Tax information provided by Republican presidential nominee Donald Trump has revealed that the business mogul suffered substantial losses that could have forced him into personal bankruptcy.
The report, released by the New York Times, shows that Trump suffered a loss of almost $1 billion in 1995, which could have allowed him not to pay federal taxes for a long period of time.
However, as BuzzFeed notes, Trump’s tax returns have not been released (unlike many of the other presidential candidates) and so much of the details of his finances remain a mystery.
Donald Trump Full Tax Returns: Losses Incurred in 1978 and 1979
The Washington Post released the business mogul’s tax information for 1978 and 1979 in May, and according to Politico, he did not pay any taxes in 1991 and 1993. These two instances, along with the report from the New York Times, show that Trump was able to avoid taxes because of mismanagement in his business and bad decision-making.
As reported by News Week, Trump’s reported income was $76,210 for 1975; $24,594 for 1976, and $118,530 for 1977. His personal losses in 1978 amounted to $406,379, which, in present day dollars, is calculated as $1.5 million.
In 1979, he reported an income of negative $3.4 million, which in present day dollars is $11.2 million.
Donald Trump Full Tax Returns: ‘He was a brutal and ruthless negotiator’
“[Trump] was a brutal and ruthless negotiator,” Bryant Simon, professor at Temple University and author of Boardwalk of Dreams: Atlantic City and the Fate of Urban America, said. “People paid the price.”
The biggest losses in, for instance, the Taj Mahal Casino bankruptcy, as reported by the Washington Post, were incurred by large institutions, however, “many small-time investors who had bought the bonds, directly or through retirement funds, also suffered losses … so did the small-business owners who sold Trump paint, equipment, food, limousine services, and much more. Many were eventually paid only a fraction of what they were due.”
The Taj Mahal Casino bankruptcy, the court filing of which can be read here, contributed to reported loss of 1995.