Trump's taxes revealed

Newly revealed tax documents obtained by the New York Times show President Trump's businesses lost more than $1 billion in failed business deals over the course of a decade.
2:35 | 05/08/19

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Transcript for Trump's taxes revealed
The New York Times out this morning with the revealing new look a president Trump's finances they published tax returns showing his businesses. Lost more than won a billion dollars over ten years law says we're so big Q reportedly avoided paying federal income taxes. From most of those years ABC's lot of Zach has the new. Good morning to you can at this fight comes as lawmakers here in Washington are continuing to a press the president for his tax returns. And this follows a different segment of of time. But according to the time to provide an accurate accounting of quote the president financial failures. The New York Times reports and in the 1980s and ninety's Donald Trump cultivated a public persona of success. At this scene time his business deals lost more than a billion dollars. The irony is stunning he was actually the Biggest Loser to use a term he would use if. This was if he was labeling somebody he was reading the headline of the New York Times that would be asked the reporter who broke the story talk. CNN it is the most detailed look at the president business record to date. The investigation compared printouts from mr. Trump's official IRS tax transcript with figures from his federal tax form but the times was not given his actual returns. According to the paper mr. trump reported losses of just over 46 million dollars in 1985 from his core businesses. Largely casinos hotels and retail space in apartment buildings. The telling says the trump businesses continued to lose money every year for that decade totaling more than one point one billion dollars. He paid income talks in two of the ten years and one of them little Italy to institute of ten years it was the alternate minimum talks and one of the years for judge of why. The tax information in the report did not cover the years involved in the current battle over the president's tax returns. But senator Blumenthal told CNN that's not the point. It sheds light on why president Ron. May be the first president in decades to refuse to disclose his tax returns. And senator Murphy tells MSNBC now it's an issue for the campaign trail Democrats would be well served to talk more about the fact that he is has been and forever will be an economic fraud overnight the president's attorney called the times reporting false and defamatory. And saying you cannot rely upon IRS tax transcripts from so long ago to the extent any such documents even exist they are inherently un reliable and notoriously inaccurate. Now to put these losses into context the times says that during this period it appears that mr. trump lost more money than nearly. Any other American taxpayer. Kenneth why Zach in DC but does.

This transcript has been automatically generated and may not be 100% accurate.

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