Donald Trump’s Scottish And Irish Golf Courses ‘lost 244m’ Tax Documents Show
The President’s two golf courses in Scotland and one in Ireland have made huge losses in the past two decades, according to bombshell tax documents Trump says were “illegally obtained”
- 21:19, 28 Sep 2020
Donald Trump reportedly paid just £587 in income tax in his first year as President thanks to deductions including £55,000 on a hairdresser.
He allegedly paid no income tax in 11 of the 18 years covered in documents leaked to the New York Times.
According to the claims, his golf courses, including two in Scotland and one in Ireland, have made losses of £244million since 2000.
His daughter Ivanka, a Trump Organisation employee, appears to have received consulting fees that also helped reduce his tax bill.
Trump claimed last night the details of his finances had been illegally obtained.
He tweeted: The fake news media, just like election time 2016, is bringing up my taxes and all sorts of nonsense with illegally obtained information and only bad intent.
I paid many millions of dollars in taxes but was entitled, like everyone else, to depreciation and tax credits.”
He added: Also, if you look at the extraordinary assets owned by me, which the fake news hasnt, I am extremely under-leveraged. I have very little debt compared to the value of assets.
He added: I am the only President give up my yearly $400,000 plus Presidential Salary.
According to the paper, Trump concealed records showing chronic losses and years of tax avoidance.
Irish Planners Reject Trump Golf Resort’s Plan To Build Wall
Officials say proposed 38,000-tonne sea barrier could damage sand dunes at Doonbeg resort
The planning agency An Bord Pleanála said on Wednesday that the proposed 38,000-tonne rock barrier at Doughmore Bay could damage dunes that straddle the golf course in County Clare, on the Atlantic coast.
Trump International Golf Links Ireland Enterprises Limited, which is owned by the US presidents family, wanted to build barriers to protect fairways from exceptionally heavy storms and rising sea levels evidence of a changing climate.
In 2017 Clare county council approved a plan for two barriers of 630 metres and 260 metres in length after rejecting plans for a much larger 28km wall.
But An Bord Pleanála has overruled the scaled-down proposal, putting a question mark over the resorts long-term future.
The board is not satisfied that the proposed development would not result in adverse effects on the physical structure, functionality and sediment supply of dune habitat within the Carrowmore Dunes special area of conservation, it said.
Many residents and politicians favoured the barriers, saying flood defences would protect not just the golf course but also farms and jobs. The resort employs 300 people.
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The Bedminster Golf Course Is Very Personal To Him
Donald Trump is an avid golf fan, and he cares tremendously about his golf courses, but the one that has held a special importance in his life has been the Trump National Golf Club in Bedminster, New Jersey. Back in 2009, Town & Country Magazine says his daughter Ivanka Trump and son-in-law Jared Kushner held their wedding there, with a guest list that included such big names as Rupert Murdoch, Rudy Giuliani, and Andrew Cuomo. Trump’s adoration for the property went so far that in 2012 he even embarked on a mission to have a cemetery built on the club, according to NJ.com, with the idea being that he, his family, and his club members could one day use it as their final resting place.
More recently, it seems, Trump has backtracked from that notion. In 2015, NJ.com reported that despite putting in years of effort to get the New Jersey cemetery built, he’d changed his mind and was now considering being buried at one of his Florida properties instead. Sorry, New Jersey!
A Rather Unhappy Customer
Back in 2010, according to Golf.com, a man named Martin Greenberg, CEO of the Sterling Commodities Corp., participated in a charity event at Trump’s golf course in Westchester County, New York, wherein contestants were offered $1 million if they could smack a hole-in-one. Impossible? Apparently not because Greenberg succeeded with flying colors. Great shot! But when Greenberg went to claim his winnings, the golf course claimed that contest organizers had set up Greenberg’s tee just short of the regulated distance, rendering his shot invalid. Whether this was pure deception or an honest mistake plus a ridiculous level of stinginess, Greenberg was understandably upset about the matter, so he sued. Trump ended up settling with Greenberg, agreeing to donate $158,000 to Greenberg’s charitable foundation, according to Vox. The prize money didn’t come directly from Trump himself, though. Rather, the check was written from Trump’s “charity” organization, the Donald J. Trump Foundation, which has a pretty checkered record of charitable activities.
