Donald Trump in 1987 (Credit: Getty Images)
In the decade following 1985, President Donald Trump reported losses of more than $1 billion to the Internal Revenue Service, generated in part by investments in real estate and an airline shuttle, according to the New York Times.
Citing tax documents, the Times’ investigation details how Trump’s personal financial losses increased to $918 million in 1994 from $45 million in 1985 — a time period when he published “Art of The Deal” and was touting a flashy lifestyle.
“It’s been good financially,” Trump reportedly said in 1990, the same year he posted losses of $400 million.
Upon being elected, the president has broken with decades of precedent and has not released his tax filings. Trump appears to have lost more money year after year than nearly any other individual American taxpayer, according to the report.
The investments that contributed to Trump’s losses include a $346 million purchase of an airline shuttle, Eastern Airlines, which never turned a profit, and his Trump Taj Mahal and Casino, which reportedly did not generate enough revenue to cover its $800 million in debt.
As a result of the losses, Trump paid no income tax during eight of the 10 years, according to the report.
The report follows the Times’ investigation of the President’s finances, which revealed he was given the equivalent of today’s $413 million from his father, Fred Trump, to buoy his company, while later engaging in tax schemes to avoid taxes.
In 2016, the publication reported that Trump had declared losses of $915.7 million in 1995. [NYT] — David Jeans