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

  • Epstein had foreign passport to protect him from ‘hijackers’: lawyers

    Jeffrey Epstein, the financier recently charged.

  • Elon Musk’s sister runs passionflix video streaming for romance book movies

    Elon Musk may be the most.

  • The best competing Prime Day 2019 sales — Walmart, Target, eBay, & more

    After four years running, Amazon’s retail.

  • How to set up a custom voicemail greeting on a Galaxy S10

    One of the first things you.

  • I always wanted to be a millionaire and it was nothing like I expected

    Hansson at work. via Basecamp Facebook.

  • Apple AirPod Earbuds Deal: Save $14 to $20 on Amazon Prime Day 2019

    Truly wireless earbuds like Apple’s AirPods.

  • APPLY NOW: Insider Inc. is hiring editorial and video fellows and more

    Insider Inc. has a number of.

  • Video shows men in an over-crowded facility yelling “no shower”

    A video taken and posted on.

  • Sharp and McCann show the future of British boxing is fun and flashy

    02 ARENA, LONDON — Red hot.

  • Jeffrey Epstein launched PR campaign after 2008 sex abuse allegations

    Jeffrey Epstein launched a PR campaign.

  • Prime Day 2019 KitchenAid Stand Mixer deals — sale predictions

    There are some things that never.

  • The best vacuum deals we expect to see during Prime Day 2019

    No matter how diligently you clean.

  • Asylum seeker describes baby’s death from poor medical care in ICE custody

    WASHINGTON (AP) — A Guatemalan mother.

  • A new holding center for migrant children opened in rural Texas

    CARRIZO SPRINGS, Texas (AP) — A.

  • Video seems to show Trump embrace staffer who says he forcibly kissed

    President Donald Trump’s attorneys were accused.

  • How to back up photos from an iPhone with iCloud storage

    If you’re someone who loves taking.

  • Famous people who have flown on Jeffrey Epstein’s private plane

    The financier Jeffrey Epstein, the convicted.

  • 9 questions you should ask flight attendants next time you fly

    Getting on a plane is a.

  • DOJ to swap interpreters with videos at immigration hearings

    The Department of Justice is planning.

  • Federal court ruled against bikini baristas at Washington coffee bars

    Women serving coffee at the Hillbilly.

  • Greece election: Conservative party beats left-wing prime minister

    In his concession speech, Mr Tsipras.

  • Photos of US Navy guided missile destroyer USS Jason Dunham

    During the final days of June,.

  • No-deal Brexit: Boris Johnson to be hit by dozens of new Tory rebels

    LONDON — Dozens more Conservative MPs.

  • Turkey is last major Islamic state not to stand up for China’s Muslims

    In recent months, a wave of.

  • PHOTOS: Sophie Turner’s wedding dress with husband Joe Jonas

    Sophie Turner and Joe Jonas had.

  • The winners and losers of the opening days of NBA free agency

    The NBA offseason has been fast.

  • European stocks are jumping as traders bet on loose Fed policy, while US markets break for the Fourth of July

    Ritzau Scanpix Denmark/Reuters US markets were.

  • Megan Rapinoe shuts down critics: ‘I think I’m extremely American’

    Megan Rapinoe has been no stranger.

  • Steve Irwin and son fed the same crocodile 15 years apart

    Steve Irwin’s 15-year-old son Bob is.

  • Serena Williams will wait before giving Meghan Markle parenting advice

    Serena Williams says she will wait.

  • Stocks are dropping on trade-war jitters after Trump threatens another $4 billion in tariffs on EU goods

    Assoicated Press/Alex Brandon US stocks slid.

  • I went to Times Square to see why tourists love it

    Growing up on Long Island, I.