dagblog - Comments for "Beggarman, Thief: Trump massive tax fraud, undervalue Fred's gifts"

New York Regulators Examine

artappraiser — Fri, 05 Oct 2018 04:56:22 +0000

In reply to Beggarman, Thief: Trump massive tax fraud, undervalue Fred's gifts

New York Regulators Examine the Trump Family’s Tax Schemes

By Russ Buettner, Susanne Craig and David Barstow @ NYTimes.com, Oct. 4

New York City officials said on Thursday that they had joined state regulators in examining whether President Trump and his family underpaid taxes on his father’s real estate empire over several decades.

The announcement came in response to an investigation published this week in The New York Times that showed how Mr. Trump had participated in dubious tax schemes during the 1990s, including instances of outright fraud, that greatly increased the fortune he received from his parents.

“We are now just starting to pore through the information,” said Dean Fuleihan, the city’s first deputy mayor.

One type of tax that the city will examine is the real estate transfer tax. Officials said the extremely low valuations the Trump family placed on buildings that passed from Fred C. Trump to his children through trusts could have resulted in underpaid transfer taxes [.....]

Mr. Fuleihan said the scheme as described by The Times would have artificially driven down the profitability of Fred Trump’s buildings. And because city property taxes on rental buildings are based in part on profits reported by owners, All County would have had the effect of lowering the property tax burden [....]

Mr. Fuleihan said city and state agencies are cooperating on the effort. The State Department of Taxation and Finance announced on Wednesday that it was “pursuing all appropriate avenues of investigation.”

Another state agency is looking into whether tenants in Fred Trump’s rent-regulated apartments saw their rents unduly increased because the Trumps used the padded All County invoices to apply for rent increases, as The Times found [.....]

The agency can refer cases of landlords found to be submitting false receipts to the state attorney general [....]

A spokesman for the I.R.S. said the agency would not comment on whether it was taking any action in response to The Times’s investigation.

[....]

The inquiries will explore whether civil penalties and bills for back taxes are warranted. City officials said interest and penalties of up to 25 percent could be added to any unpaid taxes.

On Judge Maryanne Trump:

artappraiser — Thu, 04 Oct 2018 18:19:15 +0000

In reply to Beggarman, Thief: Trump massive tax fraud, undervalue Fred's gifts

On Judge Maryanne Trump Barry:

What an awesome catch: The NYT's bombshell came about because Susanne Craig found a tiny little thread in an old Senate disclosure and started pulling pic.twitter.com/YQIiZGPe4I
— Robert Maguire (@RobertMaguire_) October 3, 2018

The statute of limitations

artappraiser — Thu, 04 Oct 2018 17:01:39 +0000

In reply to Beggarman, Thief: Trump massive tax fraud, undervalue Fred's gifts

The statute of limitations issue is explained here by David Cay Johnston @ 3:43. the state can go after him for civil tax fraud with no time limitations. And, as a matter of fact, they already did so in the past as regards two 1980's returns and The Donald lost both cases.

I've cued the embed of this video to start at 3:40 but the whole thing is worth watching because it includes Michael D'Antonio's comments as well:

Important to know that many

artappraiser — Wed, 03 Oct 2018 21:38:27 +0000

In reply to Beggarman, Thief: Trump massive tax fraud, undervalue Fred's gifts

Important to know that many had bought into The Apprentice character as real:

As this story fades, here's a reason to keep it in the news. In a working paper with @jaredamcdonald (on the market!) and David Karol, we find that many Americans don't know that Trump was born into wealth. Many think he was a self-made man. https://t.co/lLpFRK1APu 1/ https://t.co/WcLI245pKw
— Lilliana Mason (@LilyMasonPhD) October 3, 2018

I remember long ago, like in the 90's, before The Apprentice, hearing from a friend in the Midwest about how popular he was, even among some little kids, there were big fans, kids who wanted to grow up like him. And as a New Yorker my first reaction was "huh? no way!" but I checked that out and found it was true. Some kids were carrying around Art of the Deal and idolizing him way before The Apprentice began.

NYState does it for personal

artappraiser — Wed, 03 Oct 2018 19:58:06 +0000

In reply to Also note that the statute of

NYState does it for personal too. They don't worry about messy things like statute of limitations, they try to squeeze anyone they can any way they think will work, as if it's your responsibility to get a lawyer to argue for you if they are doing something illegal. It's a long process of spitting out computer letters but once that's over, he courts are very amenable to getting them liens right quick. If it's not worth doing special collections, they'll just leave the debt on the books, yes for 20 or more years, and take whatever they can when you like file for a refund or do a legal transaction that shows up on their computer like sale of property. They are extremely collections minded to the point of not caring what the law is, if they can scare someone into paying, they will take it. Tax lawyers will warn you not to trigger their attention, they are truly vicious pit bulls as it's going to cost you or a lawyer a lot of time to clear it up.

There are nasty torturing folks at the IRS, too, but they are rarer there, overall. their culture is a lot more reasonable and they act like humanoids.

Strange - Trump making fun of

PeraclesPlease — Wed, 03 Oct 2018 08:35:25 +0000

In reply to Beggarman, Thief: Trump massive tax fraud, undervalue Fred's gifts

Strange - Trump making fun of Blasey Ford is the main headline today at The Guardian & Huffpost - not that Trump stole hundreds of millions of dollars in taxes and is a complete fraud.

Maybe cuz NYTimes broke it - *FINALLY*.
ANyway, what are our priorities?

Also note that the statute of

PeraclesPlease — Wed, 03 Oct 2018 06:49:12 +0000

In reply to Of course the IRS can do this

Also note that the statute of limitations are easier on personal taxes than corporate - but since The Donald's shuffled so much of his income through shell corporations, you can guess he's on the hook for back taxes and interests since forever.

in which case, if I Maggie

artappraiser — Wed, 03 Oct 2018 05:44:41 +0000

In reply to P.S. which in turn, triggers

in which case, if I Maggie and me are right, Christine Ford has a real savvy attorney: Ford's attorney fires back at Trump: 'He is a profile in cowardice', knows just where to punch.

Justly proud and nervous:

artappraiser — Wed, 03 Oct 2018 05:37:34 +0000

In reply to Beggarman, Thief: Trump massive tax fraud, undervalue Fred's gifts

Justly proud and nervous; saw 'cause Nate Silver retweeted:

Couldn’t sleep so I went out to Queens to watch the press run of our tax story. What an amazing rush. pic.twitter.com/UsV8p8G00x
— Susanne Craig (@susannecraig) October 3, 2018

P.S. which in turn, triggers

artappraiser — Wed, 03 Oct 2018 05:32:13 +0000

In reply to FWIW, Maggie thinks:

P.S. which in turn, triggers mine: isn't the heart of all his delusional narcissism the lie that he is a, smarter, savvier, hotter, bigger deal maker guy than the nasty old man? The yugest the world has ever seen, and dad was peanuts. Defeating dad looms large in the psyche. This New York Times work is striking directly at the heart of that, it says just the opposite: smart father making up for loser son.

Edit to add: I even wonder now if he wouldn't release tax returns because they show losses, many fake, some real. Not because he would be ashamed of tax evasion, but because it wouldn't fit his The Apprentice character that he sells to the fans. That character is supposed to be so successful and rich that paying taxes is a drop in the bucket.