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Thread: Trump Committed Tax Fraud & Insurance Fraud & Bank Fraud

  1. #1

    Trump Committed Tax Fraud & Insurance Fraud & Bank Fraud

    Last edited by WakeForestRanger; 08-03-2020 at 01:38 PM.

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  3. #3
    I disagree with you
    ImTheCaptain's Avatar
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    if trump donates to OGBoards all will be forgiven

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    PhDeac's Avatar
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    Going to bet Trump's kids are doing the same thing right now.

  5. #5
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    Follow the money!!!

    It has always been about seeing his taxes.

  6. #6
    Read the whole thing. It is really interesting. Whether or not the acts alleged constituted tax fraud, it is a clinical takedown of the myth of Donald Trump, Self Made Billionaire. There was a self-made Trump, but he died in 1995.

  7. #7
    Tuesday: "HE DIDN'T COMMIT FRAUD!"
    Wednesday: "OK, SO HE DID, BUT EVERY POLITICIAN COMMITS FRAUD!"
    Thursday: "WHY IS FRAUD EVEN ILLEGAL? CONFIRM KAVANAUGH AND GET RID OF FRAUD LAWS!"

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    Unmitigated Dog Shatt

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    Prediction: silence from the Trumpist right.

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    Conservatives: The IRS is a worthless organization staffed by bureaucratic incompetents.
    Also conservatives: The IRS reviewed all these tax returns and said they were OK, so obviously everything is perfectly fine.

  11. #11
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    PhDeac's Avatar
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    Quote Originally Posted by Newenglanddeac View Post
    Prediction: silence from the Trumpist right.
    People who donít want to pay taxes arenít going to object to someone who figured out how to not pay taxes.

  12. #12
    It's not like Trump figured it out and is some genius. He does what all rich people do and hires people to find loop holes. It's crazy to me that this doesn't piss off poor Republicans. Instead, they bitch about an "inefficient government/IRS" that is getting hamstrung by their own party. Kind of like how they complained about Obamacare while their leaders gutted it from the inside. I'm not saying the Democrats do a great job of helping the poor, but at least their leadership isn't downright lying to them in order to have them vote against their own self interests.
    Last edited by Demonwolverine; 10-02-2018 at 05:51 PM.

  13. #13
    Quote Originally Posted by Demonwolverine View Post
    It's not like Trump figured it out and is some genius. He does what all rich people do and hires people to find loop holes. It's crazy to me that this doesn't piss off poor Republicans. Instead, they bitch about an "inefficient government/IRS" that is getting hamstrung by their own party. Kind of like how they complained about Obamacare while their leaders gutted it from the inside. I'm not saying the Democrats do a great job of helping the poor, but at least their leadership isn't downright lying to them in order have them vote against their own self interests.
    There's the lesson JH wanted us to learn!

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    It's just so bizarre. You had Republicans complaining THE ENTIRE Obama administration that poor people were getting too much help. Then, the national conventions come along and you have one of Trump's primary, populist talking points being "hey poor people, Democrats aren't helping you out enough, so why not give me/Republicans a try?" So which was it?

  15. #15
    Quote Originally Posted by PhDeac View Post
    People who donít want to pay taxes arenít going to object to someone who figured out how to not pay taxes.
    Agreed but thatís bullshit on their part.

    A. It appears he made many of these moves illegally.
    B. If this was Hillary, Obama or another Democrat...impeachment proceedings would be starting tonight.


    Iím just as guilty as the next person due to the sheer volume of fraud and corruption oozing from the cesspool that is the Trump world....but we have got to stop normalizing this shit and giving these assholes a pass. Fraud is fraud is fraud is fraud.

  16. #16
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    Quote Originally Posted by Newenglanddeac View Post
    Agreed but thatís bullshit on their part.

    A. It appears he made many of these moves illegally.
    B. If this was Hillary, Obama or another Democrat...impeachment proceedings would be starting tonight.


    Iím just as guilty as the next person due to the sheer volume of fraud and corruption oozing from the cesspool that is the Trump world....but we have got to stop normalizing this shit and giving these assholes a pass. Fraud is fraud is fraud is fraud.
    Yes. Republicans are full of shit.

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    11 Takeaways From The Timesís Investigation Into Trumpís Wealth

    Donald J. Trump built a business empire and won the presidency proclaiming himself a self-made billionaire, and he has long insisted that his father, the legendary New York City builder Fred C. Trump, provided almost no financial help. ďI built what I built myself,Ē the president has repeatedly said.

