United States president Donald Trump says billion dollar losses were 'for tax purposes'

By the time his book Trump The Art of the Deal was released in 1987 Donald Trump was already in financial trouble the New York Times reported

By the time his book Trump The Art of the Deal was released in 1987 Donald Trump was already in financial trouble the New York Times reported

"Year after year, Mr Trump appears to have lost more money than almost any other individual American taxpayer, The Times found when it compared his results with detailed information the [Internal Revenue Service or IRS] compiles on an annual sampling of high-income earners", the newspaper reported.

The NYT reported: "The numbers show that in 1985, Mr. Trump reported losses of $46.1 million from his core businesses - largely casinos, hotels and retail space in apartment buildings".

Mr Trump lost so much money he was able to avoid paying income tax for eight of the 10 years, according to the report. You always wanted to show losses for tax purposes....nearly all real estate developers did - and often re-negotiate with banks, it was sport.

He contended the reported losses were "non monetary", and that real estate developers like him during that period were entitled to take "massive write-offs and depreciation" for tax purposes.

After comparing Trump's information with that of other "high-income earners", the Times concluded that Trump "appears to have lost more money than almost any other individual American taxpayer".

During the 2016 campaign, Trump broke with a decades-old precedent by refusing to release his tax returns as a presidential candidate in 2016.

Donald J. Trump is one of America's worst big businessmen ever.

Neal, a Democrat, told Politico on Wednesday he plans to meet with House of Representatives lawyers and then make a final decision whether to bring a lawsuit against Treasury Secretary Steven Mnuchin, who on Monday rejected the committee's request for six years of Trump's individual and business tax returns. The $1m figure is the number President Trump said he received from his dad which allowed him to start his empire.

Mr Mnuchin's move is likely to set a legal battle in motion.

"It would be useful to see his tax returns - as the law says", Pelosi said in an appearance on Washington Post Live.

If you look at the charges filed in the Mueller investigation on Trump's longtime fixer/lawyer, Trump's campaign manager and his campaign manager's top deputy, they all center around financial fraud-which is how Trump (and much of high finance) does business. The House speaker has thus far resisted calls by some members of her party to pursue impeachment proceedings against Trump.

Pelosi's interview came hours before the House Judiciary Committee is expected to vote to hold attorney general William Barr in contempt for not complying with a subpoena for special counsel Robert Mueller's full report.