Quantcast
Connect with us

How the Trump family learned ‘how to turn politics into money’

Published

on

In 1975, New York City was run-down and on the verge of bankruptcy. Twenty-nine-year-old Donald Trump saw an opportunity. He wanted to acquire and redevelop the dilapidated Commodore Hotel in midtown Manhattan next to Grand Central Terminal.

Trump had bragged to the executive controlling the sale that he could use his political connections to get tax breaks for the deal.

ADVERTISEMENT

The executive was skeptical. But the next day, the executive was invited into Trump’s limousine, which ushered him to City Hall. There, he met with Donald’s father Fred and Mayor Abe Beame, to whom the Trumps had given lavishly.

Beame put his arm around the Trumps. “Anything they want, they get,” Beame said, as recounted by Trump’s first biographer, journalist Wayne Barrett.

Trump got an unprecedented 40-year tax break. According to new figures given to us by the New York City Department of Taxation and Finance, the break has cost the city $410,068,399.55 in forgone revenue to Trump and the hotel’s subsequent owners. The break ends this April.

In “The Art of the Deal,” Trump said there was a reason for the 40-year deal: “Because I didn’t ask for 50.”

Trump got it over the misgivings of some state officials. The former chairman of the state economic development agency, Richard Ravitch, recalled in an interview that Trump approached him in December 1975. Trump, who had ties to Gov. Hugh Carey, “started raising his voice, and threatening me, and said, ‘If you don’t give me a tax abatement, I’m going to have you fired.’ I said, ‘Get the fuck out of here.’”

ADVERTISEMENT

Ravitch was not fired, but the state agency did approve the break. Trump has said the decision was made on the merits.

“Really the story of Donald Trump, rather than this Horatio Alger figure, this is a guy who managed to learn how to turn politics into money,” said Barrett during a 1992 WNYC interview, the same one in which he told the Beame story. (Barrett died on Jan. 19, 2017, on the eve of Trump’s inauguration.)

Trump has long worked hard to avoid taxes. “That makes me smart,” he famously retorted during a 2016 presidential debate. But Donald Trump didn’t come up with those smarts himself.

ADVERTISEMENT

In 1954, Fred Trump appeared before the Senate Banking Committee, which questioned his practice of valuing his properties at top dollar for government mortgages while using much lower assessments for tax purposes. A federal report criticized the practices that Fred Trump and other developers engaged in, calling them “outright misrepresentation.”

It’s all in our latest episode of “Trump, Inc.” Listen.

ADVERTISEMENT

 

ADVERTISEMENT


Report typos and corrections to: [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

2020 Election

Here are 3 winners and 3 losers from the 2020 Democratic presidential primary debate

Published

on

Former New York Mayor Michael Bloomberg joined the other leading Democratic presidential primary candidates Wednesday night in the fieriest evening of the race so far.

His presence on the stage drew fire from the other candidates, but it also seemed to change the overall tone of the debate, with more attacks, counter-attacks, and passion than was generally seen earlier in the campaign.

Here’s a (necessarily subjective!) list of the winners and losers from the fray:

Winners

Sen. Elizabeth Warren (D-MA) — Warren hit her stride right as the debate started by attacking Bloomberg for his record on the mistreatment of women, racist policies, and his tax returns. She repeatedly came back to skewer the former mayor, making herself the biggest and most notable presence in the debate. But importantly, she also continuously brought the discussion back to the issues she cares about — like expanding health care, environmental justice,  and consumer protection — while getting in digs at the other candidates on the stage.

Continue Reading

Breaking Banner

After bombing in #DemDebate internet changes Mike Bloomberg’s ‘death’ date on Wikipedia

Published

on

Someone online changed former Mayor Michael Bloomberg's information on Wikipedia during the Wednesday debate to say that he died on Feb. 19.

After being ripped to shreds during the MSNBC Democratic debate, it became clear that Bloomberg wasn't quite as prepared as the other Democratic candidates.

The Wikipedia article was also changed to indicate that his cause of death was Sen. Elizabeth Warren (D-MA).

https://twitter.com/joshrobin/status/1230333066280886273

Bloomberg had several unfortunate moments, namely his refusal to release female accusers from nondisclosure agreements, he came out in favor of fracking, he blamed India for China's involvement in climate change, and many many more things.

Continue Reading
 

Breaking Banner

Internet slams ‘cringe-worthy elitist’ Mike Bloomberg for saying he’s too rich to use TurboTax

Published

on

At the Democratic presidential debate in Nevada, former New York City Mayor Michael Bloomberg stumbled after being asked when he will release his tax returns, when he suggested that he "can't go to TurboTax" because he's too wealthy.

Moderator: "You've said you'll release your tax returns, but why do Democrats have to wait?"

Bloomberg: "We do business around the world. The document will be thousands of pages. I can't go to TurboTax."

😂😂😂#DemDebate

Continue Reading
 
 
close-image