    But an investigation by The New York Times has revealed that Donald Trump received the equivalent today of at least $413 million from his fatherís real estate empire. Whatís more, much of this money came to Mr. Trump through dubious tax schemes he participated in during the 1990s, including instances of outright fraud, The Times found.

    In all, the presidentís parents transferred well over $1 billion in wealth to their children, which could have produced a tax bill of at least $550 million under the 55 percent tax rate on gifts and inheritances that was in place at the time. Helped by a variety of tax dodges, the Trumps paid $52.2 million, or about 5 percent, tax returns show.

    The president declined requests over several weeks to comment for this article.

    A lawyer for Mr. Trump, Charles J. Harder, provided a written statement. ďThere was no fraud or tax evasion by anyone. The facts upon which The Times bases its false allegations are extremely inaccurate,Ē he said. ďPresident Trump had virtually no involvement whatsoever with these matters,Ē he continued, saying the president had delegated those tasks to relatives and tax professionals. ďThe affairs were handled by other Trump family members who were not experts themselves and therefore relied entirely upon the aforementioned licensed professionals to ensure full compliance with the law.Ē

    [Read the full statement]

    In a statement on behalf of the Trump family, the presidentís brother, Robert Trump, said, ďAll appropriate gift and estate tax returns were filed, and the required taxes were paid.Ē

    Since Donald Trump first refused to release his income tax returns, his campaign and then his presidency have been suffused with questions about the extent and sources of his wealth, questions that have only intensified with the Russia investigation. The Timesís new reporting reveals little about his recent business dealings. But the investigation ó based on a vast trove of confidential tax returns and financial records, and at more than 13,000 words one of the longest investigative articles ever published in The Times ó offers the first comprehensive examination of the inherited fortune and tax dodges that guaranteed Mr. Trump a gilded life.

    Here are some key takeaways.

    The Trumpsí tax maneuvers show a pattern of deception, tax experts say

    The line between legal tax avoidance and illegal tax evasion is often murky, and there is no shortage of clever tax-avoidance tricks that have been blessed by either the courts or the Internal Revenue Service itself; the wealthiest Americans rarely pay anything close to full freight. The Trumpsí tax maneuvers met with little resistance from the I.R.S., The Times found.

    But tax experts briefed on The Timesís findings said the Trumps appeared to have done more than exploit legal loopholes. They said the conduct described here represented a pattern of deception and obfuscation that repeatedly prevented the I.R.S. from taxing large transfers of wealth to Fred Trumpís children.

    Donald Trump began reaping wealth from his fatherís real estate empire as a toddler

    In Donald Trumpís version of how he got rich, he was the master dealmaker who broke free from his fatherís ďtinyĒ Brooklyn and Queens real estate operation and built a $10 billion empire that would slap the Trump name on hotels, high-rises, casinos and golf courses the world over.


    Mr. Trump in 1982 atop Trump Tower, a Manhattan skyscraper that his fatherís money helped build and that established him as a major player in New York.Fred R. Conrad/The New York Times
    But The Timesís investigation makes clear that in every era of Mr. Trumpís life, his finances were deeply entwined with, and dependent on, his fatherís wealth. By age 3, he was earning $200,000 a year in todayís dollars from his fatherís empire. He was a millionaire by age 8. In his 40s and 50s, he was receiving more than $5 million a year.

    There was a clear pattern to this largess: When his son began expensive new projects, Fred Trump increased his help. In the late 1970s, when Donald Trump crossed the river into the glittering precincts of Manhattan ó converting the old Commodore Hotel near Grand Central Terminal into a Grand Hyatt ó his father opened a spigot of loans. When he made his first forays into Atlantic City casinos a few years later, his father devised a plan to sharply increase the flow of aid.

    That Ďsmall loaní of $1 million was actually at least $60.7 million ó much of it never repaid

    In Mr. Trumpís books and TV shows and on the campaign trail, a central trope of his self-mythology has been that, as he began building his own empire, the only financial help he got from his father was a $1 million loan. Not only that: ďI had to pay him back with interest.Ē

    In fact, The Times found, Fred Trump lent his son at least $60.7 million, or $140 million in todayís dollars. Much of it was never repaid, records show.

