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New York Times Report Claims, Donald Trump’s Businesses Lost More Than $1 Billion During Early 90’s

House Democrats are trying to get their hands on Trump's tax returns from 2013 to 2018 as part of their investigation into the president's foreign business deals.

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Developer Donald Trump poses for photos outside the New York Stock Exchange after the listing of his stock in New York, June 7, 1995. VOA

Between 1985 and 1994, Donald Trump’s businesses lost more than $1 billion, allowing the future president to avoid paying federal taxes for eight of those 10 years, The New York Times reported Tuesday.

Trump portrays himself as a successful self-made entrepreneur and master dealmaker. However, he lost more money year after year than any other U.S. taxpayer, according to the Times, which did not use the actual returns but instead used information provided by someone who has access to the returns.

The bulk of Trump’s losses during that period came from his core businesses, including hotels, casinos and retail space inside apartment buildings.

FILE - Donald Trump ascends the stairs with his fist raised from the genie's lamp after opening the Trump Taj Mahal Casino Resort in Atlantic City, N.J., April 5, 1990. Behind Trump is the 42-story hotel.
Donald Trump ascends the stairs with his fist raised from the genie’s lamp after opening the Trump Taj Mahal Casino Resort in Atlantic City, N.J., April 5, 1990. Behind Trump is the 42-story hotel. VOA

They also include failed investments in an airline, a professional football team and unfinished plans for real estate developments.

According to the Times, Trump was able to maintain a life of luxury all those years because most of his money came from banks and bondholders who invested in the Trump empire. Trump also relied on his father’s wealth, according to the report.

But it appears Trump did not break any federal laws because the U.S. tax code allows people to deduct substantial business losses from their income taxes.

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They also include failed investments in an airline, a professional football team and unfinished plans for real estate developments. Pixabay

The White House has yet to respond to the Times story. But one of the president’s lawyers, Charles Harder, told the newspaper that the tax information it used was “demonstrably false.”

“IRS [Internal Revenue Service] transcripts, particularly before the days of electronic filing, are notoriously inaccurate … would not be able to provide a reasonable picture of any taxpayer’s return,” he told the Times.

Also Read: “Voluntary Commitments” To The Six-Nation Nuclear Deal: Iran

House Democrats are trying to get their hands on Trump’s tax returns from 2013 to 2018 as part of their investigation into the president’s foreign business deals.

Treasury Secretary Steven Mnuchin has so far declined, saying the request has no “legitimate legislative purpose.” (VOA)

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US President Donald Trump Declares National Emergency Over Cyber Threats

The world's third largest smartphone maker, on the contrary, has repeatedly rubbished the allegations

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U.S. President Donald Trump delivers remarks on a range of subjects during an event in the Roosevelt Room at the White House in Washington, May 9, 2019. VOA

With a motive to protect US communications network from “foreign adversaries”, President Donald Trump declared a national emergency on Wednesday.

The executive order gives the federal government powers to restrict US companies from doing business transactions with certain foreign tech suppliers “posing an unacceptable risk to the national security”, said White House Press Secretary Sarah Sanders in a statement.

According to the statement, Trump signed the executive order as “part of his commitment to protecting the information and communications technology and services” of the US.

“The President has made it clear that this Administration will do what it takes to keep America safe and prosperous, and to protect America from foreign adversaries who are actively and increasingly creating and exploiting vulnerabilities in information and communications technology infrastructure and services in the United States,” said the White House statement.

Donald Trump
US President Donald Trump earlier criticised social media platforms including Facebook and Twitter for anti-conservative bias. VOA

“This Executive Order declares a national emergency with respect to the threats against information and communications technology and services in the United States and delegates authority to the Secretary of Commerce to prohibit transactions posing an unacceptable risk to the national security,’ it added.

If reports are to be believed, Trump’s order is directed at Chinese telecom major Huawei. US believes that Huawei’s equipment could be used by China for surveillance.

Also Read- EC Orders Twitter to Remove Exit Poll-related Tweets

The world’s third largest smartphone maker, on the contrary, has repeatedly rubbished the allegations.

Last year, Trump signed a bill that barred the US government and its contractors from using components from Huawei and several other Chinese communications companies. (IANS)