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Trump To Stay At Doonbeg His Money
President Trump arrived at his golf course in Doonbeg, Ireland, on Wednesday for a two-night stay pausing between official events in Europe to visit a business that has cost him $41 million and never reported turning a profit.
Trump, coming off an official state visit to Britain, landed at Shannon Airport in the west of Ireland and met briefly with Irish Prime Minister Leo Varadkar before flying to Doonbeg, about 40 miles away.
The Irish Times reported that Trump originally wanted to meet with Varadkar at his golf club, but Varadkar wanted to meet at another nearby hotel. The two leaders settled on an awkward compromise: the VIP lounge at the airport.
Trump will leave Doonbeg on Thursday, visiting France for D-Day commemorations. He will return to Doonbeg on Thursday night, before flying home Friday.
Despite the odd geography of that schedule which requires flying hundreds of miles west to Ireland, then hundreds more miles back east to France Trump said he stayed at Doonbeg for convenience.
Were going to be staying at Doonbeg in Ireland because its convenient and its a great place. But its convenient, Trump said before he left Washington.
The visit marks the third time Trump has paused during an overseas trip to visit one of his businesses, which he has maintained ownership of as president. He made a brief stop at his Waikiki hotel in Hawaii on the way to Asia in 2017 and spent two nights at his Turnberry golf resort in Scotland last summer.
Many Of Trump’s Golf Courses Don’t Actually Turn A Profit
One confusing detail about many of Trump’s golf courses is that despite the big tournaments, glitzy decorations, and perfect green grass, they are financial “sinks,” i.e., they’ve lost money, rather than making it. As Mother Jones explains, Trump’s two Scottish golf courses cost the now-president $200 million to build, and in 2017 lost a combined total of about $6.2 million. This is a long shot from Trump’s original pitch, back in 2008, where he claimed that the Aberdeen resort would be a huge success and would create 6,000 new jobs: In reality, the current number of employees is a not-so-amazing 84. Trump’s sons Eric and Donald Jr. currently operate his golf properties, and while Eric has stated that the business is “spectacular,” according to CBS and certain properties, such as the Doral in Miami, have certainly done quite well the family is notoriously cagey when it comes to giving details. From the outside, the picture doesn’t look so great.
How these golf courses stay afloat amid such financial issues is another topic entirely, but in the meantime, points out that Trump’s successful White House bid didn’t cause any significant revenue bump from 2016 to 2017, according to disclosure documents.
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Trumps European Golf Resorts Have Lost About $90 Million
Donald Trump gives a press conference on the 9th tee at his Trump Turnberry resort on June 24, 2016.
Donald Trump continued losing money in 2019 at his two golf properties in Scotland, where he has been struggling for years, according to regulatorydocuments released this week. Turnberry, the most prestigious property in Trumps golf empire, lost about $3 million on revenue of $26 million. A second business, near the Scottish city of Aberdeen, bled $1.5 million on $4.3 million in sales.
Thats bad news for the Trump Organization, which has now declared losses of roughly $90 million at its European golf resorts, according to an analysis of records from Ireland and the United Kingdom. Since the president opened his Aberdeen course in 2012, he has lost $15.5 million. Business has been even worse at Turnberry, which Trump bought in 2014 for $65 million. Despite investing an additional $75 million or so to fix up the property from 2014 to 2018, the place piled up losses of $58 million, according to an analysis of financial reports. The 2019 figures, first reported by the Scotsman, bring Turnberrys total losses to $61 million since 2014.
DOONBEG, IRELAND – JUNE 07: US President Donald Trump departs on Marine One following his stay at the Trump International golf resort on June 7, 2019 in Doonbeg, Ireland.
Unpaid Overtime For The Servers
One area that Trump’s golf courses seem to repeatedly do terribly at, according to USA Today, is the matter of paying low-level workers the money they’ve earned. Unsurprisingly, this has led to plenty of lawsuits over the years. In 2007, for example, a dishwasher named Guy Dorcinvil was forced to sue the Mar-a-Lago resort when he wasn’t paid the promised time-and-a-half for all the overtime he accrued over the course of three years. While Trump’s lawyers never confessed to their client’s wrongdoing, they did reach a settlement agreement to pay the worker $7,500 on the condition that he never discuss the case again. More recently, a group of 48 Trump-employed servers at a Miami resort sued when, after putting in 20-hour days over a 10-day event, they weren’t given their overtime pay. Trump’s lawyers fought the case, at first trying to blame a contractor, but eventually settled with the workers, paying overtime amounts that averaged about $800 per worker.
