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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsCivil Tax Penalties Could Bankrupt Trump and His Family
https://www.politicususa.com/2018/10/03/civil-tax-penalties-could-bankrupt-trump-and-his-family.htmlEven though the statutes of limitations may have expired for criminal tax fraud (because the events took place so long ago) that would not be the case for the imposition of civil tax penalties. Which would mean Trump and his family may be on the hook for hundreds of millions of dollars. It is not far-fetched to think that this could possibly wipe out his entire net worth and bankrupt him.
The Times documented many instances of outright fraud that could be subject to civil if not criminal penalties.
In the Trump family financial records there are such fraudulent transactions as inflated invoices where a contractor gives an invoice to a subcontractor that inflates the cost of the work so that they could get a kickback.
There is also evidence of another type of fraudulent transaction: bogus loans. This is where money is transferred to one person, and loan paperwork is completed, but the loan is never repaid. That money transfer should have been taxed as income, but it never was.
According to the Times report Trumps father used fraudulent loans over many decades to illegally avoid paying taxes on money transfers to Donald and his siblings.
Another type of fraud is mis-representations of the value of real estate properties in official filings. According to the Times, the Trumps would undervalue real estate for tax purposes, and thus illegally avoided paying taxes that would have been due.
They also overvalued the same property in bank documents when applying for loans, which is another type of fraud.
Even if Trump cant be charged with crimes might eventually be required to pay tens or hundreds of millions in back taxes under the civil penalty rules of the IRS.
It addition to the potential IRS problems, New York state tax officials are also investigating the fraud allegations detailed in the Times investigation.
According to CNBC they received an email from a spokesman from the New York State Department of Taxation and Finance who wrote:
The New York Tax Department is reviewing the allegations in the New York Times article and is vigorously pursuing all appropriate avenues of investigation.
The New York Times article was a disaster for Trump and his family, both politically and financially. The IRS is limited to how far back it can look when filing criminal charges, but there is no statute of limitations for civil tax fraud. For civil tax fraud the IRS can come after you any time.
Even though Donald Trump may never go to jail for his crimes, there is now a good chance that he may get wiped out financially for tax fraud. It appears that for Donald Trump and his family justice may not be denied.
ProudMNDemocrat
(16,789 posts)Corruption has a way of frothing to the surface,, and the Trumps are the prime example.
unblock
(52,317 posts)why would they stop committing fraud?
DeminPennswoods
(15,290 posts)Couldn't happen to a more deserving family.
iluvtennis
(19,871 posts)smirkymonkey
(63,221 posts)There is so much crime and dirt in this family, something has to stick eventually. They can't stay lucky forever. Not when they are as stupid and as careless as they are. They practically advertise their crimes.
LuvNewcastle
(16,856 posts)It's like their flaunting it. I guess they're telling the whole world, 'look at us we can do anything we want.'
marylandblue
(12,344 posts)deurbano
(2,895 posts)Last edited Tue Oct 9, 2018, 12:58 PM - Edit history (1)
It's not like they ever had to pay a price. (WE are the ones paying the price!)
BSdetect
(8,999 posts)How the fuck does that BS work?
Are state or federal authorities just letting companies declare such values? Seems really odd.
Duppers
(28,126 posts)How do these assholes do it?
HipChick
(25,485 posts)CatMor
(6,212 posts)it would be the ultimate punishment for that totally corrupt family. Leave them with nothing.
niyad
(113,552 posts)Polly Hennessey
(6,804 posts)let it be so.
malaise
(269,157 posts)sandensea
(21,664 posts)Question is: Will Uncle Vlad still take him in when he's no longer useful.
Timmygoat
(779 posts)The background of Trump's family who came from Germany, where grandad was kicked out, they have all been con artists, from the Canadian brothels, to the slums of New York, where they preyed on the poor and rented slums to them, they have always cheated people and would not know how to live any differently.
sandensea
(21,664 posts)Of course, I doubt his Klansman, slum lord father was too proud of Don the Con, when he tried to swindle his own father.
Just like his old buddy Macri down in Argentina, by the way. And we all know he turned out.
FakeNoose
(32,748 posts)Maybe we can't stop him from fleeing, but the money stays here.
His family owes Uncle Sam for about 50 years' worth of back taxes.
And dammit, why hasn't the CIA leaked what they have on the Orange Mole yet.
On second thought: Perhaps they're biding their time, waiting for the right moment.
LiberalLovinLug
(14,176 posts)He probably has a lot of cash stored away in off shore Cayman Islands accounts or other tax shelters. And can still wheel and deal in other countries like Russia. And I'm sure his present day position is affording him all kinds of openings for making a lot of money. In his life as a businessman, he reportedly was vindictive to the point of doing everything he could to ruin someone else that he had a tiff with, or bested him on some business deal etc..
What is scary now is that he is in a position, if abused "properly", that he could actually ruin someone's life.
erronis
(15,328 posts)For someone that has no empathy/compassion genes/neurons, dump is totally capable of plunging this country and even the world into darkness.
