President Donald Trump is fond of describing himself as a billionaire, but his business ventures might not have been as profitable as he would like others to believe. Trump’s tax transcripts from 1985 to 1994 portray his business ventures suffering significant financial losses, according to a Tuesday report from The New York Times.

In 1985, the Art of the Deal brainchild reportedly lost $46.1 million from his premier businesses, mostly hotels, retail establishments and casinos. This rate exponentially increased each year, resulting in loses of $1.17 billon during the decade. The Times even noted that Trump appeared “to have lost more money than nearly any other individual American taxpayer,” and consequently was able to get out of paying income taxes for eight of those ten years.


On Wednesday, Trump fired back at the report, deriding it for being “a highly inaccurate Fake News hit job.” In his two-tweet response, Trump also explained how “almost all real estate developers” sought “to show losses for tax purposes” in the 80s and 90s to obtain tax breaks.

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Trump’s tax information has been a heated topic since the 2016 presidential election, as Trump infamously broke from tradition and refused to release his. Treasury Secretary Steven Mnuchin recently denied the latest congressional request for Trump’s tax returns, claiming House Democrats only seek “to expose the president’s tax returns for the sake of exposure.”

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