New York Times reveals Donald Trump tax returns

Trump tax returns obtained by New York Times reveal $1B in business losses over decade

But Gingrich, in a Wednesday appearance on television's "Fox News' "Fox & Friends," said the newspaper's report actually helps the president and his tax cuts".

The records obtained by the newspaper deal with a far earlier part of the president's history.

For example, in 1985 Mr. Trump reported losses of $46.1 million from what the Times called his core businesses of casinos, hotels and retail space in apartment buildings. Trump lost $34.9 million on short-term stock trades that year, the Times said. He took such a financial hit, the Times reports, that his losses were among the most of any American taxpayers in 1985 to 1994.

In a tweet, President Trump said it was normal practice back then for real estate developers to show losses for "tax purposes".

On Tuesday, the New York Times somehow obtained the president's IRS tax information, which revealed he lost over a billion dollars over a ten-year period.

Trump ran for president branding himself as a self-made billionaire, touting his financial success, but he has been steadfast in his refusal to release his tax returns to the public, despite mounting pressure from Congress.

The Times report comes a day after Treasury Secretary Steven Mnuchin said he would not comply with a request from a House committee to turn over copies of more recent Trump tax returns.

During the period described, Trump said he was allowed massive tax write-offs for depreciation and many "non monetary" losses, adding the report contained "very old information".

After comparing Trump's information with that of other "high-income earners", the Times concluded that Trump "appears to have lost more money than almost any other individual American taxpayer". You would get it by building, or even buying. "You can make a large income and not have to pay large amount of taxes".

President Trump is defending the practice of using tax shelters as a "sport", after the New York Times released a massive report detailing how he lost roughly $1 billion over a decade in the 1980s and 1990s, more than almost any other American over that timer period.

Upon being elected, the president has broken with decades of precedent and has not released his tax filings.

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