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 ...
What's the problem?
OMG! Sounds like he's a hell of a businessman. Doesn't beat by a long shot Apple though and their sweetheart deal they had in Ireland now ordered to pay 14.5 billion Euros in backtaxes as they make their products in sweatshops in China. But I digress...
This can’t be true!
The Slimes told us that Trump would have made more money in the stock market than he did in all his deals!
Yep, a smart wheel dealer, and the problem is what exactly?
GOOD for Trump.........it is all about the deal and it looks like he got a darn good one! That is what a good businessman does! So what is the problem here?
No one does anything in NY without a tax break. Robert Congel got one for Destiny Mall in Syracuse, as is COR for developing the Inner Harbor.
The times still printing?
only reason most bought it was the employment section. 50 pages under Reagan, later on a handful of pages.
Is the NYTs saying that the NYC government made a stupid deal?
I don’t suppose that NY state and NYC collected any taxes on the numerous projects and businesses that came in on the opportune coattails of Trump’s developments? Could it be that NYC saw it as a shared risk and profited as much or more than Trump did? Nawwwww ... couldn’t be.
The New York Times never heard of those folks...
So Trump made deals with politicians.
And this is news-worthy because??? He had a business to run.
In NYC, you can’t get anything done without getting clearance from City Hall.
Voters understand the constraints Trump operated under.
It does the left no good to point out any inside connections on Trump’s part. They already have that game down in spades.
So yeah.....but he did didn’t do it while Secretary of State
they got nothin... feh
Trump literally rebuilt a failing NYC. He deserves the 885 million tax break.
Everyday I see ads on TV with New York begging for businesses to relocate there with HUGE TAX BREAKS FOR TEN YEARS to entice them.
Funny because it's evidence that lower taxes encourages business and investment but also Trump ain't the first one to take advantage of the offer. Dumbasses.
I wonder if they’ll highlight the tax breaks the Clinton Foundation receives? The NY State EIN tax rate is 7.1%; on the $337 million in income the Foundation received in 2015, that would be about $24 million. Over 40 years, that would be close to a BILLION dollars, more than Trump has received.
Think they’ll talk about that? Nah...
Did he break the law?
A DEAL MAKER! That’s why we NEED him as POTUS! Articles like this only make me support him even more! What else ya got, slimeballs?!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.