New York Times reports President Trump lost more than $1 billion from 1985 to 1994

WASHINGTON (AP) — The New York Times reported Tuesday that Donald Trump’s businesses lost more than $1 billion from 1985 to 1994, based on tax information the newspaper acquired.

The Times said it has acquired printouts from the future president’s official IRS tax transcripts, including figures from his federal tax form.

The newspaper said Trump reported business losses of $46.1 million in 1985, and a total of $1.17 billion in losses for the 10-year period.

After comparing Trump’s information with that of other “high-income earners,” the Times concluded that Trump “appears to have lost more money than nearly any other individual American taxpayer.” Because of his business losses, the newspaper reported, Trump did not pay income taxes for eight of the 10 years.

The House Ways and Means Committee has asked the IRS to provide Trump’s personal and business returns for 2013 through 2018. Treasury Secretary Steven Mnuchin on Monday refused to do so, saying the panel’s request “lacks a legitimate legislative purpose.”

Mnuchin’s move, which had been expected, is likely to set a legal battle into motion. The chief options available to Democrats are to subpoena the IRS for the returns or to file a lawsuit.

Trump is the first president since Watergate to decline to make his tax returns public.

But, in the intro of the 2004 season of the “The Apprentice,” Donald Trump talked about his billion dollars of debt. Trump can be seen saying, “It wasn’t always so easy. About 13 years ago, I was seriously in trouble. I was billions of dollars in debt. But I fought back and I won, big league.” Trump says it at the 1:06 mark in the YouTube video below.

It is also important to note, Trump detailed his debt struggles during the ’90s in his book, “Art of the Comeback” that came out in 1997.