Trump’s tax info show his businesses lost so much money over a decade

President Donald Trump’s tax information covering the years 1985 to 1994 reportedly show a business empire nearly in ruin, so much so that his negative adjusted gross income allowed him not to pay any income tax for eight of those years.

The tax information, first reported in a New York Times report published Tuesday, revealed that Trump’s businesses were not as successful as the future president made them out to be:

  • In 1985, the filings show Trump lost $46.1 million from his casinos, hotels, and apartments. These businesses reportedly kept losing money annually for a total loss of $1.17 billion in 10 years.
  • In 1986, his businesses had a reported loss of $68.7 million.
  • In 1987, Trump purchased a $29 million yacht and a $407 million hotel, despite the stock market taking a plunge. He reported his businesses lost $42.2 million in 1987, and $30.4 million in 1988.
  • Trump’s business losses between 1990 and 1991 totaled over $500 million.
  • Citing Trump’s tax filings and publicly available data from the Internal Revenue Service, The Times reported Trump “appears to have lost more money than nearly any other individual American taxpayer” when compared with other wealthy individuals.
  • The losses meant that Trump avoided paying income tax for eight of the 10 years documented in the tax information cited by The Times.
  • Additionally, Trump’s income shifted annually. In 1988, he earned over $67 million in salary, and he received a “mysterious” $52.9 million in interest income in 1989.
    • Trump’s $67 million salary was 90% of his total regular wage during the ten-year period.
    • Trump’s interest income shifted dramatically. In 1990, he reported $18.7 million, and in 1992, he reported $3.6 million.
  • Between 1986 and 1988, Trump suggested he would buy out numerous companies. The suggestions earned him millions of dollars, but the gains were short-lived after investors stopped taking him seriously, the newspaper reported.
  • In 1989, Trump’s businesses reported a loss of nearly $182 million, according to The Times.
  • Trump borrowed $10 million for his Mar-a-Lago resort in Florida.

“There is no one my age who has accomplished more,” Trump told Newsweek in 1987.

Trump portrayed himself as a wealthy business mogul prior to his presidential campaign and throughout his presidency.

Trump attorney Charles Harder claimed The Times the tax information it cited for its report is “demonstrably false” and “highly inaccurate.”

“IRS transcripts, particularly before the days of electronic filing, are notoriously inaccurate,” Harder said, without offering any evidence to support that assertion.

Read more: Democratic lawmaker asks IRS for 6 years of Trump’s tax returns

The Atlantic Ocean is seen adjacent to President Donald Trump’s beach front Mar-a-Lago resort.
Joe Raedle/Getty Images

The Times’ reporting does not answer lingering questions about Trump’s more recent tax returns, which have been a contentious topic during his presidency. Democrats questioned Trump’s financial dealings and have asked for six years of his tax returns.

Democratic Rep. Richard Neal of Massachusetts, the Ways and Means Committee chairman, previously demanded Treasury Secretary Steve Mnuchin to direct the IRS to release the returns for a select group of lawmakers.

Mnuchin rebuffed the request, citing a lack of a “legitimate legislative purpose.”

Trump defied decades of precedent as a presidential candidate by refusing to release the tax documents and has continued to keep them from the public as president. Trump claimed he could not release his returns while he is under audit by the IRS.

It is unclear if Trump is being audited by the IRS. There is no law that prohibits a tax filer from releasing his tax returns during an audit.

Source

more recommended stories

  • State abortion bans could benefit Democrats in 2020

    WASHINGTON (AP) — A flood of.

  • Renault, Fiat Chrysler reportedly in deal talks for a major tie-up

    Fiat Chrysler is in advanced talks.

  • Trump, Iran near brink of a war that would likely devastate both sides

    Tensions between the US and Iran.

  • This convertible clutch is the most stylish way to organize essentials

    Insider Pickswrites about products and services.

  • I toured a $58.5M condo for sale in a Billionaires’ Row tower in NYC

    New York City is no stranger.

  • What science says parents should do to set their kids up for success

    When kids witness mild to moderate.

  • What is a late term abortion and why do women have them?

    Democratic presidential candidate Pete Buttigieg shut.

  • Tesla cuts prices of Model S, Model X as stock slumps

    Faced with a slumping stock price.

  • Michael Cohen implicates Sekulow, Giuliani, Trump Jr. in House testimony

    Michael Cohen has long been considered.

  • ‘Game of Thrones’ Isaac Hempstead Wright defends finale, Bran’s story line

    “Game of Thrones” star Isaac Hempstead.

  • Trump speaks out against parts of extreme anti-abortion laws

    President Donald Trump has distanced himself.

  • Alexandria Ocasio-Cortez Wonder Woman comic cover upsets DC Comics

    She’s a 29 year-old congresswoman who.

  • Google suspended some business with Huawei after Trump blacklist

    NEW YORK (Reuters) – Alphabet Inc’s.

  • OnePlus 6T review: Why it’s better than expensive flagship phones

    The OnePlus 6T runs on the.

  • Tony Robbins recorded telling woman she was ‘lying’ about abuse

    According to an investigation from BuzzFeed.

  • Adidas is releasing another pair of ‘Game of Thrones’ sneakers

    Following up on their hit UltraBOOST.

  • How to make people like you immediately

    According to the “mere-exposure effect,” people.

  • Fifth grader who told classmates to stop doing the Nazi salute was pulled out of class

    An elementary school in Tennessee will.

  • Scientists develop light-activated bio-glue that could seal fatal wounds in seconds

    A new ‘biological glue’ developed by.

  • Joshua Jones speaks out after helping disarm STEM School Highlands Ranch shooter

    One of three students who helped.

  • Helicopter crashes into New York’s Hudson River

    A helicopter has crashed into the.

  • Apple’s Supreme Court loss could harm its App Store business

    Thanks to the Supreme Court, Apple.

  • How to allow pop-ups in Google Chrome from all sites or specific ones

    Pop-ups can be the scourge of.

  • Uber’s CEO sent an email to employees addressing its disastrous IPO, drawing on Amazon’s and Facebook’s rough starts (UBER)

    Getty/Spencer Platt Uber CEO Dara Khosrowshahi.

  • Watch Winnie the Pooh meet the royal family in a new video

    Disney is celebrating the birth of.

  • Times celebrities got accused of lip syncing

    One of the most legendary instances.

  • Uber CEO Dara Khosrowshahi is part of a family of impressive techies

    Led by CEO Dara Khosrowshahi, ride-sharing.

  • All the food Miss USA typically eats in a day

    On May 2, Cheslie Kryst was.

  • Where do billionaires live? Top 15 cities for billionaires worldwide

    Billionaires are increasingly becoming concentrated in.

  • House Democrats overplayed their hand to get the full Mueller report

    The war between the White House.

  • How to use Google Maps offline

    Where would we be without Google.

  • Anna Delvey: Fake heiress sentenced to prison for up to 12 years

    Socialite scammer Anna Delvey was sentenced.