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DONALD Trump claimed to have lost more than $1billion (£767million) on hotels and casinos between 1985 and 1994 on his federal income tax returns, US media reported. Trump’s alleged billion-dollar loss is reported as the largest amount of money any other American citizen has lost during their tax returns. Trump’s businesses lost more than $1billion […]
DONALD Trump claimed to have lost more than $1billion (£767million) on hotels and casinos between 1985 and 1994 on his federal income tax returns, US media reported.
Trump’s alleged billion-dollar loss is reported as the largest amount of money any other American citizen has lost during their tax returns.
Trump’s businesses lost more than $1billion from 1985 to 1994, based on tax information acquired by the New York Times.
The newspaper said it has printouts from the president’s official IRS tax transcripts, including figures from his federal tax form.
It also said that Trump reported business losses of $46.1million (£35million) in 1985, and a total of $1.17 billion in losses for the 10-year period.
After comparing Trump’s information with other “high-income earners,” the New York Times said that Trump “appears to have lost more money than nearly any other individual American taxpayer.”
Trump lost so much money that he avoided paying income taxes for eight of the 10 years, according to the newspaper.
The report offers a glimpse into a tax history that Trump has fought desperately hard to keep out of the public eye.
It does not cover Trump’s last eight years of taxes, which Congress has been fighting to obtain from his administration.
Trump appears to have lost more money than nearly any other individual American taxpayer
The New York Times
But back in the mid-1980s, at least in New York’s business world, it appeared Trump was making a name for himself separate from his real estate developer father, reported Daily Mail.
Trump had completed the Grand Hyatt Hotel, Trump Tower, an Atlantic City Casino, and another Manhattan building.
He had also become the owner of the New Jersey Generals, a team from the new defunct United States Football League.
Starting at the age of three, Trump received at least $413 million in today’s dollars from his father’s real estate empire, the Times previously reported.
On Saturday, Charles J. Harder, a lawyer for the President, told the Times that the tax information the newspaper acquired was “demonstrably false”.
He also said that the Times’ statements: “about the President’s tax returns and business from 30 years ago are highly inaccurate,” reported CNN.
On Tuesday, Harder told the Times: “IRS transcripts, particularly before the days of electronic filing, are notoriously inaccurate”.
It “would not be able to provide a reasonable picture of any taxpayer’s return.”
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 release Trump’s tax returns, saying the panel’s request “lacks a legitimate legislative purpose.”
Mnuchin’s move, which was more or less 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.
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