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Politics Trump is owed a $1 million tax refund for his Chicago skyscraper but local officials are trying to block it

03:51  01 august  2021
03:51  01 august  2021 Source:   businessinsider.com

Agency: Trump is due $1M tax refund for Chicago skyscraper

  Agency: Trump is due $1M tax refund for Chicago skyscraper An Illinois tax agency has ruled that former President Donald Trump is due a $1 million refund on the 2011 tax bill for his downtown Chicago skyscraper, but local officials are trying to block the refund. The Chicago Sun-Times reports that at issue is the Cook County Board of Review's estimation of the value of the the Trump International Hotel & Tower's rooms and retail space. In June, the Illinois Property Tax Appeal Board voted 5-0 to reduce the assessment on the building's commercial property. The vote means that Trump is owed $1.

Donald Trump is due a $ 1 million tax refund on his controversial Chicago skyscraper - but state attorney Kim Foxx's office is trying to stop him from getting it . The billionaire ex-president is in line to receive the windfall after the Illinois Property Tax Appeal Board voted 5-0 to refund the amount levied on the Trump International Hotel and Tower's commercial units for the Cook County State Attorney's office - led by well-known prosecutor Kim Foxx - has objected to the planned refund , and is now trying to stop it . Lawyers working for the office filed a lawsuit with the Illinois Appellate Court in the hopes of blocking it .

An Illinois tax agency has ruled that former President Donald Trump is due a $ 1 million refund on the 2011 tax bill on his downtown Chicago skyscraper , but local officials are trying to block the refund . The Chicago Sun-Times reports that at issue is the Cook County Board of Review’s estimation of the value of the the Trump International Hotel & Tower’s rooms and retail space. Last month, the Illinois Property Tax Appeal Board voted 5-0 to reduce the assessment on the building’s commercial property. The vote means Trump is owed .03 million, but the Cook County State’s Attorney’s office has filed a

Donald Trump wearing a suit and tie: Former US President Donald Trump leaves Trump Tower in Manhattan on July 19, 2021. James Devaney/GC Images © James Devaney/GC Images Former US President Donald Trump leaves Trump Tower in Manhattan on July 19, 2021. James Devaney/GC Images
  • An Illinois tax agency ruled last month Trump's Chicago skyscraper was over-assessed in 2011.
  • The ruling means Trump is owed a $1 million refund, but local officials filed a lawsuit to stop it.
  • The refund would come out of property taxes owed to the city and other agencies, including Chicago Public Schools.
  • See more stories on Insider's business page.

Former President Donald Trump is owed a tax refund of $1 million for his Chicago skyscraper, but local officials are trying to stop it from being issued.

Chicago owes Trump $1M tax refund, state's attorney to mount legal challenge

  Chicago owes Trump $1M tax refund, state's attorney to mount legal challenge The Cook County State Attorney is seeking to block a $1 million tax refund that the Illinois Property Tax Appeal Board ruled is owed to former President Trump on his Chicago skyscraper's 2011 tax bill. According to the Chicago Sun-Times, the office of Cook County State Attorney Kimberly Foxx filed a lawsuit this month with the Illinois Appellate Court against the refund, stating that the former president's refund would take away taxpayer dollars from Chicago public schools and other agencies to pay for it.

Any tax refund for Trump would come out of property taxes to the city of Chicago and eight other government agencies, the Chicago Public Schools losing the biggest chunk of money: more than 0,000 if the president gets what Glorioso wants. “PTAB has decided that the best course of action is to continue the $ 1 -a-year chief marketing officer handed permanent job to run World Business Chicago . Michael Fassnacht was taking a token salary and holding down the fort at World Business Chicago after Andrea Zopp departed. It was not immediately clear what his salary will be now that he has officially been named

President’s Chicago tax appeal on Trump Tower is under investigation. State inspector general, Pritzker administration are looking into allegation a Republican state agency head pressured staff to slash by M the .5M in property taxes Donald Trump paid in 2012. President Donald Trump is still trying to get a bigger cut in the .5 million he paid in property taxes in 2012 on Trump International Hotel & Tower than what a Cook County agency gave him. AP. Mired in delays for seven years, President Donald Trump ’s appeal for a refund of at least $ 1 million on his Chicago skyscraper is now the subject

An Illinois tax agency ruled last month that Trump paid too much on his 2011 tax bill after the value of Trump International Hotel and Tower's rooms and retail space was over-assessed by the Cook County Board of Review, the Chicago Sun-Times reported.

The ruling by the Illinois Property Tax Appeal Board means Trump is owed $1.03 million, which would come from property taxes due to the city and other government agencies. Chicago Public Schools would lose out on about $540,000, according to the Sun-Times.

The Cook County State's Attorney's has since filed a lawsuit to block the refund. When reached by Insider, the State's Attorney's office said it was unable to comment on pending litigation.

Read more: Where is Trump's White House staff now? We created a searchable database of more than 329 top staffers to show where they all landed

To break the corporate tax logjam, tax overinflated CEO pay

  To break the corporate tax logjam, tax overinflated CEO pay The combination of an across-the-board rate hike with a CEO pay surtax would send a powerful message: All large profitable corporations are going to pay their fair share of much-needed public investments, and those that are contributing the most to inequality will pay even more. Sarah Anderson directs the Global Economy Project and co-edits Inequality.org at the Institute for Policy Studies.

But Trump ’s federal tax returns , as well as loan documents filed in Cook County, Illinois, provide clues to what happened: Trump was let off the hook for about 0 million . It was the type of generous financial break that few American companies or individuals could ever expect to receive, especially Because they counted as investments in his business for tax purposes, the guarantees increased the amount of losses he could use to avoid income taxes in the future. Trump ’s federal tax returns show that he has personally guaranteed the repayment of 1 million in debts. But the skyscraper ’s fortunes have withered.

The Trump Tower property tax appeal filed in 2012 challenged the .4 million value Cook County officials placed on the skyscraper 's hotel and retail space, much of which has never been occupied. Mired in delays for seven years, President Donald Trump 's appeal for a refund of at least $ 1 million on his Chicago skyscraper is now the subject of two state investigations that center on whether a Republican state official pressured his staff to cut the president a break. Trump 's appeal of the 2012 property taxes he paid for Trump International Hotel & Tower has come under scrutiny by the state's executive

The dispute is the latest development in the story of Trump's taxes in Chicago. Alderman Ed Burke, the longest-serving member of Chicago's City Council in history, served as Trump's lawyer for more than a decade. His firm originally filed the tax appeal arguing the value of Trump's building had been overestimated.

Burke, a Democrat, helped Trump secure $14 million in tax breaks on his Chicago skyscraper before parting ways with Trump's company in 2018, The Chicago Tribune reported.

Later that year, the FBI raided Burke's City Hall office and he was later charged with racketeering, bribery, and extortion, among other charges.

Prosecutors say Burke used the power of his office to drive business to his law firm, including blocking permits for people who did not hire them. He has pled not guilty to all charges, WTTW reported.

Read the original article on Business Insider

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