Quote:
Originally Posted by spence
What if it wasn't legal? From what I've read Trump's real estate projects in the early 1990's were funded mostly by banks, not out of pocket cash, which would make a personal 916 million $ loss very difficult to obtain. Perhaps Trump was claiming other losses as real estate given his business venture was doing pretty poorly.
So Trump leverages heavily, makes terrible business decisions, screws his creditors and uses the scam to benefit personally at the taxpayer expense.
Why anyone would want to look into this is beyond me  |
The way the law works back then was if he took out a $999 million loan and put 1 million down himself . If the project folded and the bank lost 999 million he was also allowed to claim that $999 million loss .
He could even spread that loss over a number of years and avoid paying federal tax.
Sounds crazy but it's more proof that the system is rigged and needs major change .
The banks got bailed out....
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