Sunday 25 August, 2019

The Latest: Trump says report he lost over $1B 'inaccurate'

The Latest on President Donald Trump's taxes (all times local):

7:22 a.m.

President Donald Trump says a New York Times report that his businesses lost more than $1 billion from 1985 to 1994 is "highly inaccurate."

The newspaper, citing information from Trump's tax transcripts, reported business losses of $46.1 million in 1985, and a total of $1.17 billion in losses for the 10-year period.

Trump tweeted Wednesday that real estate developers during that period were "entitled to massive write-offs and depreciation" that would "show losses and tax losses in almost all cases." He tweeted that much of those losses were "non-monetary."

Trump said, "You always wanted to show losses for tax purposes" and "renegotiate with banks." Trump called that "sport."

He said the Times story was based on "very old information" and a "highly inaccurate Fake News hit job!"

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7:20 a.m.

The New York Times is reporting that Donald Trump's businesses lost more than $1 billion from 1985 to 1994, based on tax information the newspaper acquired.

The Times reported Tuesday it has acquired printouts from the future president's official IRS tax transcripts, including figures from his federal tax form.

The newspaper said Trump reported business losses of $46.1 million in 1985 and a total of $1.17 billion in losses for the 10-year period.

After comparing Trump's information with that of other "high-income earners," the Times concluded that Trump "appears to have lost more money than nearly any other individual American taxpayer." Because of his business losses, the newspaper reported, Trump did not pay income taxes for eight of the 10 years.

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."

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