logo

Here's how Trump manages to pay hundreds of thousands of dollars less in tax

author
Aug 09, 2018
07:03 P.M.

The president has received major tax breaks over the years at some of his properties due to various loopholes he has managed to exploit.

Advertisement

US President Donald Trump has found a tax loop in the state of New Jersey that has saved him tens of thousands of dollars on his golf courses in Bedminster and Colts Neck in the Garden State.

According to the Wall Street Journal, a property of that size and nature should cost the president approximately $80,000 in taxes on an annual basis. Instead, he pays under $1,000 for the year.

The reason he is able to do this, is because of a farmland tax break. On the property of the golf course, there is a herd of eight goats, allowing sections of the land to be classified as farmland.

Advertisement

There is also some woodcutting and hay farming happening on the golf course.

This activity and the presence of the goats allows Trump to pay reduced taxes on the property.

The farmland-assessment program benefitting the president was added to the New Jersey Constitution in 1963 in an effort to prevent overdevelopment of the state.

Advertisement

The tax break is loved by some and hated by others in New Jersey, but was implemented in an effort to maintain some of the agricultural history of the state as the population continued to grow.

The state already has among the highest property taxes in the country.

Advertisement

Both of the properties owned by Trump are in wealthy areas known for horse farms, and his land was last approved for farmland assessments in 2015.

These aren't the only two properties owned by the president that have earned him tax cuts.

He famously also received a 40-year tax break for the Grand Hyatt Hotel on East 42nd Street, and successfully sued the city of New York for a tax abatement on Trump Tower, according to NPR.

info
Please fill in your e-mail so we can share with you our top stories!
By subscribing, you agree to our Privacy Policy
Advertisement
Related posts

Flashy Man Stole $25K from Poor Single Mother – She Sees Him Working as a Concierge Years Later

April 14, 2022

Inside Gordon Ramsay's Luxurious Family Home That His Neighbors Called a 'Monstrosity'

March 21, 2022

Todd Chrisley Decided to Never Reconcile with Daughter Who Has Not Talked to the Family in a Long Time

March 19, 2022

Jimmy Carter Never Had ‘Ambition to Be Rich’ - He Lives in a $167K House & Shops at the Local Dollar General

February 12, 2022

Billy Joel Is Happily Married to 4th Wife Who Is 33 Years His Junior & the Mom of His Youngest Kids

March 08, 2022

Ron Howard Owned a $12,5M Central Park Apartment & $27,5M Mansion — Inside His Luxury Lifestyle

March 19, 2022

Burt Reynolds Denied Being Broke despite His 'Slide into Bankruptcy' & Auctioning Sally Field's Gift

May 01, 2022

Company Loses $8 Million under Director’s Order, He Blames the Clerk Later

April 18, 2022

Mom of Peter Jennings' 2 Kids Had an Affair Yet Stayed Married Years after Feeling 'Humiliated' by Him

May 11, 2022

Inside Kevin Costner's $250,000 a Week Estate Where He Married His Wife Christine Almost 20 Years Ago

April 12, 2022

'Yellowstone' star Taylor Sheridan's Enduring 8-Year Marriage with Wife Who Left Her Career & Moved with Him

February 07, 2022

2 Years after Baby’s Birth, Man Asks Wife for Divorce, Withdraws All Their Money, and Disappears

April 27, 2022

Todd Chrisley’s ‘Perfect’ Daughter Once Accused Him of Attempted Extortion Yet He Promised to Always Love Her

February 16, 2022

Poor Old Man Spends His Last $60 on a Rusty Old Box at Auction and It Makes Him a Millionaire — Story of the Day

April 19, 2022