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Post by the Scribe on Jun 28, 2020 18:13:33 GMT
The secret of why Trump won't release his taxes | With Chris CillizzaCNN
10.1M subscribers
President Trump has constructed a narrative in which he clawed his way to the top by sheer will. The New York Times released a story that calls that narrative into question. Were Trump’s financial successes heavily funded by his father Fred? (Spoiler alert: Yes.)
SOURCES AND FURTHER READING:
The New York Times story on Trump’s finances
nyti.ms/2xSIq8K
Trump’s response to that NYT story
bit.ly/2P5YVoE
The creation myth of the billionaire businessman Donald Trump just imploded
cnn.it/2xXZOZU
Donald Trump says his life has been a lot of ‘no’
nbcnews.to/2RoTkLH
Back in 2014, Trump said he’d release his returns if he decided to run for president
bit.ly/2oHdxzZ
A long list of things Trump has said about his tax returns
cnnmon.ie/2puP3Zr
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Post by the Scribe on Jun 28, 2020 18:14:50 GMT
Reporter Who Saw Trump Tax Returns: They Will Expose Him | The Beat With Ari Melber | MSNBC
MSNBC
3.23M subscribers
Democrats are escalating their battle with the Trump administration seeking Trump's tax returns. Bloomberg's Tim O'Brien, who has seen parts of the returns, breaks down what to expect once Democrats get their hands on them.
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Post by the Scribe on Jun 28, 2020 18:16:21 GMT
Trump Tax Returns Are Coming: SCOTUS Veteran Sees High Court Ruling Against Trump | MSNBC
MSNBC
3.23M subscribers
A controversy at the center of Trump’s presidency reached the Supreme Court Tuesday – will the justices force the release of Trump’s taxes to certain investigators. An attorney who has argued over 40 cases before the Court, Neal Katyal, says the new oral arguments lead him to believe the court will rule against Trump -- and require the release of some tax returns and financial records. MSNBC Chief Legal Correspondent reports on the oral arguments, tracing the history of several related cases and contrasting Trump’s handling of his records to other candidates including Mitt Romney, and interviews Katyal and attorney Maya Wiley about the arguments on both sides. (This interview is from MSNBC’s “The Beat with Ari Melber, a news show covering politics, law and culture airing nightly at 6pm ET on MSNBC.
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Post by heatwavedave on Jul 9, 2020 6:48:45 GMT
I heard that tomorrow the Supreme Court will make its decision regarding Trump's taxes. This will be a test on how "objective" this conservative court will be. They seem to like to set precedent and make laws rather than interpret the law as it relates to the Constitution.
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Post by the Scribe on Jul 9, 2020 15:32:04 GMT
Should have been 9-0. Sad to see that at least 2 justices on the SC voted based on party rather than a very cut and dry issue of Congress having the authority to see anyone's tax returns via a properly approved subpoena. I can't help but think William Barr (Trump's fixer) will try to muddy things up in Trump's favor. Unfortunately, the public will not find out what is in those records until after the election, if ever.Supreme Court deals Trump a defeat, upholds demand for his tax returnsnews.yahoo.com/supreme-court-deals-trump-defeat-141438163.html?.tsrc=notification-brknews
LA Times
David G. Savage,LA Times•July 9, 2020
President Trump shakes hands in 2017 with Chief Justice John G. Roberts Jr. (Jim Lo Scalzo / AFP/Getty Images)
The Supreme Court dealt President Trump a major defeat Thursday by rejecting his claims of presidential immunity and upholding subpoenas from New York prosecutors seeking his tax returns and financial records.
In one of the most anticipated rulings on presidential privilege in years, the justices by a 7-2 vote ruled the nation's chief executive is not above the law and must comply with legitimate demands from a grand jury in New York that is investigating Trump's alleged hush money payments to two women who claimed to have had sex with him.
Trump had sued to block the subpoenas and claimed that as president he had an "absolute immunity" from demands for personal or confidential information.