It might seem hard to believe that the Trump Organization would wage war in these battles, considering the amounts disputed are so minimal to wealthy folks like Trump, but the cases speak for themselves. It raises the question, though: Why can’t a billionaire just pay the proper overtime in the first place instead of continually pinching pennies from the workers?
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Eamonn Holmes Thrills Scots As He Visits Turnberry And Ayr Despite Chronic Back Painyour Browser Indicates If You’ve Visited This Link
Eamonn Holmes thrilled Scots fans as he visited Trump Turnberry and Burns Cottage in Ayr during a surprise trip to Scotland. The This Morning presenter decided to make the most of the Bank Holiday with a holiday of his own and he’d hinted to fans that he was planning to go to Ireland.
Trump In Serious Trouble After Being Caught Inflating Golf Course Value
An independent agency has determined that Donald Trump has been inflating the value of several of his golf courses, many of which are overseas. If this is true, it could put the President in a world of legal trouble both at home and abroad. The information is still scant on this issue, but based on what has been observed by Trump and his businesses in America, it wouldnt be surprising if the same thing were happening overseas. Ring of Fires Farron Cousins discusses this.
*This transcript was generated by a third-party transcription software company, so please excuse any typos.
Yes, I suppose they determined that he did commit this crime. What are they gonna do? Are they gonna, are they gonna issue a warrant? I mean, we do have extradition agreements with these countries. Would they extradite the president of the United States? Would they extradite the former president of the United States to come and stand trial for financial fraud in their country? God, I hope so. I know thats probably a horrible thing to wish and makes me sound like a horrible person, but Donald Trumps done some pretty horrible things, not just to this country, but to certain groups of people in this country. And if he ends up spending the remainder of his days in an Irish prison, Im not going to lose any sleep over saying that Im glad it happened.
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Are They Being Kept For ‘fishy’ Tax Purposes
Companies House accounts showed that Golf Recreation Scotland, Turnberry’s parent company, depends on an eye-watering amount of debt around $160 million owed to its parent company, the Donald J. Trump Revocable Trust, which is registered in New York.
Trump International Golf Club Scotland, which controls Trump’s Aberdeenshire resort, owed Trump more than $55 million, and nearly $5 million to its parent company, DJT Holdings.
It’s “a bit fishy,” Shaviro said.
“Under US tax law, you can’t really have an interest-free loan between related parties,” he said.
“There would be a tendency to impute the market interest rate, or else they say it’s really equity.
“So when separate tax entities are engaged in transactions, the idea is that it’s got to be arm’s length, it’s got to reflect reality.”
Shaviro said it wasn’t clear there was any tax benefit to the way Trump had set up the loans.
“I don’t see the obvious tax benefits here,” he said. “Whether it’s money-laundering or playing games with lenders, there is a pretty good guess something is going on, but I’m not sure exactly what it would be.”
That brings us to the last theory.
Is It Simply Incompetence
“Stupidity and grandiosity should never be overlooked as possible grounds for all of this,” said Daniel Shaviro, the Wayne Perry Professor of Taxation at New York University Law School, who wrote about Trump’s tax returns last year.
Trump’s patchy business record is well documented. He demonstrated a genius for self-marketing and licensed his name to resorts and luxury developments all over the world, propelling him to the White House. But his businesses have also filed for bankruptcy six times, and he counts dozens of hugely expensive failures among his successful business ventures.
There were his Atlantic City casinos, which closed after racking up billions of dollars in debt. There was Trump University, which paid a $25 million settlement to former students in 2017 after New York’s attorney general called it “fraudulent.” And there was a short-lived airline called Trump Shuttle.
The accounts for Turnberry and Trump Links suggest they may be two further examples of poorly run businesses. A detailed analysis of Trump’s two courses by Behind the Balance Sheet, a financial research consultancy, illustrated that profits had been consistently lower than at other established rivals in Scotland, including Loch Lomond Golf Club and Gleneagles, and that capital expenditure had consistently outstripped revenue growth at both resorts.
All in all, it’s difficult to see how either business would ever generate a positive return on Trump’s huge initial investment.
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