Trump defends business practices after report he failed to pay millions in debt

[Rogue Valley]

Trump defends business practices after report he failed to pay millions in debt

President Trump early Wednesday defended his business practices as a real estate developer after The New York Times

thehill.com

10/28/20
President Trump early Wednesday defended his business practices as a real estate developer after The New York Times reported that he failed to pay hundreds of millions of dollars in debt, most of it related to a Chicago property, that was forgiven by lenders. The Times reported Tuesday that Trump’s lenders have forgiven roughly $287 million in debt he did not pay since 2010. The report, based on federal income tax records obtained by the newspaper, is part of a broader series on the president’s finances that began in September with a report that Trump only paid $750 in federal income tax in both 2016 and 2017. He has repeatedly refused to release his tax returns, despite the precedent established by previous presidents.

Most of the debt is said to be related to the Chicago property, a 92-floor Trump International Hotel and Tower that was completed around the time of the 2008 financial crisis. The Times reported Tuesday that the property was plagued by problems, with retail space proving difficult to rent and condos difficult to sell. The revelations undermine Trump’s portrayal of himself as a successful real estate magnate and also underscore the way in which he was able to manipulate lenders into diminishing the impact of his business failures on himself. The new insight into Trump’s business dealings came a week before Election Day, as Trump is locked in a difficult battle for reelection against Democratic presidential nominee Joe Biden.

In regards to the floundering Chicago Loop property (Trump International Hotel and Tower) located downtown on the Chicago River, Trump stiffed lenders for $287 million.

Legally, this would be considered a capital gain for federal tax purposes, but it is unknown at this time if Trump denoted this in his IRS 1040 forms.

According to the financial documents obtained by the NY Times, Trump has well over $400 million in loans coming due within the next three years, but the creditor(s) are unknown.

Do you really want your next president to be in hock for hundreds of millions of dollars to unknown lenders/individuals/countries? No? VOTE! for Joe Biden.