Trump Tax Return shows over $1 billion losses

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A new report says tax returns of the U.S President Donald Trump indicate that he lost a significant amount of money in the mid-1980s to 1990s. Trump didn’t pay income tax for 8 out of 10 years during the above mentioned period. The documents show Trump lost tens of millions of dollars a year between 1985 and 1994 with total losses adding up to $1.17 billion. The New York Times also issued a report on the taxes and said Trump’s losses mostly came from his business holdings in casinos, hotels, and retail apartment space in his buildings. The news outlet reported the sheer amount of losses during that time show that he lost more money than almost any other American taxpayer during that time.

The Internal Revenue Service compiled a comparison of his taxes to an annual comparison of high-income earners. The latest released documents don’t cover the years of interest to Congressional Democrats. They have demanded the Treasury Department to release the president’s returns, leading to a legal battle. But, they do provide valuable insight into Trump’s history. A lawyer for the president has said that the tax information provided to The New York Times was demonstrably false and that statements from the major American newspaper regarding the president’s tax returns and business from 30 years ago are highly inaccurate, but he didn’t say what specifically was wrong.

The U.S Democrats are currently in a battle with the White House to gain access to the past 6-years of Trump’s tax returns. It includes whether Trump had recent business dealings that include funding sources from foreign sources who would like to influence the president’s decision-making process. Taken together, the newly released documents show that the president was far from the business genius he has publicly portrayed himself to be during that time and that his approach to business was in stark contrast to that of his father Fred Trump.