Trump says report that he failed to pay $287M debt tied to failing hotel shows he’s a “smart guy”

Trump boasts about taking out hundreds of millions in loans and then strong-arming banks into letting him default

Trump's federal income tax returns obtained by The News Times showed that most of the debt was tied to Trump International Hotel & Tower — "another disappointment in a portfolio filled with them."

Lenders gave Trump years of extra time to repay the debt, and Deutsche Bank even loaned him $99 million — more than previously known — to pay off his $99 million debt to another division of the bank, according to The Times. But Trump still did not repay the debt, and lenders ultimately forgave much of what he owed.

The New York Attorney General's Office is now investigating the debt forgiveness as part of a larger probe into Trump's company, according to the report. The IRS considers canceled debts as income, but Trump, who paid no federal income tax for years, appears to have paid no taxes on the funds.

[Rest of atricle[(https://www.salon.com/2020/10/28/trump-says-report-that-he-failed-to-pay-287m-debt-tied-to-failing-hotel-shows-hes-a-smart-guy/)
#trump #default #smartguy