Published: Fri, May 10, 2019
Markets | By Erika Turner

President Trump said showing losses on tax returns was 'sport'

President Trump said showing losses on tax returns was 'sport'

Trump responded to the Times report on Wednesday blasting it as a "Fake News hit job" on Twitter.

The almost a decade of tax data revealed Trump's business empire lost more than $1.1 billion.

Trump reported $517.6 million in combined losses during those years, the Times said.

This comes as House Democrats fight the Trump administration over the release of the president's tax returns. Trump lost $34.9 million on short-term stock trades that year, the Times said. (Though later IRS audits may have changed that figure.) But his low tax bill wasn't really due to Trump working the system.

White House acting chief of staff Mick Mulvaney said earlier in an interview with Fox News that this demand was a stunt and vowed that Congressional Democrats would never see Trump's tax records.

Leaked tax transcripts obtained by the New York Times are painting a clearer picture of the business failures of President Donald Trump during his time as a casino mogul in Atlantic City between 1985 and 1994.

Donald Trump in 1989.

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In 1990 and 1991, Trump's core business losses were more than $250 million each year - more than double those of the closest taxpayers in those years, the Times reports.

Trump did not directly acknowledge the losses reported by The New York Times, but in a pair of tweets said real estate developers were entitled to "massive writeoffs and depreciation".

"Mr. Trump appears to have lost more money than almost 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", the report said.

Testifying before the House Budget Committee on November 21, 1991, Trump called the bipartisan Tax Reform Act of 1986, signed into law by President Ronald Reagan, "an absolute catastrophe for our country". By 2005, according to portions of his tax returns unearthed by reporter David Cay Johnston, Trump was enjoying a positive income flow again, and paying income taxes. Sometimes considered "tax shelter".you would get it by building, or even buying. It's not coincidental that Trump's lawyer told the Times, without further explanation or evidence, that its latest reporting was "demonstrably false".

"The president's tax returns and business from 30 years ago are highly inaccurate", Harder said in his statement to The Times.

That sort of faux takeover talk earned Trump $57 million by 1988, the Times reported. Michael Cohen, the president's disgraced former fixer, testified to Congress that Trump may have committed tax fraud and that his returns would provide some answers.

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