Trump taxes show losses of USD1.7bn over decade: Report

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US President Donald Trump’s taxes show that he lost USD1.7 billion over a decade starting in the mid-1980s, The New York Times reported Tuesday.

Trump’s apparent losses are greater than nearly any other individual American taxpayer, so much so that he managed to avoid paying income taxes for eight of the 10 years.

Trump’s federal tax forms from 1985 show he reported USD46.1 million in losses from his main businesses, which consisted mainly of casinos, hotels and retail spaces in apartment buildings.

Over the course of the next 10 years, they continued to lose money, with losses totalling USD1.7 billion by 1994, the Times said.

TAX RETURNS

The report comes a day after Treasury Secretary Steven Mnuchin denied Democratic lawmakers’ request for Trump’s tax returns, saying it “lacks a legitimate purpose,” raised constitutional questions and threatened taxpayer privacy.

“I am informing you now that the Department may not lawfully fulfil the committee’s request,” Mnuchin said in a letter to House Ways and Means Committee Chairman Richard Neal.

Mnuchin’s refusal after a month of deliberation appeared certain to spark yet another legal clash between the embattled president and congressional Democrats who now control the House of Representatives.

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