Trump Casinos’ Tax Debt Was $30 Million. Then Chris Christie Took Office. [View all]
Source: MSN/NY Times
By the time Chris Christie became governor of New Jersey, the state’s auditors and lawyers had been battling for several years to collect long-overdue taxes owed by the casinos founded by his friend Donald J. Trump.
The total, with interest, had grown to almost $30 million. The state had doggedly pursued the matter through two of the casinos’ bankruptcy cases and even accused the company led by Mr. Trump of filing false reports with state casino regulators about the amount of taxes it had paid.
But the year after Governor Christie, a Republican, took office, the tone of the litigation shifted. The state entertained settlement offers. And in December 2011, after six years in court, the state agreed to accept just $5 million, roughly 17 cents on the dollar of what auditors said the casinos owed.
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The Times discovered the agreement during a review of the thousands of documents filed in the bankruptcies of Mr. Trump’s casinos. The taxes went unpaid from 2002 through 2006, during which time Mr. Trump was leading the company as chairman and, until 2005, as its chief executive. He reaped millions of dollars in fees and bonuses from the company, even as it underperformed competitors, lost money every year and saw its stock collapse.
Read more: http://www.msn.com/en-us/news/politics/trump-casinos%E2%80%99-tax-debt-was-dollar30-million-then-chris-christie-took-office/ar-BBvHIH3
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