Tax documents show Trump's business lost more than $ 1 billion in 10 years

President Donald Trump is still fighting Congress for the release of his tax returns, but a new report analyzing his official transcripts from the Internal Revenue Service, as well as figures from his federal tax return forms , shows that he lost more than a billion dollars between 1985 and 1994.

The documents show that Trump companies have lost $ 1.17 billion over the last 10 years, including $ 46.1 million in 1985 and hundreds of millions following its much-announced collapse in the early 1990s, according to reports. a report appeared in the New York Times, which acquired the tax documents.

The president has often been touted as a "gold touch" in all businesses during the 1980s, before defending himself against a serious financial debt – due to difficulties with his casino business – in the 1990s. His infamous book, The Art of the Deal, was published in 1987, in the midst of the years covered by tax documents.

AP Photo / Andrew Harnik

Trump's lawyer Charles Harder countered in a statement to the Times – later reported to ABC News – that the information provided was inaccurate and based on "inherently unreliable" tax transcripts. He also asked if the documents even existed.

"We understand that your story is based on the 1980s IRS tax transcripts, rather than tax returns.You can not trust the IRS tax transcripts from there. so long ago, "said Harder in his statement. "To the extent that such documents exist, they are inherently unreliable." The IRS transcripts, particularly before electronic filing, are notoriously inaccurate, incomplete and selective in information that could have been entered manually (or omises) in the IRS .The IRS transcripts dating back to the 1980s would not provide a reasonable picture of the taxpayer's statement. "Drawing conclusions from an alleged transcript of tax returns would at best be an assumption speculative and constitute an irresponsible and unethical account.

"We have already informed you that your statements regarding Mr. Trump's tax returns from 30 years ago are very inaccurate and based on obviously false information," continued Harder. "Any story about it that would be inaccurate and damaging to Mr. Trump's reputation would be defamatory with real malice, you know, and all rights are reserved."

Trump did not pay any taxes in eight of the ten years analyzed by The Times because of its financial losses. According to documents, during his financial collapse in 1990 and 1991, he lost more than 250 million dollars a year.

The report comes amidst an ongoing battle with Congress for the release of Trump 's latest tax returns. Democrats have argued that the publication of Trump's tax returns is required by a provision of the 1924 Tax Code.

Treasury Secretary Steven Mnuchin on Monday rejected congressional Democrats' request for six-year personal and professional tax returns.

"Out of respect for the deadlines previously set by the Committee and in keeping with our commitment to respond promptly, I now inform you that the Department can not legally satisfy the Committee's request," wrote Mnuchin.

The Ways and Means Committee, chaired by D-Mass MP Richard Neal, has been striving to obtain financial information from Trump since the Democrats took office in the House. in the mid-term elections. During the campaign and since his election, Trump has always claimed that his finances were under audit and therefore could not release his taxes.

AP Photo / Alex Brandon

Trump boasted about his success in the late 1980s in an interview with "Nightline" in 1994. He told ABC News that he was worth $ 5 billion in 1989. At that time, he was already losing hundreds millions of by the Times show.

"I was at the top of the pedestals, the hottest in the country, the highest point," Trump told ABC News in 1994 about its success in the '80s. I touched it immediately turned into gold.All that I did was turned into gold.And life began to get boring.And then one day, the pedestal was knocked out. . "

Democrats seized the Times report to hit Trump.

"Trump's tax data for the period 1985-1994 shows that he had no idea how to conclude an agreement," Don Beyer's representative, D-Va, said on Twitter. "In fact, to put it in terms appropriate for a former reality TV star, he was the biggest loser."

Connecticut Senator Richard Blumenthal said in an interview with CNN that the documents show an "astonishing picture of a spectacular collapse in those years".

ABC News & # 39; Megan Hughes and John Parkinson contributed to this report.