It appears Trump lost more money than almost any other individual U.S. taxpayer year after year, the Times reports, according to the 10 years of tax information the newspaper acquired.
The investments that contributed to Trump's losses include a $346 million purchase of an airline shuttle, Eastern Airlines, which never turned a profit, and his Trump Taj Mahal and Casino, which reportedly did not generate enough revenue to cover its $800 million in debt.
Yet the income was offset each year by losses, which were so great that Trump would have been able to avoid paying income taxes for eight of the 10 years.
The Times did not obtain Trump's tax returns, but someone who had legal access to the returns gave the newspaper information about their contents. "Trump was propelled to the presidency, in part, by a self-spun narrative of business success and of setbacks triumphantly overcome".
Trump responded to the report by saying that "massive write-offs" are what happens all the time with major real estate developers, particularly in that period.
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Neal's request for the tax returns "lacks a legitimate legislative purpose" and that he was not authorized to disclose them. The president says he is under audit and that his accountants have told him he would be foolish to reveal his returns.
All of these losses came as Donald Trump published his ghostwritten book the "Art of the Deal" in 1987, which portrayed himself as a brilliant self-made business mogul.
"Real estate developers in the 1980's & 1990's, 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 nearly all cases".
"When you lower taxes, there is less reason to have shelters".
Officials in New York state are also taking steps to seek the president's tax returns, the New York Times has reported. "That is why the president has always scoffed at the tax system and said you need to change the tax laws".
President Donald Trump and First lady Melania Trump, left, smile during a one year anniversary event for her Be Best initiative in the Rose Garden of the White House, Tuesday, May 7, 2019, in Washington.
On Monday, US Treasury Secretary Steven Mnuchin refused a request by the Democratic chairman of the House of Representatives Ways and Means Committee for Trump's tax returns. On Saturday, a lawyer for the president, Charles J. Harder, added that the tax info was "demonstrably false".