Eluding the taxman: Trump received $885M in breaks, subsidies

Miami /
Sep.September 19, 2016 10:30 AM

From the New York website: As a real estate developer, Republican presidential nominee Donald Trump has received at least $885 million in tax breaks and other subsidies for his New York buildings.

An investigation by the New York Times shows that Trump has taken in millions in tax breaks, grants and other subsidies — in part — through political maneuvering and lawsuits. For his Trump Tower and Trump Palace projects he took in 421a tax benefits worth $20.8 million. After the Sept. 11 terrorist attacks, Trump received $150,000 in grants made available to small businesses in the area, even though he said his building at 40 Wall Street near the World Trade Center wasn’t damaged.

Partially through his father’s political connections to Mayor Abraham Beame and Gov. Hugh Carey, Trump secured a 40-year tax abatement for the Grand Hyatt Hotel on 42nd Street, which has allowed him to forego $359.3 million in taxes. He sued the city in 1981 after Mayor Ed Koch’s administration denied 421a benefits for Trump Tower. After a ruling in his favor by the New York State Court of Appeals, Trump received $22.5 million worth of tax breaks on the building.

According to the New York Times, the city missed out on $332 million in taxes from Trump Place on Riverside Drive. It also lost out on $8 million from Trump Palace; $13 million from Trump Plaza; $120 million from Trump World Tower; and $16 million from One Central Park West.

“In many cases, they made the difference between building and not being able to build,” Trump told the Times. “I’ve gotten incentives in other parts of the world as well.” [NYT] Kathryn Brenzel 


Related Articles

arrow_forward_ios
Donald Trump, Eric Trump and Donald Trump Jr with 1125 South Ocean Boulevard (Premier Estate Properties, Getty)
Trump’s Palm Beach estate listed for rent asking $208K a month
Trump’s Palm Beach estate listed for rent asking $208K a month
A photo illustration of prominent guests at the Witkoff wedding (via Instagram)
Nuptials Mar-a-Lago style: Donald Trump, Don Peebles, Barry Sternlicht among real estate elite at Witkoff wedding
Nuptials Mar-a-Lago style: Donald Trump, Don Peebles, Barry Sternlicht among real estate elite at Witkoff wedding
Donald Trump and Grant Cardone (Cardone Enterprises)
Presidential surprise: Donald Trump kicks-off Grant Cardone’s 10X Growth Conference
Presidential surprise: Donald Trump kicks-off Grant Cardone’s 10X Growth Conference
Donald Trump and The Mar-a-Lago Club in Palm Beach (Getty Images, LoopNet, iStock/Illustration by Steven Dilakian for The Real Deal)
Trump’s toilet triumph: Guests of the former No. 1 will have more places to go No. 2
Trump’s toilet triumph: Guests of the former No. 1 will have more places to go No. 2
Eric and Lara Trump with 502 Bald Eagle Drive in Jupiter (Getty, Google Maps)
Trump town: Eric and Lara buy home near Don Jr. in Jupiter
Trump town: Eric and Lara buy home near Don Jr. in Jupiter
Fontainebleau Miami Beach, Jeffrey Soffer and former President Donald Trump (Ebyabe/Wikipedia, Getty, iStock)
Gambling portability a no-go in Florida this year for Jeffrey Soffer, Trump
Gambling portability a no-go in Florida this year for Jeffrey Soffer, Trump
Gil Dezer (Photos by Sonya Revell)
The Closing: Gil Dezer
The Closing: Gil Dezer
Brad Parscale and 2319 Desota Drive (Getty, Google Maps)
Brad Parscale, ex-Trump campaign manager, sells Fort Lauderdale home
Brad Parscale, ex-Trump campaign manager, sells Fort Lauderdale home
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...