Trump Businesses Lost $1 Billion in 10 Years
CBJ — Information obtained by the New York Times indicates U.S. Donald Trump’s businesses lost more than $1 billion between 1985 and 1994.
The Times reported it acquired printouts from the now-U.S. president’s official IRS tax transcripts, including figures from his federal tax form.
The newspaper said Trump reported business losses of $46 million in 1985 and a total of $1.17 billion US in losses for the 10-year period.
Because of his large financial business losses Trump was apparently exempt from having to pay income taxes for eight of the 10 years.
He took to Twitter to explain that as a real estate developer, “you always wanted to show losses for tax purposes.”
Trump said the Times put out “very old information” … that is “highly inaccurate.”
“Real estate developers in the 1980s & 1990s, more than 30 years ago, were entitled to massive write offs and depreciation which would, if one was actively building, show losses and tax losses in almost all cases. Much was non monetary,” he also tweeted.
Trump is the first American president since Watergate to decline to make his tax returns public. He has repeatedly said he could not release his tax documents because he is under audit by the Internal Revenue Service.