Trump lashes out after NYT obtains tax returns showing he lost $1 billion years ago

President Trump on Wednesday fired back at the New York Times after the newspaper obtained his tax returns from 1985 to 1994 showing his businesses lost more than $1 billion during that timespan. According to the Times, Trump lost more money than nearly any other taxpayer in the country year after year at the time.

“Real estate developers in the 1980’s & 1990’s, more than 30 years ago, were entitled to massive write offs and depreciation which would, if one was actively building, show losses and tax losses in almost all cases,” the president tweeted. “Much was non monetary. Sometimes considered ‘tax shelter’ ....you would get it by building, or even buying.

“You always wanted to show losses for tax purposes,” Trump continued. “Almost all real estate developers did — and often re-negotiate with banks, it was sport. Additionally, the very old information put out is a highly inaccurate Fake News hit job!”

The Times, which obtained printouts from Trump’s official Internal Revenue Service tax transcripts, reported that Trump posted losses of more than $250 million in both 1990 and 1991. The paper, citing IRS data, said the losses appeared to be more than double any other individual taxpayer in the United States.

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US President Donald Trump claps as he leaves after speaking during a Make America Great Again rally in Green Bay, Wisconsin, April 27, 2019. (Photo by SAUL LOEB / AFP) (Photo credit should read SAUL LOEB/AFP/Getty Images)
Scott Walker, former governor of Wisconsin, center, waves during a rally with U.S. President Donald Trump in Green Bay, Wisconsin, U.S., on Saturday, April 27, 2019. Trump on Saturday night revved up his campaign pitch to voters in key Rust Belt states by touting the U.S. economy, saying he's working to stop jobs from moving to neighboring countries, and mocking his Democratic opponents. Photographer: Lauren Justice/Bloomberg via Getty Images
Donald Trump Jr., son of U.S. President Donald Trump and executive vice president of development and acquisitions with the Trump Organization Inc., distributes hats to the crowd ahead of a rally with U.S. President Donald Trump in Green Bay, Wisconsin, U.S., on Saturday, April 27, 2019. As his 2020 campaign gears up, President Donald Trump is putting an early focus on the three Rust Belt states that sent him to the White House after Republican losses in midterm elections showed his support in the region is fading. Photographer: Lauren Justice/Bloomberg via Getty Images
INDIANAPOLIS, INDIANA, UNITED STATES - 2019/04/27: An NRA member and Trump supporter wearing a MAGA hat looks at a shotgun during the third day of the National Rifle Association convention. (Photo by Jeremy Hogan/SOPA Images/LightRocket via Getty Images)
Attendees hold placards during a rally with U.S. President Donald Trump in Green Bay, Wisconsin, U.S., on Saturday, April 27, 2019. Trump on Saturday night revved up his campaign pitch to voters in key Rust Belt states by touting the U.S. economy, saying he's working to stop jobs from moving to neighboring countries, and mocking his Democratic opponents. Photographer: Lauren Justice/Bloomberg via Getty Images
U.S. President Donald Trump waves during a rally in Green Bay, Wisconsin, U.S., on Saturday, April 27, 2019. Trump on Saturday night revved up his campaign pitch to voters in key Rust Belt states by touting the U.S. economy, saying he's working to stop jobs from moving to neighboring countries, and mocking his Democratic opponents. Photographer: Lauren Justice/Bloomberg via Getty Images
Attendees hold placards during a rally with U.S. President Donald Trump in Green Bay, Wisconsin, U.S., on Saturday, April 27, 2019. Trump on Saturday night revved up his campaign pitch to voters in key Rust Belt states by touting the U.S. economy, saying he's working to stop jobs from moving to neighboring countries, and mocking his Democratic opponents. Photographer: Lauren Justice/Bloomberg via Getty Images