Much like Hitler, the world will end when he kills himself in his little bunker. And why should he care? He has no real family - just bought wives, children. When a person is so unloved (just feared) he is disconnected from humanity.
sunonmars
(8,656 posts)No statute of limitations on those.......
dlk
(11,576 posts)bucolic_frolic
(43,281 posts)Thekaspervote
(32,793 posts)The Conductor
(180 posts)Who has the pool going about which pile of Trump crap derails Orange Mussolooney first? The Stormy Daniels payoffs? Illegal campaign financing? The various piles of Russian scandals? The emoluments suit? The obstruction of justice cases? The Trump charity scandal? Other secret payoffs? The illegal deal with Justice Kennedy? Lying to the FBI? All those "GREAT PEOPLE" committing perjury by failing to mention foreign contacts? Treason? Trumps firing of U.S. attorneys? Cabinet secretary travel, office expenses, and other misused perks? Family separation policy? Hurricane response in Puerto Rico? Election security and hacking attempts? White House staffs personal email use? Discussion of classified information at Mar-a-Lago? Jared Kushner shaping policy on Qatar after they didn't loan his father $1B? Whitefish Energy? The defamation lawsuit bythe 15 women who have accused Trump of groping them? The inside coup by Trump's own staff? The scandal over Kavanaugh? Trump's head of the VA misuse of funds and apparently going completely off the rails mentally? The Steel Tariff and Icahn selling $30M in stock on possible insider trading? Refusal to enact Russian Sanctions that were passed near unanimously? Kellyanne Conway and the Hatch Act? Roger Stone and Wikileaks? That Trump Hotel in Panama money laundry? The NRA possibly funneling Russian Money to the Trump Campaign? Nunes/Gowdy Lying to the American People Memo? Security Clearance issues in the White House? The Mueller Investigation? Or this latest tax fraud? There are more, of course...
It's the death of a thousand cuts for Trumpism.
BigmanPigman
(51,627 posts)I am impressed.
smirkymonkey
(63,221 posts)Pretty impressive.
FromTheAshes
(128 posts)hope not in this instance.
volstork
(5,403 posts)bankrupt someone who is already bankrupt a dozen times over?
Autumn
(45,120 posts)Followed by an open Slurpee. Just in case it's a hot day.
NRaleighLiberal
(60,019 posts)BamaRefugee
(3,487 posts)is the right person to pay off, and how much will it be.
vlyons
(10,252 posts)Who in their right mind would take him as a client without a hefty up-front retainer fee. Don't look too god for Donny.
lame54
(35,321 posts)lapfog_1
(29,223 posts)Scruffy1
(3,256 posts)If he's politically fried then i don't the the Russian mob will help him, since he would then have no value to them. If the Democratic Party controls the house they have subpoena power and whole lot of the leadership in the House and Senate could be in deep shit.
OhNo-Really
(3,985 posts)Rather under promise expectations at this point.
Meadowoak
(5,558 posts)There too.
greymattermom
(5,754 posts)Trump Tower and the golf courses in the northeast. Let him live in Palm Beach all year.
jmowreader
(50,562 posts)Unlike some of you fine folks, I'm not completely heartless. I would be more than happy to use taxpayer funds to purchase a dilapidated warehouse at the corner of World Ave. and Shall Ave. in Little Rock, Arkansas, as the site for a modest home for the whole Trump clan. It'd be really nice...it'll have white walls and brushed-chrome faucets, and it'll have big picture windows facing the street...where they can look out of them every day and see the Clinton Presidential Center in all its glory.
And as Donald Trump drives his Mexican-made Volkswagen car to his $11-per-hour shelf-stocking job at Walmart, a journey which requires driving past the Clinton library, he will reflect on the fact his own "presidential center" is a men's room and a women's room at Penn Station, where one can pay the proper respect to Mr. Trump's legacy without being arrested for it. But as we all know, no one told Mr. Trump to lead a life that makes Willie Sutton look like an honest man.
Bettie
(16,124 posts)to see them penniless is one of my dreams.
"Oh, but what about the innocent children?" ....Yeah, there are poor kids all over the world, some of them being Trump spawn doesn't make me lose sleep.
olegramps
(8,200 posts)meow2u3
(24,772 posts)He might stay out of jail if KavaNOPE allows him to pardon himself and his fellow gangsters, but he'll be broke as hell--a punishment worse than prison for him!
Squinch
(51,004 posts)sarcasmo
(23,968 posts)Hekate
(90,793 posts)AZ8theist
(5,492 posts)Al Capone eventually went to prison after being convicted of tax evasion.
No one on the planet cares HOW Doturd goes down, only that he does...
pdsimdars
(6,007 posts)Let's just see if the establishment will ACTUALLY punish one of their own. What usually happens is a lot of smoke and righteous indignation and then a relatively small fine compared to what they actually stole.
libdem4life
(13,877 posts)Seems like he did this with all the kids...just more so with dimwit. But they certainly all knew.