Tax Records Show Trump Had Over $270 Million In Debt Forgiven After Failing To Repay Lenders

President Donald Trump has had more than $270 million in debt forgiven since 2010 after he failed to repay his lenders for a Chicago skyscraper development, The New York Times reported Tuesday.

An analysis of his tax records by the Times shows that after the Trump International Hotel & Tower in Chicago encountered financial problems, big banks and hedge funds cut Trump considerable slack, granting him years of additional time to repay his debts, much of which was ultimately forgiven.

And while the previously unreported forgiven debts would usually fuel a large tax bill, Trump appears to have managed to pay almost no federal income tax on them, the Times reported, partially because of the significant financial losses his other businesses were enduring.

Trump Organization chief legal officer Alan Garten told the Times that the organization and Trump had paid all necessary taxes on the forgiven debts.”These were all arm’s length transactions that were voluntarily entered into between sophisticated parties many years ago in the aftermath of the 2008 global financial crisis and the resulting collapse of the real estate markets,” Garten said.

Still, news of Trump’s extensive forgiven debts deal a new blow to the business-tycoon brand the President has built his political career on, just a week from Election Day.close dialog

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