Trump got a tax break designed for low income people

[The Tradition]

Republican presidential front-runner Donald Trump reportedly qualified for a state property-tax break for people who make $500,000 or less, business newsletter Crain's reported Tuesday.

Trump qualified for the New York state School Tax Relief Program, called Star for short, which offers about a $300 annual benefit, on his latest property-tax bill for his Trump Tower penthouse on Fifth Avenue.

To qualify for the tax break, a married couple's annual income must be $500,000 or less.

According to records with the city's Department of Finance, Trump got a $302 Star benefit on his latest property-tax bill, Crain's reported.

Property-tax expert and former New York City Finance Commissioner Martha Stark told Crain's it was "interesting" that Trump received Star.

Trump released a financial statement last June that said his net worth was $8.7 billion. A month later, he said in a press release his net worth was "in excess of ten billion dollars."

Trump's annual property-tax bill is $175,544 but was reduced $37,236 through a city abatement program, Crain's reported.

http://thehill.com/blogs/ballot-box...ified-for-state-tax-break-for-people-who-make

 

[BondHawk]

See, this is why he represents the "everyman" making under $500k in this country. Truly a man of the huddled masses.

 

[tarheelbybirth]

Why would you extend a $300 tax break all the way up to people making $500,000? At that point, you might as well say everybody gets it.

 

[lucas80]

I know there was a debate last week about Trump's tax returns, and several people got into a pissing match about what may or may not be gleaned from them. My opinion is there are some things in them that will not play well with the working class folks. Tiara polish deductions for Melania or a depreciation credit for her fake cans. Something in those returns will do what hasn't happened to date. Embarrass him.

 

[IACub]

Can't believe I'm going to defend Donald Trump here, but if he's taking advantage of a tax loophole, that's the government's fault for putting it there to begin with. I can't begrudge anyone for minimizing their taxes.

 

[thewop]

Republican presidential front-runner Donald Trump reportedly qualified for a state property-tax break for people who make $500,000 or less, business newsletter Crain's reported Tuesday.

Trump qualified for the New York state School Tax Relief Program, called Star for short, which offers about a $300 annual benefit, on his latest property-tax bill for his Trump Tower penthouse on Fifth Avenue.

To qualify for the tax break, a married couple's annual income must be $500,000 or less.

According to records with the city's Department of Finance, Trump got a $302 Star benefit on his latest property-tax bill, Crain's reported.

Property-tax expert and former New York City Finance Commissioner Martha Stark told Crain's it was "interesting" that Trump received Star.

Trump released a financial statement last June that said his net worth was $8.7 billion. A month later, he said in a press release his net worth was "in excess of ten billion dollars."

Trump's annual property-tax bill is $175,544 but was reduced $37,236 through a city abatement program, Crain's reported.

http://thehill.com/blogs/ballot-box...ified-for-state-tax-break-for-people-who-make

If he does it legally, he, and all of us, should take advantage of every tax law written.

 

[BubsFinn]

If he does it legally, he, and all of us, should take advantage of every tax law written.

Precisely. As I’ve said before, there is no such thing as a tax loophole. There are no unintended consequences of tax law, only unreported expectations. The people who write those laws know exactly what will happen, they just don’t always tell the rest of us what that is.

 

[Funky Bunch]

Martha Stark is a loser and a failure at commissioning finance

 

[Lone Clone]

Republican presidential front-runner Donald Trump reportedly qualified for a state property-tax break for people who make $500,000 or less, business newsletter Crain's reported Tuesday.

Trump qualified for the New York state School Tax Relief Program, called Star for short, which offers about a $300 annual benefit, on his latest property-tax bill for his Trump Tower penthouse on Fifth Avenue.

To qualify for the tax break, a married couple's annual income must be $500,000 or less.

According to records with the city's Department of Finance, Trump got a $302 Star benefit on his latest property-tax bill, Crain's reported.

