On Tuesday, the United States President Donal Trump’s taxes exhibit that he has lost $1.7 billion over a decade beginning from mid-1980s, reported The New York Times.
Apparently, Trump’s losses are higher than about any other individual taxpayers in America, so high that he managed to avoid paying Income Tax for 8 to 10-years.
His federal tax forms starting from the year 1985 reflect that he reported $46.1 million in losses from his business, which is mainly of hotels, casinos, and retail spaces in apartment buildings.
Over the tenure of the next 10 years, they remain to lose money, with losses calculating $1.7 billion by 1994, informed source.
The report comes the day after Treasury Secretary Steven Mnuchin has denied the request of Democratic Lawmaker from the US President’s Tax returns, claims it “lacks a legitimate purpose”, asked constitutional questions and threatened privacy of taxpayer as well.
In a letter to the House Ways and Means Committee Chairman Richard Neal, Mnuchin said, “I am informing you now that the Department may not lawfully fulfill the committee’s request.”
Refusal of Mnuchin after a month of discussion appeared certain to reflect another legal clash between the Congressional Democrats and Embattled President, who presently control the House of Representatives.