How Donald Trump lost a billion bucks in 10 years
May 13, 2019 -- Donald Trump reported an ever-growing negative-adjusted gross income on his tax returns from 1985-94, enabling him to avoid paying any income tax for eight out of those 10 years.
President Trump, known for boasting about his prowess as an entrepreneur and businessman, bragged in 1990 that his net worth was $1.5bn. Now it transpires it was likely far less than that.
A recent New York Times investigation, based on disclosed copies of his income tax returns, reveal Donald Trump lost $1.17bn between 1985 and 1994 on failed business ventures – more than any other American taxpayer for that period.
It has also come to light that he was dropped from the Forbes 400 "rich list" in 1990 over doubts about his wealth following the decline in his Atlantic City gaming revenues, misstated asset values, declining real estate values and massive accumulation of debt.
Forbes believes Trump’s net worth was far from his own estimate of $1.5bn because virtually all of his real estate had declined in value. They appraise his portfolio at the time as $3.7bn, but weighed down by $3.2bn of debt, giving him a net worth of $500m – a third of his own estimation.