Trump had more than $270 million in debt forgiven in the last decade after he failed to repay lenders for his Chicago skyscraper development.
According to The New York Times, Trump’s tax records show that after the Trump International Hotel & Tower in Chicago got into financial trouble, big banks and hedge funds, gave Trump YEARS of additional time to repay his debts. After he failed to pay, much of it was ultimately forgiven.
Previously unreported debts that were forgiven would normally produce a big fat tax bill, but Trump managed to pay almost no federal income tax, partially because of the losses of his other businesses.
Trump Organization chief legal officer Alan Garten told The Times that tTrump had paid all necessary taxes on the forgiven debts. Garten said,
“These were all arm’s length transactions that were voluntarily entered into between sophisticated parties many years ago in the aftermath of the 2008 global financial crisis and the resulting collapse of the real estate markets.”
Trump borrowed more than $700 million for his Chicago development from Deutsche Bank. They lent the majority of the money, $640 million, but after construction delays, the loan came due while the building was still unfinished.
Deutsche Bank gave Trump an extension, but said no to an additional extension. Trump then sued the bank along with Fortress Investment Group and other banks and hedge funds.
Trump said that Deutsche Bank had engaged in
“predatory lending practices.”
The bank responded with its own lawsuit demanding repayment of the loan. But in July 2010, they all reached a “private settlement”. No terms were disclosed, natch.
But Trump’s taxes and a loan document show that about $270 million in debt was FORGIVEN.
As in, he didn’t have to pay back over a quarter of a billion dollars!
This new info from the Trump’s tax records add to the finding’s The New York Times reported showing how Trump got away with paying NO federal income tax AT ALL in 10 out of 15 years beginning in 2000 because he reported losing SO much more than he made.
In 2016 and 2017, Trump paid just $750 in federal income taxes.
One week from Election Day, this news should yet another blow to the big, successful business-tycoon image Trump has built his career on.
But Trumpers don’t read the Times, or likely care. It would be a massive scandal (as it should) if it were Biden. But because it’s “Scandal-a-Day” Trump, it’s just a Tuesday.
See you NEXT Tuesday at the polls. We are all hoping to use your famous catch-phrase…
(Graphic, Trey Speegle; via CNN)