Today we examine Trump Tower’s plummeting profits, investigate the wealth of Britain’s new prime minister and catch up with a hotelier at the center of Trump’s first impeachment.
“Donald Trump migrated to Florida after losing the 2020 election, abandoning New York for Palm Beach. The tax rates are better down south, but there’s one particular levy that the former president has not figured out how to escape. At Trump Tower, he had to pay $11.8 million in property taxes last year—more than twice the amount he was paying a decade ago,” reports Dan Alexander:
At Trump Tower, Donald Trump saved $17.2 million from a tax break meant for industrial and commercial buildings. The benefits ran out in July 2016. (Photo by DOMINICK REUTER/AFP via Getty Images)
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“The U.K.’s new prime minister and his wife, the daughter of an Indian tech billionaire, have a collective net worth higher than the personal fortune of King Charles III,” reports Giacomo Tognini:
Rishi Sunak
Updates on Checks & Imbalances’ previous reporting
On Tuesday, Sen. Ted Cruz (R-Texas) published his latest book, “Justice Corrupted.” Being an author has been a good side-hustle for Cruz. In 2020, he received a $320,000 advance for a previous book. Cruz’s campaign may have boosted those sales, as it dropped $153,000 at retailer Books-A-Million in the three months after that book hit the shelves.
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“A company that congressional investigators say paid for a family trip to Aruba for Rep. Alex Mooney (R-WV) last year has aided Mooney’s campaign down the stretch run in his bid for a fifth term in Congress,” the Charleston Gazette-Mail reported last week. Mooney is currently the subject of at least two ethics investigations by the House Committee on Ethics. In October 2021, the nonpartisan Office of Congressional Ethics found “substantial reason to believe” Mooney may have used campaign money for personal expenses and failed to report more than $40,000 of expenditures. The subject of the second inquiry has not been disclosed.
“Jury selection began Monday in the Trump Organization’s criminal trial for alleged tax fraud—which will only result in the company having to pay monetary damages if it’s found guilty, though a conviction could have more damaging knock-on effects for former President Donald Trump’s business,” reports Alison Durkee:
The Trump Organization is going to trial on charges of criminal tax fraud after allegedly paying executives in a way that avoided higher taxes.
Forbes continues to update “Tracking Trump: A Rundown Of All The Lawsuits And Investigations Involving The Former President.”
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The Palm Beach Young Republicans promoted the Saudi-backed LIV Golf tournament at Trump’s Miami resort this weekend.
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As advertised, former White House senior counselor Kellyanne Conway was the featured speaker at the America First Club’s fall kickoff at Trump’s West Palm Beach golf club on Oct. 13. The former president also made an appearance.
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The Republican Hindu Coalition celebrated Diwali at Mar-a-Lago with the former president.
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Arcade Fire, “We Don’t Deserve Love”