US President Donald Trump reported losses totaling more than $1 billion on federal tax returns filed from 1985 to 1994 back when he was a real estate magnate, media reported.
Trump reported losses in core businesses including casinos, hotels and retail space in apartment buildings, the New York Times said on Tuesday, citing official Internal Revenue Service (IRS) tax transcripts that were obtained.
The president’s lawyer, Charles Harder, told the NY Times that IRS transcripts before the days of electronic filing are notoriously inaccurate and would not be able to provide a reasonable picture of any taxpayer’s return.
On 3 April, the Ways and Means Committee requested the Treasury Department release confidential tax returns and other tax information of Trump and related business entities for the 2013-2018 period. Neal warned that a failure to respond to his request would be interpreted as a denial.