U.S. President Donald Trump’s businesses lost a total of more than $1 billion from 1985 to 1994, according to the New York Times, which said it obtained printouts from Trump’s official Internal Revenue Service tax transcripts. The newspaper said Trump posted losses in excess of $250 million in both 1990 and 1991, which appeared to be more than double any other individual U.S. taxpayer, based on IRS data. Trump lost so much money that he was able to avoid paying income taxes for eight of the 10 years, the Times said.
The White House did not immediately respond to a request for comment. Trump, a real estate magnate who turned over the running of his businesses to his sons after his election in 2016, touted his business acumen and negotiating skills on the campaign trail.
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Trump broke with a decades-old precedent by refusing to release his tax returns as a presidential candidate in 2016 or since being elected, saying he could not do so while his taxes were being audited.