Chief Justice John G. Roberts Jr., writing for the majority, rejected Trump's claim of immunity.
"We reaffirm that principle today and hold that the president is neither absolutely immune from state criminal subpoenas seeking his private papers nor entitled to a heightened standard of need."
In a related case involving a similar subpoena from House investigators, the court also ruled 7-2 that the president did not have immunity. But justices vacated the House subpoenas, saying lower courts failed to properly balance the legal and constitutional questions raised by the request. They sent the matter back to lower courts for review.
Justices Clarence Thomas and Samuel A. Alito Jr. dissented in both cases. Trump's two appointees, Justice Brett M. Kavanaugh and Neil M. Gorsuch, concurred in the outcome in the New York case, but did not join the chief justice's opinion. All four liberal justices voted with Roberts.
Although the decisions were a defeat for Trump, there is a bright side for him. Chances are high that the details of his finances will remain a secret from the public because grand juries operate confidentially and rarely leak. Had House investigators received Trump's records, it would have been far more likely that some or all of the information would have leaked before the November election.
Also, exactly when the documents must be handed over to the grand jury is unclear. The court said Trump could still fight their release by raising other issues in court.
Trump blasted the decision, insisting that courts in the past had deferred to presidents in such matters. "BUT NOT ME!" he tweeted.
In fact, the court consistently has rejected sweeping claims of presidential immunity, ruling unanimously that President Nixon had to hand over the Watergate tapes and that President Clinton had to be deposed in the Paula Jones sexual harassment lawsuit.
The election-year dispute had an obvious political significance, but it was also the rare separation of powers case in which the powers of the president, Congress and the judicial system were all at issue.
Regarding the House subpoena, Roberts said there was a need for a "balanced approach" in this clash between the president and Congress. He said a judge must take a closer look at the subpoenas and "carefully assess whether the asserted legislative purpose warrants the significant step of involving the president and his papers." He also said the amount of records should be "narrowed" in scope.
He added that the House had failed to explain why it needed Trump's financial records in order to legislate. "It is impossible to conclude that a subpoena is designed to advance a valid legislative purpose unless Congress adequately identifies its aims and explains why the president’s information will advance its consideration of the possible legislation," he said.
After Democrats won control of the House in the 2018 midterm election, three separate committees — on oversight, intelligence and financial services — issued broad subpoenas to Trump's accountants demanding records going back to 2010 on Trump's personal and family finances. A subpoena to Deutsche Bank sought records on loans taken out by Trump and his organization.
Lawyers for the House said Congress has the power and duty to conduct oversight and investigations, including into the chief executive. They said it was especially important to look further since Trump appeared to have far-flung business dealings that were hidden from the public, and said his finances could reveal if the president had conflicts of interest, including business deals in Russia.
Separately, a New York grand jury was said to be looking into potential crimes involving Trump's personal and business dealings there. It, too, issued a subpoena seeking his financial records.
Unlike other presidents since the Watergate era of the 1970s, Trump refused to disclose his tax returns and has kept secret the details of his business dealings. Investigators were particularly interested in whether Trump and his businesses were heavily indebted to foreign banks.
Trump said during the 2016 campaign he expected to release his tax returns, but then refused to do so.
Trump's personal lawyers filed suits in New York and in Washington seeking to block the subpoenas. They argued that demands for records were extreme and unjustified, and that the president had an "absolute immunity" from investigators who sought personal and confidential information.
They lost in lower courts. Federal judges and the U.S. appeals courts in Washington and New York ruled the president, like other citizens, had no right to defy subpoenas for records issued by Congress or a grand jury.
In December, the Supreme Court agreed to hear Trump's appeals and put the lower rulings on hold. The lead case involving the House committees was Trump vs. Mazars USA, while the New York grand jury case was Trump vs. Vance.
