Donald Trump has had more than $280 million worth of loans forgiven since 2010. Most of this amount is related to the sum he borrowed to build Trump International Hotel and Tower in Chicago. The skyscraper project required massive funding, and the Trump Organization applied for millions of dollars in loans. However, the construction was delayed, and later in 2008, the financial crisis left no chance for the success of the project. First, Trump asked for the extension to repay the loan but then completely refused to pay his debts. Surprisingly, the banks chose to negotiate a settlement with Trump and canceled about $300 million in debt. Thus, Trump’s lenders forgave him around $100 million in 2008 and $180 million in 2010. Notably, this is not the first time the former US President has maneuvered his way out of paying what he owes. Reportedly, Trump has paid no federal income taxes for almost ten years. In 2016, when he won the presidency, and in the year after, Trump paid just $750 in income taxes, claiming that he was losing significantly more than he made.
