Newly obtained tax information reveals that from 1985 to 1994, Donald J. Trump's businesses were in far bleaker condition than was previously known. Russ Buettner and Susanne Craig from The New York Times investigate.

By the time his master-of-the-universe memoir Trump: The Art of the Deal hit bookstores in 1987, Donald Trump was already in deep financial distress, losing tens of millions of dollars on troubled business deals, according to previously unrevealed figures from his federal income tax returns.

Trump was propelled to the presidency, in part, by a self-spun narrative of business success and of setbacks triumphantly overcome. He


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