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Post by the Scribe on Jul 15, 2020 18:13:38 GMT
Donald Trump's lawyers say they will launch ANOTHER attempt to keep New York prosecutors from getting his tax returns claiming it is a 'fishing expedition' and 'harassment'
www.dailymail.co.uk/news/article-8526601/Donald-Trumps-lawyers-launch-attempt-prosecutors-getting-tax-returns.html
Trump's lawyers joined in a a filing seeking 'further proceedings'
The Supreme Court ruled 7-2 this month that Manhattan prosecutors can get Donald Trump's tax returns by subpoenas to his bank and accountant
Ruling requires Manhattan DA to go back to court to get subpoenas
They cited Court ruling that the president may argue subpoenas not part of a 'fishing expedition' or made in 'bad faith'
A new Reuters / Ipsos poll shows two-thirds of Americans want to see Trump's taxes.
By GEOFF EARLE, DEPUTY U.S. POLITICAL EDITOR FOR DAILYMAIL.COM
PUBLISHED: 12:40 EDT, 15 July 2020 | UPDATED: 13:20 EDT, 15 July 2020
Donald Trump's lawyers have launched a new effort seeking to keep the president's tax returns out of the hands of prosecutors, this time suggesting subpoenas may have been made in 'bad faith' as part of a 'fishing expedition.'
Trump lawyer William Consovoy on Wednesday submitted a motion for 'further proceedings' with the U.S. District Court in the Southern District of New York, where among his arguments is a request to await a 25 day period following the Supreme Court's July 9 ruling on the case.
The Supreme Court ruled 7-2 this month that Manhattan prosecutors can get Donald Trump's tax returns by subpoenas to his bank and accountant – but it is not at all clear that prosecutors would be able to get them before the November 3 election.
President Trump's lawyer William Consovoy on Wednesday submitted a motion for 'further proceedings' with the U.S. District Court in the Southern District of New York, where they noted subpoenas can't be part of a 'fishing expedition'
The Court also imposed a four-part test that Trump's lawyer referenced – including it's notation that grand juries are prohibited from taking part in 'arbitrary fishing expeditions.'
But it ruled Trump was not protected by an immunity due to his office, opening prosecutors to get documents it sought as part of a probe into 'hush' payments that went to porn star Stormy Daniels, who claims she had an affair with the president. Trump denies it.
As Trump's lawyer noted, the Court also ruled that the president may argue a subpoena is 'motivated by a desire to harass or is conducted in bad faith' – foreshadowing arguments Trump will try to put forward to keep the information out of the hands of prosecutors.
Trump has fought a legal battle on multiple fronts to keep his tax returns secret, even after saying during the 2016 campaign that he would release them. Following the ruling, White House press secretary Kayleigh McEnany said Trump would release them when he was no longer under audit, which he has been on a continual basis for four years.
The motion also suggests a prolonged round of legal wrangling, saying the parties 'likely will disagree about the appropriate scope of discovery' when developing a 'factual record for the case.'
Cyrus Vance Jr., the Manhattan district attorney, is urging the courts to move rapidly following a Supreme Court ruling on Trump's taxes
illiam Consovoy, President Donald Trump's attorney, filed the motion on behalf of the president
The president shouldn't be required to litigate 'without understanding the nature and scope of the investigation and why the District Attorney needs all of the documents he has demanded.'
That claim drew a sharp rebuke from Manhattan D.A. Cy Vance, who responded that the president invites the court to conduct a 'heightened-scrutiny inquiry' of the kind the Supreme Court rejected in its ruling, which stressed the importance of grand juries and safeguards already built into the process for citizens.
A process digging into the U.S. attorney's 'motives' would be 'highly irregular and inappropriate,' he writes, adding the court has already found there was no demonstrated bad faith.
Vance back in August issued subpoenas seeking eight years of Trump personal and corporate tax records, kicking off the legal battle.
The judge presiding over the case, Victor Marrero, a former U.S. ambassador to the Organization of American States, asked both sides to respond in action about next steps.
A new Reuters / Ipsos poll shows two-thirds of Americans want to see Trump's taxes.
