He up-values his assets for bank loans and down-values them for his tax returns. That’s tax evasion, insurance fraud and bank fraud and it is indeed very illegal and that’s why Trump has tried to go SCOTUS (and lost) to halt his tax returns being subpoenaed by SDNY. But you knew that.
The office of the district attorney, Cyrus R. Vance Jr., made the disclosure in a new court filing arguing Mr. Trump’s accountants should turn over his tax returns.
www.nytimes.com
And it’s not exactly a secret that only I know about:
But aside from that, if you’d actually read the NYT piece you’d have read some interesting little excerpts:
“
The $72.9 million refund has since become the subject of a long-running battle with the I.R.S.
When applying for the refund, he cited a giant financial loss that may be related to the failure of his Atlantic City casinos. Publicly, he also claimed that he had fully surrendered his stake in the casinos.
But the real story may be different from the one he told. Federal law holds that investors can claim a total loss on an investment, as Mr. Trump did, only if they receive nothing in return. Mr. Trump did appear to receive something in return: 5 percent of the new casino company that formed when he renounced his stake.
In 2011, the I.R.S. began an audit reviewing the legitimacy of the refund. Almost a decade later, the case remains unresolved, for unknown reasons, and could ultimately end up in federal court, where it could become a matter of public record.”
You still sure he hasn’t done anything illegal?
And even if you leave the illegality out of the equation, we’re still looking at THE worst business owner in America. He has lost more money in the last decade than any other American alive, that hardly chimes with his self-portrayal as a successful businessman. He has hundreds of millions of dollars of loans due within the next four years and he doesn’t have the cash, nor assets, to repay those loans. He is in effect, bankrupt (financially as well as morally).
