President Donald Trump’s ongoing efforts to keep his finances from undergoing public scrutiny continued to fail on Tuesday as The New York Times published a bombshell report based on his tax returns.
“The numbers show that in 1985, Mr. Trump reported losses of $46.1 million from his core businesses — largely casinos, hotels and retail space in apartment buildings. They continued to lose money every year, totaling $1.17 billion in losses for the decade,” the newspaper noted. “In fact, year after year, Mr. Trump appears to have lost more money than nearly any other individual American taxpayer, The Times found when it compared his results with detailed information the I.R.S. compiles on an annual sampling of high-income earners. His core business losses in 1990 and 1991 — more than $250 million each year — were more than double those of the nearest taxpayers in the I.R.S. information for those years.”
Trump avoided paying taxes for eight of the ten years because of how much money he lost on business.
The story includes the subheads, “The Art of Losing Money” and “A Vulture’s Appetite.”
“Every year from 1985 through 1994, Donald J. Trump reported a negative adjusted gross income on his tax returns. That number grew as new losses were combined with those from prior years,” the newspaper noted. “The 10-year total: $1.17 billion in losses.”