About a quarter surveyed believe the returns contain 'incriminating evidence against him,' 10 per cent think Trump is trying to hide significant financial losses, and 16 per cent think Trump does not want to reveal them because he 'does not pay taxes.'
TRUMP'S TAX RETURNS: WHAT HAPPENS NEXT?
NEW YORK
Manhattan district attorney Cy Vance Jr. needs to go back to court in New York to renew his subpoenas of Deutsche Bank and Mazars, Trump's bank and accountants.
He has indicated he will do so. Scheduling a hearing is in the hands of the court and there has been speculation it could take weeks.
However the New York court has already issued the subpoenas so it is unlikely a judge would not renew them.
Can Trump appeal the subpoenas?
Yes. Trump only defended himself against the subpoenas by claiming he was immune from law enforcement investigations as the president. Now he could try to use other avenues of appeal - although it is not clear what those are. His attorney claims he will advance new 'constitutional' reasons why the records should stay secret.
He can appeal in two directions - he could go to federal court in Manhattan or to New York state's appeal courts.
But the key thing he has to get any judge to agree to is a stay pending appeal.
If he gets that, he can appeal through the state courts and then try again at a federal level, or go straight to federal courts with his new reasons to stop the subpoenas.
WASHINGTON D.C.
Democrats in Congress have a subpoena ready to serve on Trump but first have to argue for it again at a federal court in Washington D.C.
The Supreme Court handed both sides a road map of other 'separation of power' issues to argue about.
Realistically, a hearing is unlikely to happen over the summer and will certainly be appealed, putting its likely resolution off until after the election.
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Post by the Scribe on Aug 20, 2020 21:04:44 GMT
Federal Judge Rules Trump Must Give Tax Returns To NY Prosecutors | Craig Melvin | MSNBC
MSNBC
3.4M subscribers
In another loss for President Donald Trump, U.S. District Judge Victor Marrero ruled that the president must turn over his tax returns to New York prosecutors who are seeking his financial documents. Aired on 08/20/2020.
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Post by the Scribe on Aug 28, 2020 0:45:38 GMT
My Grandma always said "where there's a LIAR there's a THIEF! Trump must turn over tax returns, does not deserve immunity, Manhattan's top prosecutor says
www.yahoo.com/news/trump-appeal-delay-subpoena-tax-202422629.html
Jonathan Stempel
ReutersAugust 27, 2020, 1:24 PM MST
Scroll back up to restore default view.
By Jonathan Stempel
NEW YORK (Reuters) - Manhattan's top prosecutor told a U.S. court on Thursday he should be able to obtain President Donald Trump's tax returns, saying Trump cannot immunize himself from a criminal probe of his business practices by pursuing an appeal that has "no chance of success."
Cyrus Vance, the Manhattan district attorney, urged the 2nd U.S. Circuit Court of Appeals in Manhattan in a filing to reject Trump's emergency bid to block a subpoena to the president's accounting firm, Mazars USA, for eight years of tax returns.
Trump has until Monday to respond in writing. Oral arguments are scheduled for Sept. 1.
The Republican president has been fighting to block Vance's subpoena for a year, including at the U.S. Supreme Court, which last month rejected his argument that he has immunity from criminal probes while in the White House.
Trump later claimed that Vance's subpoena was "wildly overbroad" and issued in "bad faith," largely mirroring similar subpoena issued by congressional Democrats.
He has also called Vance's subpoena part of a "witch hunt," saying the case will likely head back to the Supreme Court.
But in Thursday's filing, Vance said that by continuing to litigate, Trump had effectively obtained "temporary absolute immunity," a claim "rejected at every level of the federal courts," by keeping a grand jury from seeing his tax returns.
He also said handing over the returns would not irreparably harm Trump, citing the confidentiality of grand jury proceedings, and noted that the past six U.S. presidents publicly released their tax returns.
On Aug. 20, U.S. District Judge Victor Marrero, who had rejected Trump's broad immunity argument last October, again refused to block the subpoena.
"Justice requires an end to this controversy," Marrero wrote, and which Vance repeated in his filing.
