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 ...
LIKE!
More slop for the Cruz pen, sssooooo-EEEEE !
If Trump runs as a third-party candidate, the money to do so is going to have to come mostly out of his own pocket. The Republican Partys traditional donors certainly arent going to help him.
“As for Liquid cash ( where he can self-fund his Presidential campaign) ... I dont think so.”
He doesn’t seem to be having any trouble...so I of course disagree with you...as does the clear evidence.
Why do you believe Trump claims NY as his residence?
I’m betting on Florida.
So, this dedication may only be on the portion of income derived in NY.
Irrelevant. Taxable Income and Net Worth are two entirely different things, and who gives a rat’s arse about his taxable income?
“Utter BS taken out of context with incomplete information and fact fragments stretched to seeing Jesus on a piece of burnt toast.”
Obviously, you didn’t read the whole article ...
By having the operating expenses for a 737 in part of the pre-tax expenses of a corporation rather than part of personal after tax expenses.
757
Big deal, only an idiot pulls extra income that would be taxed. I wonder just how many of his assets are corporate owned and payed for. Warren Buffett is supposed to only pull income of $100K but is worth what, 61 Billion?
I don't have a problem with this (as long as he's staying within the letter of the law), but how will his populist base (other than the extreme cult members here on FR) react when Trump is shown to be as bad as all those "rich" CPOs?
Well, he's not a low level management employee, as you know. He owns the business and is its' CEO. His salary doesn't determine his management level, nor does it reflect it.
A lot of very rich, top executives take no salary at all. They've got so much income coming in already that they don't worry about what is to them, taxable "chump change".
Of course, the tax free "perks" make it quite easy to still live a very lavish lifestyle. On "company business", of course, if ya get my drift...
I looked up another resident (former Baby Doc Duvalier's apt) at 57-K and it shows annual taxes of around $32K.
It’s a 757.
Care to explain how you keep a 737 in the air on half a million a year, My Dad really wants to know.
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He doesn’t. He is a tax cheat.
If I made that much, I would run most of my expenses thru a business and pay myself a smaller amount like Trump has done. The government rapes enough that any you can save is just smart.
Income vs. investments.
If you are smart, you don’t make a lot of income for obvious reasons.
I don’t have an issue with this and I’m supporting Cruz. This just proves the IRS is a bullcrap agency that is clearly designed to screw the middle class. I think Trump should just say the system is rigged against the middle class.
Income vs Net worth is a rigged game.
You own a corporation that owns the aircraft. You take no pay or a nominal sum from the corporation; you lease the aircraft from the corporation. Or you pay by the mile or whatever. You have a net loss so no income tax. You don't "own" the aircraft, but it's yours.
A tax accountant's mileage may vary, but you get the idea.
It’s a 757. And he doesn’t personally own it. A company does. It’s his company, but they own the aircraft and Bill trump hotels, or resorts or whatever time and fuel that’s used service that particular Trump company’s business.
At least that’s the way I imagine it would be set up.
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