President Donald Trump reportedly lost more than $1 billion over a ten-year period — and he avoided paying taxes for eight years during that time due to the losses.
The revelation comes amid a brewing battle between Democrats in Congress and the Trump administration about lawmakers’ access to the president’s tax returns for 2013-2018.
In 1985, Trump reported losses of $46.1 million from his businesses, which included his casinos, hotels and retail space in apartment buildings, according to a report from the New York Times. The majority of his losses came between 1990 and 1991, when he lost more than $250 million each year, the Times reported.
In all, between 1985 to 1994, Trump lost $1.17 billion, according to the Times.
As a result of his losses, the New York businessman did not have to pay taxes for eight of the 10 years, the Times also reported. The newspaper did not analyze Trump’s official tax returns, but transcripts of those documents.
The White House did not respond to request for comment.
SOURCE: Rebecca Morin, USA TODAY