According to investigation from New York Times, Trump’s nine real estate ventures in Manhattan were subsidized by roughly $885 million in city tax breaks, according to city tax and housing records.The billionaire real estate magnate and Republican presidential nominee built his empire with the help of almost $1 billion in tax breaks from the City of New York.
The GOP presidential nominee defended his use of the tax breaks in an interview with the Times’ Charles V. Bagli, saying tax breaks and incentives in both the US and the rest of the world helped his business grow.
“In many cases, [the tax breaks] made the difference between building and not being able to build,” Trump said.
The billionaire real estate developer, who was given $1 million from his father, Fred, to invest as he pleased, also shamelessly pursued tax breaks for small business owners in Manhattan affected by the 9/11 attacks. According to the Times, Trump successfully applied for a $150,000 grant for 40 Wall Street, even though he admitted the building was undamaged after the attacks.
For decades, the billionaire developer’s litigiousness secured several crucial tax breaks for real estate projects around Manhattan that are now some of the GOP nominee’s biggest moneymakers. As Bagli reported, Trump sued the administrations of Mayors Ed Koch, Rudolph Giuliani, and Michael Bloomberg for tax breaks totaling almost $173 million. $157 million in tax breaks were ultimately granted for Trump Tower on Fifth Avenue, and Trump World Tower on First Avenue. Condominiums in those buildings became known as some of the most expensive in the city.
Donald Trump was also able to secure lucrative tax breaks through his family and political connections. When the 30-year-old Trump was attempting to acquire the failing Commodore East Hotel, he insisted on having a tax break from the city in order to make the project viable, even though Donald’s father, Fred, guaranteed half of the construction loan and got the Hyatt hotel chain to take a 50 percent stake to agree to help restore the building.
The Times reported that Donald’s father then used his political clout as a donor to Mayor Abraham Beane and New York Governor Hugh Carey’s campaigns to ensure the building would get a hefty tax break. To date, the Grand Hyatt Hotel has received roughly $150 million in public money.
The New York Times broke down how much in public dollars each building in Manhattan owned by the blustery billionaire received for its construction:
- Grand Hyatt Hotel (E. 42nd St.): $359 million
- 120-240 Riverside Blvd. (FDR Drive): $332 million
- Trump World Tower (First Avenue): $120 million
- Trump Tower (Fifth Avenue): $37.5 million
- One Central Park West: $16 million
- Trump Plaza: $13 million
- Trump Palace Condos: $8 million
- 40 Wall Street: $150,000
- Trump Parc East: $49,000
As of this writing, the Republican presidential candidate has not yet released his tax returns, despite an offer from LinkedIn’s founder to donate $5 million to veterans’ groups in exchange for the real estate developer to make his tax documents public.
Re-Reported by USUNCUT