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Re: Trump's taxes cast doubt on claims about his charitable giving,

By: oldCADuser in FFFT3 | Recommend this post (0)
Sat, 24 Oct 20 1:51 AM | 37 view(s)
Boardmark this board | Food For Further Thought 3 		Msg. 61056 of 65535
(This msg. is a reply to 61054 by clo)
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This is a big scam:

You buy some piece of property near some pristine area, say update New York, for $10 million.

Put a proposal together to develop the land, estimating that you could earn $80 million.

When the environmentalists object, you agree to not develop the land.

Then you announce that you're going to donate the land to the local conservancy.

You then write off the $80 million, the 'value' of the proposed development, from your taxes.

So for a $10 million investment, you get an $80 million tax credit.




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The above is a reply to the following message:
Trump's taxes cast doubt on claims about his charitable giving,
By: clo in FFFT3
Sat, 24 Oct 20 1:34 AM 		Msg. 61054 of 65535

BREAKING NEWS

President Trump's taxes cast doubt on claims about his charitable giving, and show that most of it came from land deals that offset his income.
Friday, October 23, 2020 6:19 PM EST

The president’s 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.

Read the latest
NYT

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