    Fred Trump wove a safety net that rescued his son from one bad bet after another

    As the 1980s ended, Donald Trumpís big bets began to go bust ó Trump Shuttle, the Plaza Hotel, the Atlantic City casinos. But as he careened from one financial disaster to another, family partnerships and companies dramatically increased their payouts.

    Between 1989 and 1992, four of the entities that Fred Trump created paid his son todayís equivalent of $8.3 million. And when Donald Trump pleaded with bankers for an emergency line of credit, he used as collateral the stake his father had given him in a group of apartment buildings.

    Tax records also reveal that at the peak of Mr. Trumpís financial distress, in 1990, his father extracted an extraordinary sum ó nearly $50 million ó from his empire. While The Times could find no evidence that Fred Trump made any significant debt payments, charitable donations or personal expenditures, there are indications that he wanted plenty of cash on hand to bail out his son if need be.

    That was what happened at Trumpís Castle casino, where an $18.4 million bond payment was due in December 1990. Fred Trump dispatched a trusted bookkeeper to Atlantic City with checks to buy $3.5 million in casino chips without placing a bet. With this ruse ó an illegal loan under New Jersey gaming laws, resulting in a $65,000 civil penalty ó Donald Trump narrowly avoided defaulting on his bonds.

    The Trumps turned an $11 million loan debt into a legally questionable tax write-off

    By 1987, Donald Trumpís loan debt to his father had grown to at least $11 million. Had Fred Trump simply forgiven the debt, his son would have owed millions in income taxes. They found another solution ó one that appears to constitute both an unreported multimillion-dollar gift and an illegal tax write-off.

    That December, records show, Fred Trump spent $15.5 million to buy a 7.5 percent stake in Trump Palace, his sonís condo tower rising on the Upper East Side of Manhattan. Four years later, tax returns and financial statements show, Fred Trump sold that stake for just $10,000. The buyer, other documents indicate, was his son.

    According to tax experts, with Trump Palace condos selling briskly, selling shares worth $15.5 million to your son for a mere sliver of that would constitute a multimillion-dollar gift under I.R.S. rules. But Fred Trumpís tax returns show no such gift to Donald Trump. What they do reveal is that he used the transaction to declare an enormous tax write-off. That appears to violate federal tax law that prohibits deducting any loss from the sale or exchange of property between family members.

    In all, Fred Trump dodged roughly $8 million in gift taxes and $5 million in income taxes on the transaction.

    Father and son set out to create the myth of a self-made billionaire

    All told, The Times documented 295 distinct streams of revenue Fred Trump created over five decades to channel wealth to his son.

    But the partnership between Donald Trump and his father was about more than the pursuit, and the preservation, of riches. They were also confederates in a more ambitious project: creating the myth of Donald J. Trump, Self-Made Billionaire. If Fred Trump was the silent partner, helping finance the accouterments of wealth, it was Donald Trump who spun them into a seductive narrative.

    Emblematic of this dynamic is Trump Tower, the talisman of privilege that established Donald Trump as a player in New York. Fred Trumpís money helped build it. His son recognized and exploited its iconic power as the primary stage for both ďThe ApprenticeĒ and his presidential campaign.

    Donald Trump tried to change his ailing fatherís will, setting off a family reckoning

    In December 1990, Donald Trump sent his father a document that left him both angered and alarmed. It was a codicil seeking to make a variety of changes to Fred Trumpís will. Among them: strengthening provisions that made Donald Trump sole executor of his estate. But amid Mr. Trumpís financial shambles ó it was the month of the $3.5 million Trumpís Castle rescue ó Fred Trump feared that the document potentially put his lifeís work at risk, that his son might use the empire as collateral to save his own failing businesses, according to depositions given years later during a family dispute.

    Fred Trump rebuffed the maneuver, refusing to sign the codicil. But the episode prompted a family reckoning: Fred Trump was aging and ailing. Without speedy intervention, he could die leaving a vast estate ó not just his real estate empire, but also tens of millions of dollars in cash ó vulnerable to the 55 percent inheritance tax.

    So with Donald Trump playing a central role, the family formulated a plan that included unorthodox tax strategies that experts told The Times were legally dubious and, in some cases, appeared to be fraudulent.

