Posted on 03/08/2016 11:54:52 AM PST by GIdget2004
One of the enduring mysteries of Donald Trump is just how much wealth he has. Forbes pegs his net worth at $4.5 billion, while Bloomberg News puts it at $2.9 billion. The GOP front-runner himself has said he's "really rich."
Maybe, but Trump's income is low enough to qualify for a New York state property-tax break that most high-rollers don't get.
It's called the STAR program, which stands for the New York State School Tax Relief Program and has been around since 1997. It offers an approximately $300 annual benefit for those who qualify. Hundreds of thousands of New York homeowners get it.
Here's where it gets interesting for Trump: To be eligible for STAR, a married couple must have annual income of $500,000 or less. One wouldn't think a guy as rich as Trump claims to be would qualify, but records filed with the city's Department of Finance show he received a $302 STAR benefit on his latest property-tax bill for his Trump Tower penthouse on Fifth Avenue.
That means whatever his annual income is, it's less than $500,000. (The state defines income for STAR purposes as federal adjusted gross income minus the taxable amount of total distributions from annuities or individual retirement accounts.) And Trump would have to have declared his New York apartment as his permanent residence and sent the state a copy of his federal income-tax return in order to qualify for the $302 tax break.
"It's strange that a billionaire would apply for a $302 tax benefit and, moreover, that he would take it," said Martha Stark, a property-tax expert and former New York City finance commissioner who is now a lecturer at Baruch College. A Trump spokeswoman had no immediate comment.
(Excerpt) Read more at crainsnewyork.com ...
I guess I’ll wait for Ted’s people to tell me what it means.
Income has little to no reflection on wealth...especially after tax income.
Utter BS taken out of context with incomplete information and fact fragments stretched to seeing Jesus on a piece of burnt toast.
Larry Page of Google makes $1 a year as do other CEOs lol..what a crock
A person's total wealth has little to do with annual income.
Lets put it this way.
He is richer than Cruz, Rubio or Little Jebbie.
Does it make a difference?
Not really.
BS but please continue, it keeps the low information types entertained
Net worth and income are two different things. Unless your stupid, of course.
It also has zero bearing on his net worth.
Care to explain how you keep a 737 in the air on half a million a year, My Dad really wants to know.
Curiouser and curiouser... Many sources have made the case that he exaggerates his wealth, but very hard to imagine how he’s netting under $500K per year. Maybe he improperly applied for this tax break? Or perhaps everything is funneled into “The Trump Organization” and he only pays himself a nominal salary?
Zathras wrote:
Lets put it this way.
He is richer than Cruz, Rubio or Little Jebbie.
All combined with Jebbie standing on his Tippy Toes.
Business returns versus personal returns.
Probably land he bought to bury people killed by the mafia
Trump sends all his expenses through his company. He obviously lives the lifestyle of someone making tens of millions of dollars per year. If he is taking less than $500K per year in income, living like he does, that probably explains why he has been audited 12 years in a row and why audits are ongoing.
His company owns and operates the plane.
corporate expense vs salary. Corporation can hold billions and pay a salary of 20 bucks if they want to.
On the other hand some get off scot-free. The Clinton's deducted underwear donations as a charitable deduction, which shows what a joke it is. What somebody has on their income tax return is at the bottom of my list of voting priorities.
The fact that Trump’s taxable income is low is a reflection on the tax code not on Trump.
Stop this dishonest innuendo.
You only make yourself look dumb.
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