Donald Trump has left out crucial details when telling his stories of how his empire was built. The most important of which is the millions of dollars in government handouts that were given in order to make development possible.
For example, the 30-story Grand Hyatt was only built because of a 40-year tax break that has cost New York City $360 million dollars to date in forgiven (uncollected) taxes.
According to a new story from the New York Times:
The project set the pattern for Mr. Trump’s New York career: He used his father’s, and, later, his own, extensive political connections, and relied on a huge amount of assistance from the government and taxpayers in the form of tax breaks, grants and incentives to benefit the 15 buildings at the core of his Manhattan real estate empire.
Other tax breaks for Trump’s development projects include:
- Trump Tower and Trump World Tower, which together received $157 million in tax breaks.
- Trump International Hotel and Tower at Columbus Circle received $15.9 million in tax breaks.
- 120-240 Riverside Blvd. received $332 million in tax breaks.
- One Central Park West received $16 million in tax breaks.
- Trump Plaza received $13 million in tax breaks.
- Trump Palace Condos received $8 million in tax breaks.
- 40 Wall Street received a $150,000 grant.
- Trump Parc East received $49,000 in tax breaks.
This goes right along with Trump’s stance of “as a businessman I want to pay as little tax as possible.” Of course he does; it got him where he is today.