On Monday, the Treasury secretary, Steven Mnuchin, said he would not deliver the tax returns to the Ways and Means Committee. Don Hogan Charles/The New York TimesThe year was 1985, and Mr. Trump appeared to be on top of the world. But that rich payday was overwhelmed by his business losses, and Mr. Trump still paid no federal income taxes that year. Even so, his overwhelming business losses meant that he paid only $1.4 million in alternative minimum tax that year. The only other income tax he was required to pay in those years was $124,344 in 1987, also under the alternative minimum tax, which was created to make sure wealthy people could not avoid all income tax through loopholes and deductions.

Source: New York Times May 07, 2019 22:52 UTC