The Times’ analysis of his tax records shows that after the Trump International Hotel and Tower in Chicago encountered financial problems, the big banks and hedge funds reduced Trump’s considerable slack, giving him years of experience. Extra time to pay off the debt, most of which eventually returned his debt. forgive.
The New York Times reported that although previously unreported forgiveness of debt usually increases huge taxes, Trump seems to have managed to pay almost no federal income tax on them, partly because his other businesses are suffering huge financial losses.
Trump Organization Chief Legal Officer Alan Garten told The New York Times that the organization and Trump have paid all necessary taxes for the debts that were forgiven.
Garten said: “These are fair deals that were voluntarily conducted between mature parties many years ago after the 2008 global financial crisis and the resulting real estate market collapse.”
According to the “Times” report, Trump arranged for his two limited liability companies to borrow more than $700 million for the Chicago development project and gave most of the funds to Deutsche Bank.
The newspaper stated that the bank agreed to provide a loan of US$640 million for the project, but after the project was postponed, the loan expired and part of the building was still unfinished.
Although Deutsche Bank initially granted Trump an extension of the loan repayment extension, after refusing the request for additional extension, Trump sued the bank along with Fortress Investment Group-Fortress Investment Group provided a $130 million loan for the project-and Others, according to “The Times” report, they have purchased part of the loan.
According to the paper, Trump accused Deutsche Bank of engaging in “predatory loan practices.” The bank responded with its own lawsuit, demanding repayment of the loan.
“The Times” reported that in July 2010, Deutsche Bank, Fortress and Trump reached a private mediation, but did not disclose the terms. But Trump’s federal tax returns and a loan document show that he forgiven the project’s debt of about $270 million.
Whether he won the president and his first year in the White House this year, Trump only paid $750 in federal income tax, the New York Times reported.
Trump denied the New York Times report and claimed that he “paid” a lot of federal income tax.