The New York Times reported Tuesday that Trump reported $1.17 billion in financial losses to the IRS between 1985 and 1994, according to official IRS tax transcripts.
By David A. Fahrenthold David A. Fahrenthold Reporter covering the Trump family and its business interests. Email Bio Follow May 7 at 8:39 PM President Trump reported $1.17 billion in financial losses to the IRS between 1985 and 1994, a massive run of red ink that kept him from paying income taxes during most of that period, according to a report published late Tuesday in the New York Times.
The Times report comes a day after Treasury Secretary Steven Mnuchin said he would not comply with a request from a House committee to turn over copies of more recent Trump tax returns. A 1924 law gives Congress the explicit power to request such returns, but Mnuchin said their request lacked a “legitimate legislative purpose,” a stance that is expected to be challenged in court.
Until now, Trump’s early career in real estate was believed to have reached a peak in the late 1980s, when Trump wrote the “The Art of the Deal” — and then collapsed into loss and debt in 1990 and 1991. Those losses got worse in 1990 and 1991, as Trump’s big bets on casinos, hotels and an airline all went bad.
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