Trump had the biggest financial loss in America — and used it to get out of paying 8 years of taxes: report
White House photo of President Donald Trump at the National Day of Prayer. (Tia DuFour)

On Tuesday, The New York Times released information obtained from ten previously unaccounted-for years of President Donald Trump's tax returns from an IRS source.

According to the Times, "Mr. Trump appears to have lost more money than nearly any other individual taxpayer, according to the I.R.S. information on high earners." His core businesses reportedly lost $250 million a year between 1990 and 1991, due in part to his disastrous decision to buy his own airline — losses more than double those of taxpayers with similar holdings.

Moreover, Trump apparently used these losses "to avoid paying taxes on future income," banking hundreds of millions of dollars worth of "net operating losses" that allowed him to completely skip paying income tax for eight years. In fact, his operating losses accounted for fully 1 percent of all taxable income in the United States that was exempted from IRS collections this way in 1991.

While this new information is a bombshell, the actual tax returns themselves are still concealed and many sources of income for Trump remain unknown.

Trump has fought tooth and nail to keep his tax returns hidden, even though presidents from both parties over the last 40 years have generally disclosed at least some of this information to the public. House Democrats have recently invoked federal law to demand the Treasury Department furnish his returns to Congress, which Treasury Secretary Steve Mnuchin has defied.