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Trump's Philanthropy: Big Tax Write-Offs and Claims That Don't Always Add Up
Source: New York Times
In President Trumps telling, he is a committed philanthropist with strong ties to many charities. If you dont give back, youre never ever going to be fulfilled in life, he wrote in Trump 101: The Way to Success, published at the height of his Apprentice fame.
And according to his tax records, he has given back at least $130 million since 2005, his second year as a reality TV star.
But the long-hidden tax records, obtained by The New York Times, show that Mr. Trump did not have to reach into his wallet for most of that giving. The vast bulk of his charitable tax deductions, $119.3 million worth, came from simply agreeing not to develop land in several cases, after he had shelved development plans.
Three of the agreements involved what are known as conservation easements a maneuver, popular among wealthy Americans, that typically allows a landowner to keep a propertys title and receive a tax deduction equal to its appraised value. In the fourth land deal, Mr. Trump donated property for a state park.
And according to his tax records, he has given back at least $130 million since 2005, his second year as a reality TV star.
But the long-hidden tax records, obtained by The New York Times, show that Mr. Trump did not have to reach into his wallet for most of that giving. The vast bulk of his charitable tax deductions, $119.3 million worth, came from simply agreeing not to develop land in several cases, after he had shelved development plans.
Three of the agreements involved what are known as conservation easements a maneuver, popular among wealthy Americans, that typically allows a landowner to keep a propertys title and receive a tax deduction equal to its appraised value. In the fourth land deal, Mr. Trump donated property for a state park.
Read more: https://www.nytimes.com/2020/10/23/us/trump-taxes-philanthropy.html
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Trump's Philanthropy: Big Tax Write-Offs and Claims That Don't Always Add Up (Original Post)
brooklynite
Oct 2020
OP
dalton99a
(81,451 posts)1. Kick
Marie Marie
(9,999 posts)2. "If you don't give back, you're never ever going to be fulfilled in life,"
Maybe this is why he is so unfulfilled in life? He probably sees those that give away their own money to charities as Suckers and Losers. After all, what's in it for them?
Skittles
(153,150 posts)3. "he wrote"
Hotler
(11,416 posts)4. There's a loop hole that needs to be closed. nt
ck4829
(35,045 posts)5. Kick