It is unlikely that Trump's tax returns will become public before the Nov. 3 election.
Vance agreed not to enforce the subpoena until two days after the appeals court rules on Trump's request for a stay.
(Reporting by Jonathan Stempel in New York; Editing by Chris Reese, Grant McCool and Dan Grebler)
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Post by the Scribe on Aug 28, 2020 0:51:16 GMT
This is the head of the RepubliCONservative Party accused of lying, stealing and an abundance of other crimes. How does this happen? Our system for electing our politicians is screwy and needs to be changed. Some sort of tests need to be required of these people. If the political parties won't filter out these crooks our constitution ought to.Manhattan DA holds off on enforcing subpoena on Trump's tax returns
www.yahoo.com/news/manhattan-da-holds-off-enforcing-164806565.html
Kristine Phillips, USA TODAY
USA TODAY August 24, 2020, 10:48 AM MST
New York probing whether Donald Trump and the Trump Organization manipulated asset values
www.yahoo.com/news/ny-attorney-general-files-lawsuit-155758311.html
Jonathan Stempel
Reuters August 24, 2020, 8:57 AM
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Post by the Scribe on Sept 17, 2020 2:37:20 GMT
Michael Cohen reveals Trump’s "biggest fear" about having his tax returns releasedwww.yahoo.com/news/michael-cohen-reveals-trump-biggest-165122886.html
Brad Reed
Salon Wed, September 16, 2020, 9:51 AM MST
Michael Cohen Leaves for Prison
Michael Cohen, the former personal attorney to President Donald Trump, prepares to speak to the media before departing his Manhattan apartment for prison on May 06, 2019 in New York City. Getty/Spencer Platt
President Donald Trump's former personal attorney told CNN's Alisyn Camerota on Tuesday that President Donald Trump has much to fear about having his tax returns released.
During an interview to promote his new book, titled "Disloyal,"Cohen was asked by Camerota why Trump is so reluctant to release his tax returns despite pledging for years to make them public.
www.amazon.com/Disloyal-Memoir-Personal-Attorney-President/dp/1510764690
Related video: Court blocks release of Trump’s tax returns to DA
.
Cohen replied that, for one thing, they would reveal Trump isn't nearly as rich as he pretends to be.
"He doesn't report the income he claims," the former Trump attorney explained. "His wealth is not as significant, and I imagine they were probably lenient in how they took deductions."
However, Cohen also said that being exposed for not being as wealthy as he has claimed is not the president's biggest worry.
"His biggest fear is, if that tax return was released, there's a whole slew of accountants and forensic accountants that will rip through it and he will end up with a massive tax bill, penalties, fines and possibly even tax fraud," he said.
You can watch the video below via YouTube:
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Post by the Scribe on Sept 27, 2020 23:12:59 GMT
I am surprised FOX even reported this. I am also surprised Trump paid anything in taxes at all. Most corporations don't pay much comparatively speaking.
Trump paid $750 in federal income taxes year he won presidency: Report
15,525 views•Sep 27, 2020
Fox News
6.24M subscribers
New York Times report suggests Trump paid $750 in federal income taxes year he won presidency, another $750 first year in White House.
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Post by the Scribe on Sept 28, 2020 3:06:20 GMT
Trump Paid Minimal Income Taxes in 2016, 2017, Times Reports
Bloomberg Politics
226K subscribers
Sep.27 -- President Donald Trump reportedly paid just $750 in income taxes in both 2016 and 2017. A New York Times investigation has revealed millions of dollars in losses from golf courses, and hundreds of millions in debt that is coming due in the next few years. Bloomberg’s Kevin Cirilli reports on “Bloomberg Daybreak: Asia.”
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Post by the Scribe on Sept 28, 2020 3:07:55 GMT
Any news Trump doesn't like is FAKE NEWS.
