IRS audit related to losses on a failed Chicago skyscraper indicates Trump is cheating the very government he wants to lead as president; does anyone seriously think this fraudster is fit to hold high office?

Chicago skyscraper at the heart of  Trump tax audit (NY Times)

 

We have a new entry in the category "Fraud Scams involving Donald Trump." This time, our "Orange Turd" used an apparent tax scheme to cheat the U.S. government out of millions of dollars. That's the same government Trump hopes to lead by winning the 2024 presidential election. Does anyone else see irony here -- that evidence indicates Trump tried to cheat the very government he wants to lead by getting you to vote for him? According to multiple news accounts, this scam appears to be a cheat job on everyday Americans who pay their taxes in an honest fashion. But Trump seemingly can't do anything honestly; he's always got to find a short cut, and it looks like he got caught this time. Is a guy who cheats the government, and ordinary citizens, fit to serve as president? Is this guy deserving of anyone's vote? My answer to both questions is no. What about details regarding Trump's latest brush with the law.? Yahoo! Finance provides them under the headline: "Trump may face a $100 million-plus tax bill if he loses IRS audit fight over Chicago tower."(Note: A more detailed account of the Trump IRS audit is available via a link to ProPublica at the end of this post.) Meanwhile, reporter Josh Boak writes at Yahoo!:

Former President Donald Trump may face an IRS bill in excess of $100 million after a government audit indicates he double-dipped on tax losses tied to a failed Chicago skyscraper, according to a report by The New York Times and ProPublica that drew on a yearslong audit and public filings.

The report's findings could put renewed focus on Trump's business career as the presumptive Republican nominee tries to regain the White House after losing in 2020.

Trump used his cachet as a real-estate developer and TV star to build a political movement, yet he has refused to release his tax filings as past presidential candidates have. The tax filings that the public does know about have come from past reporting by The Times and a public release of records by Democrats on the House Ways and Means Committee in 2022.

Trump's presidential campaign provided a statement in son Eric Trump's name saying the IRS inquiry “was settled years ago, only to be brought back to life once my father ran for office. We are confident in our position.”

Hmmm, now we know, it seems, why Trump has been reluctant to disclose his tax returns for so many years. That's because they apparently contain evidence of an underhanded scheme to bilk the government out of money. Everybody who still plans to vote for this fraudster, please raise your hands. For those with hands in the air, is there anything but empty space between your ears -- or maybe a worm got to your brain before it went to work on RFK Jr. Boak writes:

The tax records cited by the report indicate that Trump twice deducted losses on the Trump International Hotel and Tower, which opened in 2009 near the banks of the Chicago River that cuts through that city’s downtown.

The report said Trump initially reported losses of $658 million in his 2008 filings under the premise that the property fit the IRS definition of being “worthless” because condominium sales were disappointing and retail space went unfilled amid a deep U.S. recession. (Prompted by the "leadership" of another Republican president, George W. Bush, with assistance from his crooked sidekick, Karl Rove.)

But in 2010, the published report said, Trump transferred the ownership of the property to a different holding company that he also controlled, using the move to save money on taxes by reporting an additional $168 million in losses over the next decade on the same property.

The report did not have any updates on the status of the IRS inquiry since December 2022, but said Trump could owe more than $100 million, including penalties, if he were to lose the audit battle.

Trump's legal woes continue to pile up, and the tax case is a threat to add to them. President Joe Biden has noted the hypocrisy of Trump's stance on tax matters -- skirting the rules for himself, while enhancing the chance of audits for others, including his wealthy supporters. Boak reports:

Trump, meanwhile, is appealing a New York judge's ruling from February after a civil trial that Trump, his company, and top executives lied about his wealth on financial statements, conning bankers and insurers who did business with him. In early April, Trump posted a $175-million bond, halting collection of the more than $454 million he owes from the judgment and preventing the state from seizing his assets to satisfy the debt while he appeals.

Democrat President Joe Biden has said that Trump largely owes his fortune to an inheritance from his father, rather than through his own financial acumen. Biden has gone after Trump for not wanting to pay taxes, while his administration has enhanced IRS funding in order to increase audits of the ultra-wealthy and improve compliance with the federal tax code.

The Trump campaign opposes additional funding that Biden and Democrats provided to the IRS. At campaign rallies, Trump has said the United States would be destroyed as a country unless his 2017 tax cuts that are largely set to expire after 2025 are extended. (That, by the way, is pure horse manure. Trump's tax cuts for the wealthy, along with his botch job on the coronavirus pandemic, nearly caused the U.S. economy to implode -- just as Barack Obama's efforts to bring us out of the George W. Bush recession were taking hold.)

Trump opposes additional funding to help the IRS go after tax cheats? Gee, I wonder why he takes that position?

Link to in-depth story at ProPublica.