Wednesday, May 18, 2016

The Only Time Trump Undersells: TAX TIME

The Trump National Golf Club in Westchester County, New York, with its lovingly manicured golf course, gently winding streams, stone bridges, 101-foot waterfall and an expansive clubhouse is, according to Donald Trump, reflective of “a true luxury lifestyle.”
Creating such a “memorable club” is not cheap: Trump wrote on a candidate disclosure form that the sprawling 147-acre private club bearing his name is worth “more than $50 million.”
But when it came time to value the property for tax purposes, his lawyers have argued that Trump National is really worth only $1.35 million. The proposed valuation has bewildered officials in the small town of Ossining, who said the new figure would cut Trump’s tax burden by 90 percent and dump that burden on everyone else.
“Trump says he represents the little guy, but the little guy is going to have to pay his taxes for him here in Ossining,” said Dana Levenberg, the Ossining town supervisor.
The presumptive Republican presidential candidate has so far declined requests to make public his tax returns, citing ongoing IRS audits. Tax experts say that decision has made it next to impossible to assess Trump’s approach to paying taxes. But his effort to minimize his tax burden in Ossining is consistent with similar challenges his lawyers have filed around the country, court records show. And it is in keeping with Trump’s aggressive approach to minimizing his tax burden — a hallmark of his decades in business, according to an ABC News review of public documents and news accounts from the past four decades.
Read the rest of the story HERE.

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