Tax documents show Trump’s businesses lost more than $1billion in 10 years

The New York Times reported on Tuesday that President Donald Trump’s businesses filed losses worth $1.17 billion from 1985 to 1994 after investigating documents from the IRS.

Taxes were a taboo for the Trump team during the presidential campaign of 2016. He portrayed himself as a self made billionaire but was reluctant to release his latest tax returns which raised some flags to his opposers. The reluctance continued even while in office. The New York Times also reports that Trumps losses helped him to avoid taxes for eight out of the ten years.

From age 3, Trump received at least $413 million in today’s dollars from his father’s real estate empire, the Times previously reported.Trump on Wednesday morning defended his actions, tweeting that developers during that time “were entitled to massive write offs and depreciation which would, if one was actively building, show losses and tax losses in almost all cases.” He also said it was advantageous to “show losses for tax purposes” in order to renegotiate with banks and called the Times’ report a “highly inaccurate Fake News hit job”

(Image Courtesy: CNBC)