Trump’s businesses lost more than $1.36b from 1985 to 1994: Report

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WASHINGTON: US President Donald Trump's businesses lost more than US$1 billion (S$1.36 billion) from 1985 to 1994, according to the New York Times (NYT), which said it obtained printouts from Mr Trump's official Internal Revenue Service tax transcripts. The...

According to the Times, Mr Trump's apparent losses were greater than nearly any other individual American taxpayer, so much so that he managed to avoid paying income taxes for eight of the 10 years.

On Monday, Treasury Secretary Steven Mnuchin refused a request by the Democratic chairman of the House of Representatives Ways and Means Committee for Mr Trump's tax returns.Democrats want his tax data as part of their investigations of possible conflicts of interest posed by his ownership of extensive business interests even as he serves as president.

Mr Mnuchin's refusal after a month of deliberation appeared certain to spark yet another legal clash between the embattled president and congressional Democrats who now control the House of Representatives.

 

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