A new report about Trump using a fake loan to hide income and evade taxes. Always read the footnotes!
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Footnote 1:
It's a very long article, ~2500 words, so I only quote parts of it.
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Footnote 2:
http://www.thedailybeast.com/trumps-dollar50-million-mystery-debt-looks-like-tax-evasion
Trump’s $50 Million Mystery Debt Looks Like ‘Tax Evasion’
"Donald Trump has long claimed he personally owed tens of millions to an obscure entity related to his Chicago tower. But court docs claim Trump Org. now says it never existed."
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"That’s where former federal judge Barbara Jones, the court-appointed special monitor in Donald Trump’s New York business fraud case, just planted a financial bombshell that legal experts say suggests Trump lied knowingly and repeatedly on his federal financial disclosures about a major loan that never existed—and may have evaded taxes on $48 million in income. ...
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"Jones tucked a major revelation into footnote 6, writing that a massive chunk of debt Trump has claimed to owe one of his own companies for years apparently does not exist, and never did. ...
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"“When you fill out your personal financial disclosures, you attest under penalty of the law that the information is true,” Libowitz told The Daily Beast. “Trump had to know that his Chicago business never gave him a loan of more than $50 million, as he claimed, repeatedly.” Kedric Payne, general counsel for ethics at watchdog Campaign Legal Center, agreed, telling The Daily Beast that, given the personal nature of the loan and the repeated filings, authorities likely wouldn’t just write this off as an unintentional oversight. ...
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"The OGE warns filers that the Justice Department may bring civil or criminal action against any individual who “knowingly and willfully” falsifies or omits any required information on their disclosures. The Trump Organization’s promise to remove the debt from upcoming OGE filings would indicate that all of Trump’s prior filings—dating to the 2015 fiscal year—contained a staggering inaccuracy. ...
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" “There should be an offsetting entry somewhere,” Harvard real estate professor Richard Peiser told Forbes in 2020. “I can’t explain that.” The Daily Beast consulted multiple tax experts to analyze the new revelation, and the general opinion was that Trump may have created a fake loan to avoid income taxes. ...
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"As prior reports show, Fortress eventually agreed to cancel half that original amount in 2012, forgiving Trump a total of $48 million. Normally, tax experts told The Daily Beast, that would qualify as $48 million in reportable, taxable income. But instead, these experts said—as experts previously told Mother Jones—it now looks like Trump may have made it look like the debt wasn’t canceled, but that he instead bought it from Fortress. His 2016 statements to The New York Times—that he had in fact bought this specific loan back from a group of banks—further supports this theory. Martin Lobel, a prominent Washington, D.C., tax lawyer who also spoke to Mother Jones for the 2019 report, said that the new information appears to confirm the tax fraud hypothesis. ...
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"Martin Sheil, former special criminal investigative agent for the Internal Revenue Service, also told The Daily Beast that the letter suggests a tax dodge. “I would characterize the whole matter as ‘shady’ and the so-called ‘springing loan’ as ‘funky,’” Sheil said. “The fact that Jones, as a court appointed monitor, officially references the transaction as a $48 million loan that never existed, should raise eyebrows.” ...
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"To pull this off, Trump would have fabricated the “loan” that he claimed to owe Chicago Unit Acquisition LLC. This would make it appear on paper as if Trump had used the LLC to buy his debt from Fortress. Now—as Mother Jones reported, and as tax experts told The Daily Beast—instead of owing Fortress $48 million, Trump was saying that the debt simply got transferred and he now owed his LLC $48 million. In reality, however, according to the reports, Fortress had canceled that debt. It did not exist. ...
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"But it appears even worse in Trump’s case: He apparently never bought the debt to begin with. If so, the experts said, Trump would have essentially pocketed the $48 million that had been canceled, and then simply invented a new loan to cover it up or misdirect financial scrutiny. ...
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Footnote 3:
Which reminds me to ask: Trump has been using PAC money, Trump Campaign money, and other monies "donated" by his cult members to pay his PERSONAL legal expenses. If he hasn't already begun, it is said that he will ask supporters to give him money to pay off his $83.3 M judgement in the E. Jean Carroll defamation case. Shouldn't Trump have to declare those "donations" used for his PERSONAL expenses as INCOME and, thus, owe taxes on them? Based on legally required disclosures, journalists estimate that Trump has already spent around $57 M on lawyers and court fees and expect his legal fees to reach or exceed $100 M.
Trump wants Americans to pay up for his crimes.
The former president had already spent more than $57 million of other people’s money on his legal fees.
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[I hadn't read this one before.] "As far as offshore banking laws and accounts go, the release of Trump’s taxes from 2015 to 2020 revealed that for at least 2016 he had an offshore bank account in the Caribbean nation of St. Martin, a popular place to avoid paying taxes. Nevertheless, recall when he was asked during the 2016 campaign whether U.S. citizens should be allowed to save or invest in offshore bank accounts, Trump responded: “No, too many wealthy citizens are abusing loopholes in offshore banking laws to evade taxes.” ..."
It’s Salon. It’s guaranteed trash.
He's always spouting some scientific BS from fringe websites. But he really doesn't believe in science. Science is the systematic study through observation, experimentation and the study of theories. willy dismisses Salon and Newsweek out of hand. He's like a child who sticks his fingers in his ears and yells: "la la la la I can't hear you!!"
willy gets the information to form his views from far-right news sources. He swallows it without question like a baby bird being fed by its mother in the nest.
…thinks Salon is a peer reviewed journal. He can’t tell the difference between science and a bureaucrat spouting nonsense.
The Salon article was the source of the "more than $57 million of other people’s money on his legal fees" statement. It was the most recent (Jan 27, 2024) reference. Older stories were using older numbers.
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The MAIN STORY ABOUT TRUMP HIDING $48M of income to avoid paying taxes on it was reported in MANY places. I chose to link to the Daily Beast article but there are MANY other stories about Special Monitor Barbara Jones' letter to the court: Forbes, Business Insider, The Messenger, National Review, The Independent, etc., etc.. JUST READ THE ACTUAL 12-PAGE LETTER and have someone you trust explain it, specifically footnote 6 and its implications, to you.
…thinks Salon is a peer reviewed journal. He can’t tell the difference between science and a bureaucrat spouting nonsense.
…if you had posted a video of someone giving a midget a wedgie. The TDS pissing and moaning got tired 5 years ago. Do us all a favor. The next time you feel your TDS hit instead posting 30 paragraphs of the world’s most boring drivel, instead see how many habaneros you can stuff up your backside. You may find this a more productive use of your time.
Time did Imp waste digging that up then reading through it then cherry-picking it for content? God almighty...
Ya know what? NBC baby NBC ! ! ! NOOOOOBODY CARES.
At this point, the lame-stream media has blown its credibility with the American people to the point that when they post Horrible things about Trump? It isn't believed and again,
N O B O D Y C A R E S.
Oh sorry are the caps locks triggering the snowflakes?
I think that the IRS, NYS Department of Taxation and Finance ("IRS" of NYS), and others DO care about skirting the payment of millions of dollars of taxes on $50 M !
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MAGA cult members have been trained Not to Believe and Not To Care about any of the "horrible things about Trump."
Time did Imp waste digging that up then reading through it then cherry-picking it for content? God almighty...
Ya know what? NBC baby NBC ! ! ! NOOOOOBODY CARES.
At this point, the lame-stream media has blown its credibility with the American people to the point that when they post Horrible things about Trump? It isn't believed and again,
N O B O D Y C A R E S.
Oh sorry are the caps locks triggering the snowflakes?
Yeh, “that” is where I lost interest in your post here.