Trump calls NYT report on his taxes "fake news"
17,521 views•Sep 27, 2020
CBS News
2.96M subscribers
President Trump on Sunday called a New York Times report that alleged he paid only $750 in federal income taxes in 2016 and 2017 and paid no federal income tax in 10 of the years reviewed "fake news."
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Post by the Scribe on Sept 28, 2020 11:06:34 GMT
Most of the 1% pay less taxes than most Americans but this is outrageous. My taxes went up thanks to Trump and the RepubliCONS and Trump hardly paid anything. How conservative is that now?Most of Trump's charitable tax write-offs are reportedly for not developing property he ownswww.yahoo.com/news/most-trumps-charitable-tax-write-052502744.html
Catherine Garcia
The WeekSun, September 27, 2020, 10:25 PM MST
President Trump's tax records show he has classified his Seven Springs estate in Bedford, New York, as an investment property, The New York Times reports, but his son Eric Trump has described it as his family's "home base."
Seven Springs sits on 200 acres and boasts three pools and multiple carriage houses, according to the Trump Organization. Trump purchased the property in 1996 with the intention of building 15 private homes, a golf course, and a clubhouse on the land, but local residents were able to stop the development, citing concerns over traffic and pollution.
In 2014, Trump classified Seven Springs as an investment property rather than a personal residence, and since then he has written off $2.2 million in property taxes as a business expense, the Times reports. That same year, Eric Trump told Forbes Seven Springs is "really our compound," and served as "home base for us for a long, long time." The Trump Organization's website also says the property is currently "used as a retreat for the Trump family."
Trump also placed a conservation easement on the land in 2015, meaning he signed a deal with a land conservancy, agreeing to leave most of the property untouched. In exchange for this, Trump claimed a $21.1 million charitable tax donation, the Times reports. His tax records show that over the years, Trump has claimed four conservation easement deductions on his taxes, which represent about $119.3 million of the roughly $130 million in personal and corporate charitable contributions he has reported to the Internal Revenue Service, the Times reports. When asked for comment about Seven Springs, Alan Garten, a lawyer for the Trump Organization, did not respond.
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Post by the Scribe on Sept 28, 2020 19:29:05 GMT
Trump's past tweets slammed others for not paying enough taxes and claimed he pays 'more'news.yahoo.com/trump-tweets-taxes-new-york-times-report-143707781.html
Ben WerschkulDC Producer,Yahoo Finance•September 28, 2020
Over the years, President Donald Trump’s Twitter feed has featured messages slamming others for not paying taxes, bragging about how rich he is, criticizing those paying taxes overseas, and even claiming he pays “more taxes in one year than you pay in your entire life.”
It all reads differently now after The New York Times obtained decades of Trump’s tax information and found that he “has been more successful playing a business mogul than being one in real life.”
Perhaps nowhere is the disconnect between his public message and apparent private financial situation more stark than in the messages Trump has tweeted out over the years.
President Donald Trump looks at his phone during a roundtable discussion on the reopening of small businesses at the White House in June. (REUTERS/Leah Millis)
For the record, Trump has denied the report. “It’s totally fake news,” he said Sunday evening and added Monday morning that he “paid many millions of dollars in taxes but was entitled, like everyone else, to depreciation & tax credits.”
www.whitehouse.gov/briefings-statements/remarks-president-trump-press-briefing-september-27-2020/
It’s often been noted that there’s “always a tweet” buried somewhere in Trump’s timeline that relates to the scandal of the moment. In this case there are scores of them. With an assist from the always helpful Trump Twitter Archive, here are some of the starkest examples.
www.trumptwitterarchive.com/archive
Times he slammed others for not paying taxes
The key finding in the Times report was that he paid just $750 in federal income taxes the year he won the presidency and another $750 in 2017. He also paid no income taxes at all in 10 of the previous 15 years.
www.nytimes.com/2020/09/27/us/trump-taxes-takeaways.html?action=click&module=Spotlight&pgtype=Homepage
That didn’t stop him from attacking others for supposedly not paying enough in taxes. In 2012, he tweeted that then-President Barack Obama “only pays 20.5%” of his earnings in taxes.