Property-tax expert and former New York City Finance Commissioner Martha Stark told Crain's it was "interesting" that Trump received Star.

Trump released a financial statement last June that said his net worth was $8.7 billion. A month later, he said in a press release his net worth was "in excess of ten billion dollars."

Trump's annual property-tax bill is $175,544 but was reduced $37,236 through a city abatement program, Crain's reported.

http://thehill.com/blogs/ballot-box...ified-for-state-tax-break-for-people-who-make

A $302 benefit? Well, that certainly disqualifies him. I was wondering how he was able to afford his own 757.

Seriously......no doubt there's a lot of this kind of thing out there. And no doubt the same media that let the Clintons skate on selling pardons, selling State Department favors, and bilking people for personal gain via the "Foundation" will be all over Trump like white on rice.

But I'll be surprised if any of it makes any difference to the people who are going to vote for Trump. They know he's a big-time, big-money wheeler-dealer; they expect this kind of thing. They've decided it isn't important to them.

 

[joelbc1]

Did he break the law?

 

[dandh]

I think people are missing the big problem created by this story. Trump has been running around telling people he has an annual income of $400 million, yet he qualifies for a program for people with incomes under $500K. Either he's been lying out his a$$ about his income ("Look at how rich and successful I am" meme), or he's committed fraud to get a paltry$302.

Either one is pretty sad.

 

[lucas80]

I think people are missing the big problem created by this story. Trump has been running around telling people he has an annual income of $400 million, yet he qualifies for a program for people with incomes under $500K. Either he's been lying out his a$$ about his income ("Look at how rich and successful I am" meme), or he's committed fraud to get a paltry$302.

Either one is pretty sad.

Has he said he has an income of $400 million? I recall him mentioning his net worth over and over again, but not his income. Again, I think this is why he doesn't want the tax returns to come out. I don't think the income will make the net worth believable. I think that's why he runs scams like Trump University, he needs the money to support his lifestyle. A lot of his net worth is wrapped up in the nebulous value of his own name, something he doesn't freely admit cannot be easily valued, or tapped for money easily.

 

[Chewback]

I think people are missing the big problem created by this story. Trump has been running around telling people he has an annual income of $400 million, yet he qualifies for a program for people with incomes under $500K. Either he's been lying out his a$$ about his income ("Look at how rich and successful I am" meme), or he's committed fraud to get a paltry$302.

Either one is pretty sad.

Well of course he's lying out his ass. It's what he does and it's how he's made his fortune, however big it turns out to be. It's the big money thing to do.

 

[Capital1Hawk]

Do you really think Donald knew he had this tax break? His CPA plugged it into a software and he qualified. Every CPA I know would do the same or be in trouble for not taking the credit. As for his wealth, you have know idea what ownership he has in c-corps taxes separately and real estate cash flows well with accelerated depreciation. Until you guys know tax law stop while you are ahead.

 

[joelbc1]

I think people are missing the big problem created by this story. Trump has been running around telling people he has an annual income of $400 million, yet he qualifies for a program for people with incomes under $500K. Either he's been lying out his a$$ about his income ("Look at how rich and successful I am" meme), or he's committed fraud to get a paltry$302.

Either one is pretty sad.

He's incorporated, I am sure. The whole idea of incorporation is to dodge taxes. He's worth millions, no doubt but on paper he's probably as poor as most of us. Remember, Figures don't lie.......liars figure. Trump is no different than thousands and thousands of entrepeneurs and businessmen/women.

 

[The Tradition]

 

[CarolinaHawkeye]

Can't believe I'm going to defend Donald Trump here, but if he's taking advantage of a tax loophole, that's the government's fault for putting it there to begin with. I can't begrudge anyone for minimizing their taxes.

I agree. Just like I don't begrudge Dupont and John Deere for getting tax credits from the state of Iowa, way exceeding their tax bill. But I do despise their main proponent in Iowa, Terrible Terry.