Newly obtained details from the president’s tax returns reveal a decade in the red, with $1.17 billion in business losses. Mark Makela for The New York Times
New York Times

Donald Trump, the U.S. president lost so much money in the 1980s and 90s that he paid no income tax for eight years, it has been reported.

The New York Times reported that the real estate mogul’s businesses lost more than $1bn (£765m) between 1985 and 1994. The news came as Mr Trump’s treasury secretary, Steven Mnuchin, refused to release his boss’s tax returns for the last five years, setting up a legal battle with Democrats.

And late on Tuesday the president’s leading Democratic challenger in the 2020 election race, Joe Biden, pledged a “battle for the soul of the country” as he accused Mr Trump of “demonising” immigrants at a rally in Nevada. He also claimed that “our alliances will crumble” around the world if Mr Trump continued in office.

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