Reports say that trump stopped paying taxes for eight years due to the losses he incurred after losing $1billion in ten years.
The reports come at a time when the Democrats and trumps administration battle on whether the lawmakers should access the president’s tax returns from the year 2013-2018.
According to a report from the New York times, trump allegedly lost $46.1 million in his businesses which included restaurants, casinos and retail space in apartment buildings.
The times also reported that the majority of trumps losses occurred in 1990 and 1991 when he lost more than $250 million every year. In the years between 1985 to 1994 Trump lost a total of $1.17 billion.
As a result of the massive losses, Trump did not have to pay taxes for the 8 of the ten years when his businesses were not doing well. The New York Times did not evaluate trumps tax returns, but they analyzed transcripts of those documents.
The white house did not respond to a request for comments.
A senior official told the Times that Trump got a significant depreciation and tax shelter due to large scale construction and endowed developments.
The official also said that is the reason the president called for changes in the tax laws.
Charles Harder, Trump’s lawyer in a statement, criticized the information the paper issued about tax saying that it was false and that the papers report was also inaccurate.
However, the president’s lawyer did not give any particular errors in the reports the paper gave.