Trump claims that his $421 million debt is “tiny.” He apparently owes more than twice that amount

  

Category:  News & Politics

Via:  tessylo  •  2 weeks ago  •  6 comments

By:   Igor Derysh, Salon

Trump claims that his $421 million debt is “tiny.” He apparently owes more than twice that amount

S E E D E D   C O N T E N T



Trump claims that his $421 million debt is “tiny.” He apparently owes more than twice that amount






Igor Derysh






Fri, October 16, 2020, 1:10 PM EDT










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Donald Trump

US President Donald Trump gestures as he speaks during an NBC News town hall event at the Perez Art Museum in Miami on October 15, 2020.   BRENDAN SMIALOWSKI/AFP via Getty Images

President Donald Trump did not deny a   New York Times   report that he owes $421 million at a Thursday town hall event. Instead, he insisted that the amount was "tiny" in comparison to his overall wealth.

The Times revealed that Trump has to   pay back $421 million   in the coming years in a bombshell exposé detailing his personal and business tax returns. The documents obtained by the outlet showed that Trump had  paid $0 in federal income taxes   for a decade before paying $750 in 2016 and 2017. Moreover, they showed that the president had reported losing hundreds of millions of dollars on the properties he operates.

Though Trump previously called the report   "fake news,"   he did not deny that he owed more than $400 million at Thursday's NBC News town hall. Rather, he  falsely insisted  that the outlet had illegally obtained his tax information. The president declined to say to whom he owes money.




"I have a very, very small percentage of debt compared" to my wealth, Trump claimed.

The president alleged that he took on the debt as "favors to institutions that wanted to loan me money."

"It sounds like you're saying $400 million isn't that much," moderator Savannah Guthrie responded. "But are you confirming that, yes, you do owe some $400 million?"

"What I'm saying is that it's a tiny percentage of my net worth," Trump replied. ". . . I don't owe Russia money. I owe a very, very small . . . It's called mortgages. People have a house, they put a mortgage."

"I don't owe money to any of these sinister people," he continued. "This has been going on for years now."

Asked if he owed money to any foreign entity, Trump replied: "Not that I know of."

"I will probably . . . I will let you know who I owe whatever small amount of money," he added.


In fact, Trump's company reportedly owes about $340 million  to German financial giant Deutsche Bank, the  embattled institution  which was one of the few banks willing to lend him money after a series of bankruptcies and defaults. While Trump appeared to acknowledge the $421 million in personally guaranteed loans that were reported by The Times, a Forbes analysis found that Trump's total debt was actually closer to $1 billion.


Trump has earned more than $200 million in income from his interests in foreign countries since 2016, according to an analysis by the   Center for Responsive Politics .

Guthrie told Trump that he could "clear this up tonight" by releasing his tax returns.

Trump then invoked his   dubious claim   that he cannot release the returns "under audit."

"No person in their right mind would release prior to working out the deal with the IRS," Trump said. "And, I'll go a step further — I'm treated very badly by the IRS. They treat me very, very badly."

"Just to be clear, there is no law or rule that prohibits you from releasing your tax returns," Guthrie pointed out.

"No, except common sense and intelligence — and having lawyers," Trump responded. "Because I would love to release them."

Guthrie pressed Trump on whether he had paid only $750 in federal income taxes.

"It's a statutory number," he replied. "I think it's a filing number. You pay $750."

"Is that on the page?" Guthrie questioned. "Then most people here probably pay for it."

"I don't know. I can tell you this: If they have my tax returns, as you know, they have to go to jail. It's illegal," the president claimed before changing the subject back to his debt. "But their numbers were wrong . . ."

"So I would not mind at all saying who it is, but it's very small," he added. "When you look at vast properties like I have — and they're big, and they're beautiful and they're well located. When you look at that, the amount of money — $400 million is a peanut."


Trump claimed that what he owed was not a "big deal," but former intelligence officials worry that his outstanding debts may pose a national security threat.










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Tessylo
1  seeder  Tessylo    2 weeks ago

See, the 'president' isn't in debt to the tune of $421 million.

He's in debt to the tune of 1 billion!

 
 
 
FLYNAVY1
1.1  FLYNAVY1  replied to  Tessylo @1    2 weeks ago

Interesting...... if you're in the military, excessive loan amounts will keep you from obtaining a security clearance, or possibly losing one.

 
 
 
gooseisgone
1.2  gooseisgone  replied to  Tessylo @1    2 weeks ago
He's in debt to the tune of 1 billion!

and why would that surprise anyone, he is in the real estate business.  

 
 
 
Tacos!
1.2.1  Tacos!  replied to  gooseisgone @1.2    2 weeks ago

Exactly. The United States and most of its people owe debts to somebody. It is amazing the way the media continually takes an ordinary fact and tries to turn it into a scandal.

 
 
 
JBB
2  JBB    2 weeks ago

Trump and Co steal way more than that by lunch...

Trump will be world's second trillionaire after Putin!

 
 
 
Tacos!
3  Tacos!    2 weeks ago

Ever buy a car? A house? Some land? A big ass building? A company?

Ever buy anything on credit?

If you answer "yes" then you have had debt. If you answer "no," you're either 17 or a liar.

 
 
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