Trump Paid No Income Taxes In 8 Of 10 Years Between 1985 & 1994, New Report Finds
A bombshell report published this week revealed President Donald Trump paid no income tax in eight of the ten years between 1985 and 1994.
According to The New York Times, Trump reduced his tax burden by deducting his capital losses during that stretch.
During the 2016 election cycle, Trump boasted after it was revealed he failed to pay income taxes by saying, “That makes me smart.” Hillary Clinton and many others criticized him for this comment.
The Times report also revealed Trump accumulated more than $1 billion in businesses losses from 195 to 1994. The newspaper’s analysis concluded that the 72-year-old former Apprentice star racked up more losses than virtually every other American taxpayer.
Trump has long promoted himself as a self-made millionaire, even though several thorough investigations into the history of his family’s businesses show he inherited much of his wealth from his father, Fred Trump.
During the 2016 election cycle, Trump said in an interview that his father gave him a “small loan of $1 million.”
New @nytimes exclusive: Trump tax return data from IRS record reveals fullest info on @POTUS’s taxes to date—showing his hotel, casino & core businesses lost $1.17B from 1985 to 1994—meaning he lost more money than nearly any other individual U.S. taxpayer https://t.co/qw7IPnOfg0 pic.twitter.com/nFYuGTnxXM
— Anna Massoglia (@annalecta) May 7, 2019