U.S. President Donald Trump speaks during a rally in Green Bay, Wisconsin, U.S., on Saturday, April 27, 2019. Trump on Saturday night revved up his campaign pitch to voters in key Rust Belt states by touting the U.S. economy, saying he's working to stop jobs from moving to neighboring countries, and mocking his Democratic opponents. Photographer: Lauren Justice/Bloomberg via Getty Images
U.S. President Donald Trump arrives at a rally in Green Bay, Wisconsin, U.S., on Saturday, April 27, 2019. Trump on Saturday night revved up his campaign pitch to voters in key Rust Belt states by touting the U.S. economy, saying he's working to stop jobs from moving to neighboring countries, and mocking his Democratic opponents. Photographer: Lauren Justice/Bloomberg via Getty Images
U.S. President Donald Trump speaks during a rally in Green Bay, Wisconsin, U.S., on Saturday, April 27, 2019. Trump on Saturday night revved up his campaign pitch to voters in key Rust Belt states by touting the U.S. economy, saying he's working to stop jobs from moving to neighboring countries, and mocking his Democratic opponents. Photographer: Lauren Justice/Bloomberg via Getty Images
U.S. President Donald Trump speaks during a rally in Green Bay, Wisconsin, U.S., on Saturday, April 27, 2019. Trump on Saturday night revved up his campaign pitch to voters in key Rust Belt states by touting the U.S. economy, saying he's working to stop jobs from moving to neighboring countries, and mocking his Democratic opponents. Photographer: Lauren Justice/Bloomberg via Getty Images
Donald Trump Jr., son of U.S. President Donald Trump and executive vice president of development and acquisitions with the Trump Organization Inc., speaks during a rally with President Trump in Green Bay, Wisconsin, U.S., on Saturday, April 27, 2019. President Trump on Saturday night revved up his campaign pitch to voters in key Rust Belt states by touting the U.S. economy, saying he's working to stop jobs from moving to neighboring countries, and mocking his Democratic opponents. Photographer: Lauren Justice/Bloomberg via Getty Images
U.S. President Donald Trump speaks during a rally in Green Bay, Wisconsin, U.S., on Saturday, April 27, 2019. Trump on Saturday night revved up his campaign pitch to voters in key Rust Belt states by touting the U.S. economy, saying he's working to stop jobs from moving to neighboring countries, and mocking his Democratic opponents. Photographer: Lauren Justice/Bloomberg via Getty Images
US President Donald Trump waves during a Make America Great Again rally in Green Bay, Wisconsin, April 27, 2019. (Photo by SAUL LOEB / AFP) (Photo credit should read SAUL LOEB/AFP/Getty Images)
US President Donald Trump claps during a Make America Great Again rally in Green Bay, Wisconsin, April 27, 2019. (Photo by SAUL LOEB / AFP) (Photo credit should read SAUL LOEB/AFP/Getty Images)
TOPSHOT - Supporters listen as US President Donald Trump speaks during a Make America Great Again rally in Green Bay, Wisconsin, April 27, 2019. (Photo by SAUL LOEB / AFP) (Photo credit should read SAUL LOEB/AFP/Getty Images)
US President Donald Trump leaves after speaking during a Make America Great Again rally in Green Bay, Wisconsin, April 27, 2019. (Photo by SAUL LOEB / AFP) (Photo credit should read SAUL LOEB/AFP/Getty Images)
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“In fact, year after year, Mr. Trump appears to have lost more money than nearly any other individual American taxpayer,” the Times said. “Over all, Mr. Trump lost so much money that he was able to avoid paying income taxes for eight of the 10 years.”

The publication of Trump’s taxes from that period comes as the White House continues to resist calls from Congress to release more recent tax returns. Trump has refused to release his taxes since becoming a candidate, claiming he is under audit.

Earlier this week, Treasury Secretary Steven Mnuchin refused the House Ways and Means Committee request to turn over the president’s tax returns, saying that the panel’s request “lacks a legitimate legislative purpose.” The move is expected to be challenged in court.

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