Tax returns reveal Trump lost over $1 billion in business deals, making him one of the biggest financial losers in the U.S. (New York Daily News link): President Trump — who has spent decades crafting an image of himself as a master dealmaker — lost more than $1 billion on sketchy business ventures in the 1980s and 90s, making him one of the biggest financial losers in the country, according to a bombshell report Tuesday.
The astronomical hit was so severe that Trump avoided paying any income tax for eight of the 10 years, according to the Times. The data, printouts of Trump’s official IRS transcripts with figures from his federal 1040 forms, was provided to the Times by someone who had “legal” access to it. When compared with Internal Revenue Service information on other high-income earners, Trump “appears to have lost more money than nearly any other individual American taxpayer," the Times reported.
Mnuchin’s move, though not unexpected, will likely set off legal fireworks; Democrats could either subpoena the IRS for the returns, or file a lawsuit.
Trump is the first president since Watergate to decline to make his tax returns public. According to the Times, Trump was swimming in red ink while he was peddling his 1987 best-seller “The Art of the Deal.” For example, in 1985, his core businesses reported a loss of $46.1 million, and carried over a $5.6 million loss for earlier years.
The lawmaker stressed that Congress must still see Trump’s actual tax returns and that the IRS is legally obligated to hand them over.
“We now have another part of the truth,” Pascrell said. “We need a lot more.”