May  8, 2019

Andrew Campbell 

United State President Donald Trump did not manage his core business successfully. According to the New York Times, from 1985 to 1994, President Trump lost more than $1 billion of his core business. The loss of business was the reason for him to avoid paying income taxes for eight of 10 years.

New York Times collected President Trump’s documents from Trump’s official Internal Revenue Service tax returns and figured out President Trump lost $1.17 billion, including his major business-casinos, hotels, and apartment buildings.

Previously, New York Times reported that President Trump assisted his parents about tax avoidance in the 1990s and helped his parents to hide millions of dollars in a fake company.

The image of President Trump was a successful tycoon while he ran for his presidency. However, he refused to reveal his tax returns publicly even if the pressure came from the Congress. Democrats had various questions related to President Trump’s financial dealings and would like to ask for six years of his tax returns.

On May 6, Steve Mnuchin, the US treasury secretary, refused the request of President Trump’s tax return from the congressman Richard Neal, the Democratic chairman of the House ways and means committee. Mnuchin turned down the request based on the lack of legitimate purpose. Charles Harder, a lawyer of the president, mentioned that the tax information from the report were inaccurate.

President Trump challenged decades of precedent as a presidential candidate by refusing to unveil his tax returns. He kept his tax return private because his returns were under an audit. However, there is no such a law to ban the reveal of tax returns under an audit.

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