Here are 7 shocking details about Trump's taxes from the NYT's bombshell report

Here are 7 shocking details about Trump's taxes from the NYT's bombshell report

We still haven't seen President Donald Trump's tax returns, but on Tuesday night, the New York Times published a detailed report examining information about his taxes between the years of 1985 and 1994.

The Times didn't obtain his actual tax returns, but it did receive information about his taxes from a source who had legal access to the returns, it said. And the paper was able to corroborate the validity of the returns by comparing it to publicly available records and information it had previously obtained.

Here are seven shocking findings from the report:

1. $1.17 billion in losses

The big headline take away of the piece is astounding: Over the ten years, Trump had more $1.17 billion in business losses.

2.  Much of that was concentrated in 1990 and 1991

In just these two years, Trump lost a staggering $250 million annually.

3. No income taxes for eight out of ten years

Because his businesses were simply arranged as partnerships, the losses were reported on his personal tax returns, rather than through corporate filings. With such massive losses, Trump was able to avoid paying any personal income tax for eight out of the ten years the Times reviewed, according to the report.

4. This isn't common at all.

Defenders of Trump will say he had some tough times and some good times, and that this is just the life of a high-profile businessman. Not so. According to the Times, Trump "appears to have lost more money than nearly any other individual American taxpayer..."

5. Trump's father, on the other hand, made money.

One person who appears to have done much better than Donald Trump? His father, Fred Trump — the man who really made the Trump family wealthy and bequeathed the fortune to his children.

"We now have tax info on Fred Trump & Donald Trump for a number of years," said reporter Susanne Craig, one of the reporters of the story. "The upshot: Fred always made a lot of money. Donald always lost a lot of money."

6. "It's been good financially."

One of the most amazing parts of the story is a graph that shows Trump's accumulated losses as they rack up on his returns. Next to some of the bars, the chart includes quotes from Trump talking about his finances.

In 1990, the Times reported that Trump said, "It's been good financially" — a year in which he had lost a cumulative $400 million. In other words, he's always been an outrageous liar.

7. Trump made money in the stock market with lies

As his businesses were tanking in the late 1980s, Trump had to find other ways to rake in cash. One method, the Times found, was to buy stock in a company, claim he was going to take over that company, watch the stock rise, and then sell his shares. He would profit, and never buy the company after all. Eventually, the Times reported, this scam stopped working when investors gave up on taking his boasts seriously.

Enjoy this piece?

… then let us make a small request. AlterNet’s journalists work tirelessly to counter the traditional corporate media narrative. We’re here seven days a week, 365 days a year. And we’re proud to say that we’ve been bringing you the real, unfiltered news for 20 years—longer than any other progressive news site on the Internet.

It’s through the generosity of our supporters that we’re able to share with you all the underreported news you need to know. Independent journalism is increasingly imperiled; ads alone can’t pay our bills. AlterNet counts on readers like you to support our coverage. Did you enjoy content from David Cay Johnston, Common Dreams, Raw Story and Robert Reich? Opinion from Salon and Jim Hightower? Analysis by The Conversation? Then join the hundreds of readers who have supported AlterNet this year.

Every reader contribution, whatever the amount, makes a tremendous difference. Help ensure AlterNet remains independent long into the future. Support progressive journalism with a one-time contribution to AlterNet, or click here to become a subscriber. Thank you. Click here to donate by check.

DonateDonate by credit card


Thanks for your support!

Did you enjoy AlterNet this year? Join us! We're offering AlterNet ad-free for 15% off - just $2 per week. From now until March 15th.