Trump Tax Figures Show $1.1 in Losses Over 10 Years

Trump Tax Figures Show $1.1 in Losses Over 10 Years

President Donald Trump said the reports were inaccurate. The report was based on tax records the newspaper said it had obtained.

Trump reported losses in core businesses including casinos, hotels and retail space in apartment buildings, the New York Times said on Tuesday, citing official Internal Revenue Service (IRS) tax transcripts that were obtained.

Congressional Democrats have always been trying to force Trump to provide his tax returns, but the U.S. president has repeatedly stated the documents were being audited by the Internal Revenue Service and thus could not be released.

Trump took to Twitter to defend himself and explain the losses.

Mr Trump whittled down his tax payments using the same parts of the United States tax code that he's criticised other businesses for taking advantage of since he entered politics.

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The newspaper said Trump reported business losses of $US46.1 million in 1985, and a total of $US1.17 billion in losses for the 10-year period.

Harder told The Times its reporting about the president's tax returns and business dealings was "demonstrably false" and "highly inaccurate". The left-leaning Daily News splashes the story on its cover with a headline, "Biggest Loser", borrowed from Trump's old reality TV milieu. Last month, House Ways and Means Chairman Richard Neal requested that the IRS release Mrs Trump's personal and business tax returns, but Treasury Secretary Steven Mnuchin on Monday refused. Sometimes considered 'tax shelter, ' you would get it by building, or even buying. During the years in question, Trump's core businesses, including hotels and casinos, lost a total of $1.17 billion and he posted bigger losses than nearly any other individual American taxpayer, according to the transcripts.

The NYT said it "was then able to find matching results in the IRS information on top earners - a publicly available database that each year comprises a one-third sampling of those taxpayers, with identifying details removed". He went on to say that the Times report "is a highly inaccurate Fake News hit job!"

Trump is the first president since Watergate to decline to make his tax returns public.

Because most of his businesses were not created as partnerships, Trump was on the hook for federal income taxes.

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