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  • President Trump and first lady Melania Trump leave 'Be Best' anniversary event at the White House in Washington

    President Trump and first lady Melania Trump leave 'Be Best' anniversary event at the White House in Washington | Photo: Reuters

Published 8 May 2019
Opinion

Over the 10 years, Trump's core businesses, including casinos, hotels and apartment buildings, lost $1.17 billion, according to the newspaper.

U.S. President Donald Trump's businesses lost a total of more than $1 billion from 1985 to 1994, according to the New York Times, which said it obtained printouts from Trump's official Internal Revenue Service tax transcripts.

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The NYT said Trump posted losses in excess of $250 million in both 1990 and 1991, which appeared to be more than double any other individual U.S. taxpayer in an annual IRS sampling of high-income earners.

Trump losses were so bad that he was allowed to avoid paying taxes for eight of the ten years by the IRS.

Over the 10 years, Trump's core businesses, including casinos, hotels and apartment buildings, lost $1.17 billion, according to the newspaper.

However, not everyone agreed with the NYT's findings; this included the President's inner circle and team of lawyers. 

The NYT quoted Charles Harder, Trump's lawyer, as saying the tax information was "highly inaccurate."

Trump, a real estate magnate who turned over the running of his businesses to his sons after his election in 2016, touted his business acumen and negotiating skills on the campaign trail.

Trump broke with a decades-old precedent by refusing to release his tax returns as a presidential candidate in 2016 or since being elected, saying he could not do so while his taxes were being audited.

On Monday, U.S. Treasury Secretary Steven Mnuchin refused a request by the Democratic chairman of the House of Representatives Ways and Means Committee for Trump's tax returns.

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