Thread by @Monaheart1229

6 days
More on #TrumpTaxFraud from NYT last night
Another really good read for this rainy day if (unlike me), you're not remote teaching little kids because of Trump's #Covid fail
#VoteBlueToSaveAmerica
nytimes.com/2020/10/27/bus…

2-"When his skyscraper proved a disappointment, Donald Trump defaulted on his loans, sued his bank, got much of the debt forgiven — and largely avoided paying taxes on it,” by David Enrich, Russ Buettner, Mike McIntire and Susanne Craig:

3-“He and his family hoped the Trump International Hotel & Tower would cement their company’s reputation as one of the world’s marquee developers of luxury real estate.

4-"Instead, the skyscraper became another disappointment in a portfolio filled with them. Construction lagged. Condos proved hard to sell. Retail space sat vacant. Yet for Mr. Trump and his company, the Chicago experience also turned out to be something else:

5-"the latest example of his ability to strong-arm major financial institutions and exploit the tax code to cushion the blow of his repeated business failures. The president’s federal income tax records, obtained by The New York Times, show for the first time that, since 2010,

6-"his lenders have forgiven about $287 million in debt that he failed to repay. The vast majority was related to the Chicago project. … When the project encountered problems, he tried to walk away from his huge debts. For most individuals or businesses, that would have been a

7-"recipe for ruin. But tax-return data, other records and interviews show that rather than warring with a notoriously litigious and headline-seeking client, lenders cut Mr. Trump slack -- exactly what he seemed to have been counting on.

8-"Big banks and hedge funds gave him years of extra time to repay his debts. 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 —

9-"so that he could pay back what he still owed the bank on the defaulted Chicago loan, records show.” ~NYT