Trump racked up $1.1B in losses from 1985 to 1994: New York Times

The newspaper did not review the president's actual tax returns, but says it saw official IRS documents.
2:22 | 05/08/19

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Transcript for Trump racked up $1.1B in losses from 1985 to 1994: New York Times
And as you know, president trump is also responding tonight to that "New York Times" investigation revealing details on ten years worth of his taxes. Showing that he lost more than a billion dollars from 1985 to 1994. They report he lost more than any other individual in that and tonight, his appearances on TV during that time, including on Oprah, what he said, despite what his taxes reportedly show. Here's Jon Karl. Reporter: The tax documents obtained by "The New York Times" show Donald Trump was awash in red ink at a time he was portraying himself as the ultimate business genius, master of the art of the deal. Well, I really think you have it or you don't have it, and I hate to say that, because, you know, it's something that I feel strongly about. You either have it or you don't. Reporter: "The times" did not review the president's actual tax returns, but they did see official irs documents that showed trump racked up "$1.17 billion in losses for the decade" spanning 1985 to 1994. "Year after year," "The times" writes, "Mr. Trump appears to have lost more money than nearly any other individual American taxpayer." In fact, trump "Lost so much money that he was able to avoid paying income taxes for eight of the ten years." But you wouldn't know it from listening to trump back then selling himself. I really go by instinct and I go by my gut feel. Everything I touched turned to gold immediately. Reporter: He built an empire on debt, buying eastern airlines, turning it into trump airlines and draining some $7 million a month to keep it flying. Losing big on his signature casino. And even losing money for a time with mar-a-lago, which he bought in 1985 for only $10 million. Today, responding to "The new York Times" report, he at first explained the reason for his losses, tweeting, "You always wanted to show losses for tax purposes, it was sport." And then, in the same tweet, he hammered the story as, quote, "Highly inaccurate." So, let's get to Jon, live at the white house tonight. And Jon, Democrats in congress are now preparing to escalate their efforts to get the president's tax returns? Reporter: David, we're told that house Democrats will decide tomorrow whether or not to go to court and to issue a subpoena in an attempt to try to force the treasury department to turn over the president's more recent tax returns. Jon Karl, great to have you. Next tonight, there are now

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

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