New York Times has dropped a bombshell.

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