Over the past decade banks have forgiven about $287 million in loans from Donald Trump, after he failed to repay the debts. Not only did Trump benefit from banks approach to his failing businesses, a New York Times bombshell report reveals, but it appears the President failed to pay taxes on the forgiven loans, which the IRS sees as income.
"Big banks and hedge funds gave him years of extra time to repay his debts," the Times reports. "Even after Mr. Trump sued his largest lender, accusing it of preying on him, the bank agreed to lend him another $99 million — more than twice as much as was previously known — so that he could pay back what he still owed the bank on the defaulted Chicago loan, records show."
The New York Attorney General is reportedly now looking into those debts and filings, which the Times says are primarily tied to a 92-story Chicago skyscraper known as the Trump International Hotel & Tower.
A previous New York Times report reveals Trump paid just $750 in taxes in 2016 and 2017, and nothing in taxes for a 15-year period surrounding those dates.
Next year about $400 million in Trump's debts reportedly come due.
Read the entire Times report here.