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Posted on 09/17/2016 8:10:05 PM PDT by E. Pluribus Unum
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.
(Excerpt) Read more at nytimes.com ...
The slimes is bottom fishing.
Yeah right. Blago, Rezko, Ayers.
“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.”
So is this a story reinforcing how incompetent govt is or how good Trump is at dealing with incompetent boobs like them?
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lol...trump DID write about the tax break...he BRAGGED about it in the book and touted it as an achievement...which it was!
Solyndra.
Ha! $885 Million? Mr. Trump please pick up the courtesy phone, Elon Musk is calling to tell you how it’s really done.
It’s now seen as evil if the government makes concessions to employ thousands of people who will pay income taxes for the net 40 years, not to mention the local, state, and federal taxes the business will pay.
Democrats, just incredibly challenged...
Cities, states and nations give tax breaks to encourage development when nobody wants to invest. And if Trump got a 40-year break, there must not have been a lot of people willing to develop. Because of Trump there is more office space, retail space and apartments for NYers, because his leap of faith and success gave others the courage to build. So instead of being a dumpy town, NYC has one of the most impressive skylines in the world. A very wise decision by NYC and an amazing accomplishment by Trump.
As a conservative I admire anyone who can legally pay the minimum in taxes.
Big deal! You don’t become a multi-billionaire by being Caspar Milquetoast!
‘40-year tax break that has cost New York City $360 million to date in forgiven,”
I would venture that spin-offs from the hotel for the city and businesses exceeds that.
I’m shocked. The city agreed to it and those jerks know it.
It’s unlikely that Trump is the only one to get tax breaks. What do the other developers get?
Isn’t the state of New York running commercial after commercial touting their great business tax breaks?
They just can’t stand that no one is paying attention to them
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