Trump Tax Returns Reveal Over $1Bln in Losses

President Donald Trump pauses while speaking during a meeting with in the Oval Office of the White House Friday

US President Trump says the losses his business made in the eighties and nineties were "for tax purposes". "But 10 years of tax information obtained by The New York Times paints a different, and far bleaker, picture of his deal-making abilities and financial condition".

As part of our continuing media-about-media coverage, here's a quick look at the immediate aftermath of The New York Times' investigation into Donald Trump's tax situation, which is the top story on the paper's front page this morning under the headline "Trump Tax Figures Show A Decade of Huge Losses".

The losses, in the 1980s and 1990s, were greater than those reported by almost any other American taxpayer during that period, according to Internal Revenue Service data the Times said it had reviewed.

In 1990 and 1991, Trump's core business losses were more than $250 million each year - more than double those of the closest taxpayers in those years, the Times reports.

Though U.S. presidential candidates have traditionally released their tax returns during the campaign, Trump has refused to do so.

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Trump took to Twitter to defend himself and explain the losses.

There was another noteworthy finding in Trump's taxes.

The House speaker, Nancy Pelosi, said on Wednesday that the New York Times' reporting underscores the need for the Trump administration to hand over the documents demanded by the House. Due to the losses, Trump also avoided paying taxes for eight years. You always wanted to show losses for tax purposes.nearly all real estate developers did - and often re-negotiate with banks, it was sport. Sometimes considered "tax shelter", you would get it by building, or even buying. Because when you do your taxes, your incentive is to minimize your income as much as possible to pay the least amount of taxes.

He broke with a decades-old precedent by refusing to release his tax returns as a presidential candidate or since being elected, saying he could not do so while his taxes were being audited.

On Saturday, Charles J. Harder, a lawyer for the President, told the Times that the tax information the newspaper acquired was "demonstrably false" and that the Times' statements "about the President's tax returns and business from 30 years ago are highly inaccurate".

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