Tuesday, September 20, 2016

A history of enriching himself at taxpayer expense

“His whole MO is to exploit the government for everything he could get.” — Jerilyn Perine, city housing commissioner during Mayors Giuliani and Bloomberg administrations.

HEY, Republicans! Yes, you. Aren't you supposed to be the party against high taxes, wasteful spending and misuse of taxpayer money?

So riddle me this. How can you even consider voting for a guy who has sucked $885 million out of taxpayers' pockets — money that could have been used to let's say keep bridges from falling down or repair crumbling highways. You know the infrastructure your employees use to come to work and allow your goods to make their way to people who will buy them.

I'm sharing with you the first 500 words or so of a New York Times research piece that exposes Donald Trump's highly-profitable shell game that has enabled him to get rich using taxpayer money. Just think how he could game the system as President of the United States(The entire story is attached with a link at the bottom.)

A Trump Empire Built on Inside Connections and $885 Million in Tax Breaks

By Charles V. Bagli

September 17, 2016

The way Donald J. Trump tells it, his first solo project as a real estate developer, the conversion of a faded railroad hotel on 42nd Street into the sleek, 30-story Grand Hyatt, was a triumph from the very beginning.

The hotel, Mr. Trump bragged in “Trump: The Art of the Deal,” his 1987 best seller, “was a hit from the first day. Gross operating profits now exceed $30 million a year.”

But that book, and numerous interviews over the years, make little mention of a crucial factor in getting the hotel built: an extraordinary 40-year tax break that has cost New York City $360 million to date in forgiven, or uncollected, taxes, with four years still to run, on a property that cost only $120 million to build in 1980.

The project set the pattern for Mr. Trump’s New York career: He used his father’s, and, later, his own, extensive political connections, and relied on a huge amount of assistance from the government and taxpayers in the form of tax breaks, grants and incentives to benefit the 15 buildings at the core of his Manhattan real estate empire.

Since then, Mr. Trump has reaped at least $885 million in tax breaks, grants and other subsidies for luxury apartments, hotels and office buildings in New York, according to city tax, housing and finance records. The subsidies helped him lower his own costs and sell apartments at higher prices because of their reduced taxes.

Mr. Trump, the Republican nominee for president, has made clear over the course of his campaign how proud he is that “as a businessman I want to pay as little tax as possible.”

While it is impossible to assess how much Mr. Trump pays in personal or corporate income taxes, because he has refused to release his tax returns, an examination of his record as a New York developer shows how aggressively he has fought to lower the taxes on his projects.

Mr. Trump successfully sued the administration of Mayor Edward I. Koch after being denied a tax break for Trump Tower, his signature building on Fifth Avenue. Two decades later, in a lawsuit that spanned the administrations of Mayors Rudolph W. Giuliani and Michael R. Bloomberg, he won a similar tax break for Trump World Tower, a building on First Avenue with some of the city’s highest-priced condominiums in 2001.

Click here to read the rest of the story.

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