    The Trumps created a company that siphoned cash from the empire

    The first major component was creating a company called All County Building Supply & Maintenance. On paper, All County was Fred Trumpís purchasing agent, buying everything from boilers to cleaning supplies. But All County was, in fact, a company only on paper, records and interviews show ó a vehicle to siphon cash from Fred Trumpís empire by simply marking up purchases already made by his employees. Those millions in markups, effectively untaxed gifts, then flowed to All Countyís owners ó Donald Trump, his siblings and a cousin.

    Lee-Ford Tritt, a leading expert in gift and estate tax law at the University in Florida, said the Trumpsí use of All County was ďhighly suspiciousĒ and could constitute criminal tax fraud. ďIt certainly looks like a disguised gift,Ē he said.

    In Mr. Trumpís version of how he got rich, he was the master dealmaker who parlayed a $1 million loan from his father into a $10 billion empire.Marilynn K. Yee/The New York Times
    All County also had an insidious downside for Fred Trumpís tenants. He used the padded invoices to justify higher rent increases in rent-regulated buildings, records show.

    Mr. Harder, the presidentís lawyer, disputed The Timesís reporting: ďShould The Times state or imply that President Trump participated in fraud, tax evasion or any other crime, it will be exposing itself to substantial liability and damages for defamation.Ē

    The Trump parents dodged hundreds of millions in gift taxes by grossly undervaluing the assets they would pass on

    With the cash flowing out of Fred Trumpís empire, the Trumps began transferring ownership of the lionís share of the empire itself to Donald Trump and his siblings. The vehicle they created to do that was a special kind of trust called a grantor-retained annuity trust, or GRAT.

    The purpose of a GRAT is to pass wealth across generations without paying the 55 percent estate tax. The Trump parents did have to pay gift taxes based on one crucial number: the market value of Fred Trumpís empire. But The Times found evidence that they dodged hundreds of millions of dollars in gift taxes by submitting tax returns that grossly undervalued the assets placed in two GRATs, one for each parent.

    Fred Trumpís 1995 gift tax return claimed that the 25 apartment complexes and other properties in the trusts were worth just $41.4 million. The implausibility of this claim would be made plain in 2004, when banks valued that same real estate at nearly $900 million.

    ďThey play around with valuations in extreme ways,Ē said Mr. Tritt, the tax law expert, who was briefed on The Timesís findings. ďThere are dramatic fluctuations depending on their purpose.Ē

    Mr. Harder, the presidentís lawyer, said: ďAll estate matters were handled by licensed attorneys, licensed C.P.A.ís and licensed real estate appraisers who followed all laws and rules strictly.Ē

    After Fred Trumpís death, his empireís most valuable asset was an I.O.U. from Donald Trump

    When Fred Trump died in June 1999 at the age of 93, the vast bulk of his empire was nowhere to be found in his estate ó testament to the success of the tax strategies devised by the Trumps in the early 1990s. The single largest item included in his estate tax return was a $10.3 million I.O.U. from Donald Trump, money his son appears to have borrowed the year before he died. As for the remnants of empire left in Fred Trumpís estate, the tax return cited appraisals that once again grossly understated their market values.

    As their fatherís executors, Donald, Maryanne and Robert Trump were legally responsible for the accuracy of his estate tax return. They were obligated not only to give the I.R.S. a complete accounting of the value of his estateís assets, but also to disclose all the taxable gifts he had made during his lifetime. If they knew anything was wrong and failed to reveal it, tax experts said, they could be in violation of tax law.

    Mr. Harder, the presidentís lawyer, defended the tax returns filed by the Trumps. ďThe returns and tax positions that The Times now attacks were examined in real time by the relevant taxing authorities,Ē he said. ďThese matters have now been closed for more than a decade.Ē

    Donald Trump got a windfall when the empire was sold. But he may have left money on the table.

    In 2003, once again in financial trouble, Donald Trump began engineering the sale of the empire Fred Trump had hoped would never leave the family. The sale, completed in 2004, brought him his biggest payday ever from his father: His cut was $177.3 million, or $236.2 million in todayís dollars. But as it turned out, banks at the time valued the empire at hundreds of millions more than the sale price. Donald Trump, master dealmaker, had sold low.

    https://www.nytimes.com/2018/10/02/u...gtype=Homepage

  19. #19
    Quote Originally Posted by PhDeac View Post
    Yes. Republicans are full of shit.

    PROUDLY so.
    I love mankind...itís people I canít stand!!

  20. #20

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