Remember when we had that discussion about how presumptive President Donald JaRule Trump Donald Trump Might Not Fully Grasp The Definition of Personal Wealth
">doesn't maybe totally grasp the idea of personal wealth?
Well, it turns out that we might know why...He's basically a poor!
According to a rather wonderful little piece from Crain's New York's Aaron Elstein, The Donald's taxes show him to be just another mid-six-figure earner trying to scrape by in the Big Apple. He even gets one of those awesome middle-class tax breaks...
It's called the STAR program, which stands for the New York State School Tax Relief Program and has been around since 1997. It offers an approximately $300 annual benefit for those who qualify. Hundreds of thousands of New York homeowners get it.
Here's where it gets interesting for Trump: To be eligible for STAR, a married couple must have annual income of $500,000 or less. One wouldn't think a guy as rich as Trump claims to be would qualify, but records filed with the city's Department of Finance show he received a $302 STAR benefit on his latest property-tax bill for his Trump Tower penthouse on Fifth Avenue.
And that STAR money is extra-weird since El Donaldo told everyone - including the FEC - that he made like $362 million for 2014. Maybe there was a clerical error over at the NYC Department of Finance, or maybe hey just took his word for it?...
That means whatever his annual income is, it's less than $500,000. (The state defines income for STAR purposes as federal adjusted gross income minus the taxable amount of total distributions from annuities or individual retirement accounts.) And Trump would have to have declared his New York apartment as his permanent residence and sent the state a copy of his federal income-tax return in order to qualify for the $302 tax break.
Okay... SO either Trump lied about his yooge income before or he's using some pretty great - some say the best - accountants to lie about it to IRS. Either way, it looks terrible for Trump.
Haha, just kidding, he's f@cking impervious to logic or reality.
How did Trump qualify for a middle-class tax break? [Crain's NY]