The same year, he sent along a story about Americans not paying taxes “despite crippling govt debt.”
These tweets came during a 2012 presidential campaign when tax avoidance was a big issue among Republicans. Later in the year, the Republican presidential candidate, Mitt Romney, got into trouble after suggesting that the 47% of Americans who pay no income taxes were Obama supporters.
www.politifact.com/factchecks/2012/sep/18/mitt-romney/romney-says-47-percent-americans-pay-no-income-tax/
In more recent years, during his own run for president and since taking office, Trump has repeatedly gone after another perceived political enemy, Amazon (AMZN), for not paying its taxes.
finance.yahoo.com/quote/AMZN/
Trump actually bragged about paying taxes in a few instances. In 2013, he retweeted an account that claimed “Trump is an American that will pay more taxes in one year than you pay in your entire life.”
According to the Times report, 2013 was actually one of the years that Trump lost the most money and when he was likely able to avoid taxes. Trump National Doral, one of his Florida golf resorts, lost over $65 million in 2013 alone, according to the report.
www.nytimes.com/interactive/2020/09/27/us/donald-trump-taxes-timeline.html?action=click&module=Spotlight&pgtype=Homepage
The next year, he retweeted a message telling Trump that since he pays his taxes, he “should be able to put up whatever signage you want.”
Foreign entanglements
Another revelation in The New York Times story is Trump’s foreign entanglements. His financial ties in places like Turkey are more extensive than previously known, and there are a host of countries where he actually paid more taxes than in the U.S.
As the story by Russ Buettner, Susanne Craig and Mike McIntire says, “The president’s $750 contribution to the operations of the U.S. government was dwarfed by the $15,598 he or his companies paid in Panama, the $145,400 in India and the $156,824 in the Philippines.”
But in 2012, he asked whether Obama was the first president “who earned over 1/3 of his income from foreign sources and paid taxes to another country?”
Trump also sent many many tweets touting his foreign properties from Turkey to Panama to the Philippines to India.
Other revelations
The report details a range of other findings from Trump’s use of “consultant fees” to give money to people like his daughter Ivanka to the ongoing IRS audit that could cost him $100 million to the staggering amount of personal debt he reportedly currently holds.
As the Times report says, “Within the next four years, more than $300 million in loans — obligations for which he is personally responsible — will come due.”
As for consultants, the president has often dismissed them in tweets, calling out the Republican party’s “consultant class of losers” in 2013.
On the audit process — which Trump has used as a shield to avoid releasing his taxes — he called the process “routine” in tweets and comments. Trump’s own IRS commissioner has confirmed that there is no rule precluding the president from releasing his tax returns while under audit.
www.axios.com/trump-tax-returns-irs-commissioner-audit-20ebb0a7-dc47-4177-bf4c-565aa5cfb734.html
On his propensity for loans, Trump has actually been somewhat open about that:
On Monday, he claimed that he was under leveraged. “I have very little debt compared to the value of assets,” he tweeted.
But what The New York Times story doesn’t reveal — and what Trump is widely expected to try to keep secret — is who precisely holds the loans that he has personally guaranteed.
If Trump wins, the story notes, “Lenders could be placed in the unprecedented position of weighing whether to foreclose on a sitting president.”
Ben Werschkul is a producer for Yahoo Finance in Washington, DC.
Read more:
Trump reportedly paid no federal tax in 10 of the last 15 years: 75 million of Americans pay no federal income tax — here’s why
finance.yahoo.com/m/a3d93b2e-87be-3c54-9b89-bf39769142a6/trump-reportedly-paid-no.html
Here’s who Trump likes to blame when the stock market goes down
finance.yahoo.com/news/heres-who-trump-likes-to-blame-when-the-stock-market-goes-down-152234488.html
Trump, Biden both likely to push national debt to new heights: Expert
finance.yahoo.com/news/trump-biden-both-likely-to-push-national-debt-to-new-heights-expert-184817320.html
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