The New York Times was apparently able to secure President Donald Trump’s tax figures from 1985 to 1994. Allegedly, the figues show that Trump was then losing millions of dollars per year. In 1985 alone, Trump lost $46.1 million, with most of the losses coming from his hotels, casinos, retail space, and apartment buildings.
In 1990 and 1991, Trump lost more than $250 million per year. In total, President Trump appears to have lost $1.17 billion over the course of a decade. These losses allowed Trump to avoid paying taxes in eight out of the 10 years during the reviewed time period.
If the New York Times information is correct, it calls some of President Trump’s claims into question. Trump repeatedly used his success in the private sector as a selling point on the campaign trail. He reasoned that he’d be able to deliver similar success once in office.
President Trump has also frequently cited the 1990 recession as a positive turning point in his career. However, the losses in 1990 and 1991 challenge that claim. Still, the tax data covers only a select time frame and is nearly thirty years old.
The New York Times did not glean the data from tax returns. Instead, the newspaper was able to secure copies of official Internal Revenue Service tax transcripts. A lawyer for President Trump has claimed that these internal tax transcripts are inaccurate and do not accurately reflect the president’s tax returns.
As for Trump not paying taxes to the IRS, a senior White House official argued that “The president got massive depreciation and tax shelter because of large-scale construction and subsidized developments. That is why the president has always scoffed at the tax system and said you need to change the tax laws. You can make a large income and not have to pay large amount of taxes.”