Trump lost more than $1B from 1985 to 1994: Report

.

President Trump lost $1.17 billion from 1985 to 1994, according to 10 years of printouts of Trump’s IRS transcripts obtained by the New York Times.

Trump’s losses in the first year, 1985, totaled $46.1 million, largely from his casinos, hotels, and retail space in apartment buildings. His investments lost money every year through 1994.

Trump appears for several years to have lost more money than any other taxpayer. His worst years were 1990 and 1991, when he lost a total of $517.6 million.

During the decade, his losses did not stop him from spending. He purchased a 282-feet yacht, the Plaza Hotel, and the Eastern Airlines shuttle, while opening the Taj Mahal Hotel and Casino in Atlantic City. Trump continued to live lavishly nevertheless as he borrowed heavily and “secretly leaned on his father’s wealth,” according to the Times.

Trump lost so much money that he only paid income tax for two out of the 10 years.

Charles J. Harder, a Trump attorney, wrote to the Times that its information was “demonstrably false” and that the newspaper’s statements “about the president’s tax returns and business from 30 years ago are highly inaccurate.”

The information comes as Democrats in Congress are calling for the president to release more recent tax return data. The fight over Trump’s tax returns has even reached the states, with California writing a bill requiring presidential candidates to release their tax returns or else they will not appear on the state’s primary ballots.

The law would be applied to Republicans and Democrats, but it was created in response to Trump.

“We believe that President Trump, if he truly doesn’t have anything to hide, should step up and release his tax returns,” Democratic state Sen. Mike McGuire said.

Related Content

Related Content