New York Times says it obtained a decade of Trump tax figures
New York Times article alleges severe financial stress for Trump; Trace Gallagher has the details.
President Trump claimed to have lost $1.17 billion from his real estate businesses on his federal income tax returns for the decade between 1985 and 1994, The New York Times reported Tuesday evening.
The newspaper said it had obtained printouts of Trump's IRS tax transcripts from a person "who had legal access to it," without elaborating. The transcripts included figures from the future president's federal tax form.
The White House had no immediate comment on the report.
The Times added that it had compared Trump's information with those of other high-income earners and found that Trump "appears to have lost more money than nearly any other individual American taxpayer." Indeed, the newspaper reported that the losses were so substantial that in eight of the ten years in question, Trump was able to avoid paying income tax.
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Trump's tax returns have been a subject of speculation since he declined to make them public during his successful 2016 presidential campaign, claiming he was under audit.
In October 2018, the Times reported that Trump received at least $413 million in today’s money from his father’s New York real estate business. That report claimed that Trump helped his father, Fred Trump, claim millions of dollars in improper tax deductions; undervalued his parents' real estate holdings in order to reduce his tax bill when he inherited them; and set up a phony corporation with his siblings in an effort to disguise millions of dollars in gifts from his mother and father.
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The House Ways and Means Committee has asked the IRS to provide Trump's personal and business returns for 2013 through 2018. Treasury Secretary Steven Mnuchin on Monday refused to do so, saying the panel's request "lacks a legitimate legislative purpose."
Mnuchin's move, which had been expected, is likely to set a legal battle into motion. The chief options available to Democrats are to subpoena the IRS for the returns or to file a lawsuit.
The Associated Press contributed to this report.
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