President Donald Trump's businesses reported losses of $1 billion from 1985 to 1994, according to tax documents from those years.
According to the New York Times, Trump lost more money than nearly any other individual US taxpayer year after year. The news comes after increasing pressure for Trump to release his tax returns for the past six years.
Earlier this week, Treasury Secretary Steven Mnuchin formally denied a request from the House Ways and Means Committee for Trump's taxes over the last six years - and the NYT's report does not cover these dates.
Trump took to Twitter to deny the claims:
"Real estate developers in the 1980’s & 1990’s, more than 30 years ago, were entitled to massive write offs and depreciation which would, if one was actively building, show losses and tax losses in almost all cases. Much was non monetary. Sometimes considered “tax shelter,” he wrote.
He continued, "....you would get it by building, or even buying. You always wanted to show losses for tax purposes....almost all real estate developers did - and often re-negotiate with banks, it was sport. Additionally, the very old information put out is a highly inaccurate Fake News hit job!"