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| "CORONAVIRUS IS FAKE NEWS - A CHINESE PLOT" |
1st OCT 2020:- (This tax debate has been interrupted by the news that The President and the First Lady have Covid-19)
2ND OCT 2020 - SKY NEWS
Trump coronavirus: Why president's age and physical condition put him at 'highest risk' from COVID-19 - Based on his age and his most recent physical tests, the president is considered to be at higher risk (90 times more fatal) of serious complications. By Richard Williams, news reporter and Ashish Joshi, health correspondents.
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First - an ordinary New York citizen investigated by the IRS :
i HAVE BEEN PIECING TOGETHER TRUMP’S INCOME. iT IS FAR TOO COMPLEX FOR A QUICK LOOK & OVERVIEW. One report says he had/has 500 companies. BUT HERE ARE A COUPLE OF INTERESTING PIECES OF THE JIG-SAW PUZZLE. trump SEEMS TO HAVE BENEFITTED FROM ny IVY-LEAGUE PROPERTY OWNING CONTACTS IN VORNADO – GOING BACK DECADES. HOW HE BUILDS UP AND OFFSETS HIS ALLEGED TAX-LOSSES IS A MYSTERY THAT THE IRS MIGHT RESOLVE.
(WHY THIS IS TYPING IN CAPS – IS
ALSO A MYSTERY
New York Times 29th Sep 2020 : THE PRESIDENT’S TAXES
Trump
Paid $750 in Federal Income Taxes in 2017. Here’s the Math.
Figures drawn from President Trump’s
tax-return data show how that number was calculated.
By Russ
Buettner, Mike
McIntire, Susanne
Craig and Keith
Collins
·
Sept. 29, 2020
The small amount of federal income taxes President
Trump paid in both 2016 and 2017 — just $750 each year — has become the focus
of much attention since it was revealed in a New York Times investigation. The figures
below, drawn from Mr. Trump’s tax-return data for 2017, show how his
accountants arrived at that figure for one of those years.
Donald
J. Trump’s income in 2017
373,629
Wages
Includes
pro-rated presidential salary and small amounts for film and television
appearances.
+
6,758,494
Taxable interest
Almost
$6 million of this is interest income from his investment with Vornado Realty Trust.
+
21,984
Ordinary dividends
Includes
$13,123 from trusts established by his parents and $7,000 from Deutsche Bank.
+
7,562,038
Capital gain and other gains
Profits
from the sale of property or other investments.
+
84,351
Pensions and annuities
Includes
a Screen Actors Guild Producers pension of $77,808.
–
15,313,785
Losses on his businesses
Losses
after deducting expenses from the $536.6 million in gross receipts at Mr.
Trump’s core businesses.
–
12,306,111
Other income
Losses
from prior years, counted with other income, further dragged the total into the
red.
–$12,819,400
Total
income
By The New York Times
Although Mr. Trump
donates his salary to the government, it is subject to income tax along with
his other earnings. But because Mr. Trump’s overall income was negative, he did
not owe regular income tax on any of it.
He was, however,
still subject to the Alternative Minimum Tax, a parallel tax system that
reduces the benefit of some deductions, preventing wealthy people from erasing
their tax liability altogether. Most significantly, the A.M.T. formula
disallowed $45 million in losses that Mr. Trump had carried over from prior
years.
But tax laws gave
him one more line on which to reduce the A.M.T. Mr. Trump had $22.7 million in
General Business Credit, much of it carried forward from prior years, that he
could apply. The credit is a smorgasbord of tax incentives and givebacks to
business owners, and in Mr. Trump’s case they ranged from credits of $322,926
for Social Security and Medicare taxes paid on employee tips to at least $1.5
million related to rehabilitating the Old Post Office in Washington.
The business
credit cannot be used to get a refund; it can only be applied against taxes
owed. Mr. Trump had more than enough to cancel out his $7,435,857 tax bill. But
on the Form 3800 for the General Business Credit, his accountants subtracted
$750 from his allowable credit. Why they did that is not clear. But the result
was a total federal income tax liability of $750.
Mr. Trump’s tax bill in 2017
$7,435,857
Alternative Minimum Tax
–
7,435,107
General Business Credit
$750
Total income
tax due
By The New York Times
The President’s Taxes
*********
Trump’s NY Property
holdings seem to be via VORNADO REALTY TRUST – which pays him $6.7 million p.a.
https://en.wikipedia.org/wiki/Vornado_Realty_Trust
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Vornado Realty Trust |
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NYSE: VNO |
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Industry |
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Predecessor |
Two Guys |
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Founded |
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Headquarters |
, U.S. |
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Key people |
Steven Roth (Chairman & CEO) |
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Products |
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Revenue |
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Number of employees |
4,008 (2019) |
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Website |
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Vornado Realty LP
Vornado
Realty L.P. operates as a real estate investment trust. The Company offers
energy management, BMS building, tenanat,
construction
management, as well as engineering, janitorial, security, and architectural
maintenance services.
Vornado
Realty serves clients in the United States.
SECTOR
Financials
INDUSTRY
Real
Estate
SUB-INDUSTRY
REIT
FOUNDED
10/02/1996
ADDRESS
888
7th Avenue New York, NY 10106 United States
PHONE
1-212-894-7000
WEBSITE
NO. OF EMPLOYEES
--
Executives
NAME/TITLE
Board Members
NAME/COMPANY
https://en.wikipedia.org/wiki/Michael_D._Fascitelli
https://en.wikipedia.org/wiki/Steven_Roth - Trump’s
partner in Vornado “largest real estate owner in NY”.
Notable
properties owned by the company include the following:[1]
·
New
York Marriott Marquis (Retail & signage)
·
1540 Broadway (Retail
& signage)
·
666 Fifth Avenue (Retail)
·
Crowne
Plaza Hotel, Times Square (Retail & office)
The company also owns:
·
70% of 555
California Street in San
Francisco, California (30% is owned by affiliates
of Donald
Trump)
·
100% of Merchandise Mart in Chicago, Illinois
·
32.4% of Alexander's,
which owns 731
Lexington Avenue
PS – Extraneous
note from Wikipedia. Unlucky or what? “Silverstein signed a lease
for the World Trade Center in April 2001,[13] 5 months before the September 11 attacks.”
***************
John – This is from the Wikipedia article you sent
to me:
The construction cost US$70 million.[5] It was supported by
the New
York State Housing Finance Agency through public bonds issued
by the state of New York, coupled with tax exemption.[6] Five out of the seven
buildings were part of the Mitchell-Lama
Housing Program until 2007.[3]
It is the only Trump building complex named
for Fred Trump rather than his son Donald.[7]
This is the Trump Wikipedia entry – quite different
from the one you selected.
https://en.wikipedia.org/wiki/The_Trump_Organization
AND
“How many apartments did Fred Trump own?
It grew to build and manage
single-family houses in Queens, barracks and garden apartments for
U.S. Navy personnel near major shipyards along the East Coast, and more than
27,000 apartments in New York City.”
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