In a new report from the New York Times, President Donald Trump had $287 million in loans forgiven since 2010 that he's paid next to nothing for in taxes. The lion share of the loans stems from a 92-story construction project in Chicago during the 2008 Great Recession, making it difficult for the Trump Organization to sell off many of the luxury condos. The NYT also reports that Trump borrowed nearly $700 million from Germany’s Deutsche Bank and Fortress Investment Group for the project. However, when Trump's debt was due, he refused to pay and opted instead to sue the bank for “predatory lending practices,” seeking $3 billion in damages against Deutsche Bank.
To avoid public litigation, Deutsche Bank agreed to settle with Trump and forgive him for over $270 million. Despite the Times' reporting, Alan Garten, an attorney for the Trump Organization, said the president has paid all taxes he owed on the debts that were forgiven. What's more, Forbes reports that "New York Attorney General Letitia James is investigating Trump’s forgiven debts to see if he followed the law when it came to paying taxes."
Source: forbes.com
