Trump tax returns reveal over $1bn in losses and that he paid no income taxes for eight years, report says | The Independent

Donald Trump‘s tax returns show that he lost so much money in the mid-1980s to 1990s that he paid no income tax for eight out of 10 years during that period, according to a new report.

The income tax records were obtained by The New York Times, and represent the most detailed look into the president’s personal taxes yet, after years in which Mr Trump had sought to keep the documents private.

Between 1985 and 1994, the documents show, Mr Trump lost tens of millions of dollars a year, with total losses adding up to $1.17bn for the decade.

According to The New York Times report on the taxes, Mr Trump’s losses mostly came from his business holdings in casinos, hotels, and retail apartment space in his buildings. And, the paper reports, the sheer amount of losses during that time show that he lost more money than almost any other American taxpayer during that time, according to a comparison of his taxes to an annual comparison of high income earners compiled by the Internal Revenue Service.

The freshly released documents do not cover the years of interest to Congressional Democrats — who have demanded the Treasury Department release the president’s returns, leading to a legal battle — but they do provide valuable insight into Mr Trump’s history, and of the dire straights he found himself roughly 30 years ago.

 

Source: Trump tax returns reveal over $1bn in losses and that he paid no income taxes for eight years, report says | The Independent