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

By PeraclesPlease on Tue, 10/02/2018 - 4:26pm |

URL:

https://www.cnbc.com/2018/10/02/new-york-state-tax-department-reviewing-fraud-allegations-involving-trump-in-nyt-article.html

8890 reads

Comments

Peracles' link not working, here's the story with link:

NEW: Russ Buettner, David Barstow and I got our hands on a massive trove of confidential docs - including 200 tax returns - from Fred Trump’s empire. We found Donald Trump received hundreds of millions from his dad, some of it via fraudulent tax schemes. https://t.co/9is4ZcpOY4
— Susanne Craig (@susannecraig) October 2, 2018

by artappraiser on Tue, 10/02/2018 - 5:29pm

Fox's Neil Cavuto praises Donald Trump's reported tax scams as "pretty clever" because they "outdodged" the IRS https://t.co/MyTUzm0KRj
— Media Matters (@mmfa) October 2, 2018

by artappraiser on Tue, 10/02/2018 - 5:40pm

We provide our own Cliff’s Notes to our stories when they’re this comprehensive https://t.co/ltRC0xSuAy
— Maggie Haberman (@maggieNYT) October 2, 2018

Axios has also has put up a summary: Trump’s self-made claims challenged by father’s tax returns, 25 min. ago

with the following links at the end: Go deeper: Full Times story ... NYT takeaways ... Trump statement

by artappraiser on Tue, 10/02/2018 - 6:04pm

One story I'm looking back at today: this @propublica story about @realDonaldTrump selling condos to Eric Trump in 2016 for much below market price in April 2016. https://t.co/MMz4rBkyEI https://t.co/iMkFgYmAFZ
— David Fahrenthold (@Fahrenthold) October 2, 2018

by artappraiser on Tue, 10/02/2018 - 6:07pm

Top Five Bombshells From New York Times Exposé on Trump Family Tax Dodging https://t.co/2MGo1Byhmb pic.twitter.com/MbNGCAds2t
— Law & Crime (@lawcrimenews) October 2, 2018

by artappraiser on Tue, 10/02/2018 - 6:19pm

Down another rabbit hole...

======
~OGD~

by oldenGoldenDecoy on Tue, 10/02/2018 - 7:34pm

The New York Times Proves President Trump Is a Crook

By Jonathan Chait @ NYMag.com, Oct. 2

[...] That the Times presents these conclusions so baldly — accusing him of “outright fraud” in the first sentence — in the face of Trump’s famous litigiousness, is a testament to the power and clarity of its findings.

That is to say, Trump was in the money-inheriting business. And that business was essentially, and not just incidentally, illegal. The Times found 295 income streams created by Fred Trump for his son, many of them illegal on their face. The English language has terms for people who make large sources of money from illegal activity: criminals.

The article makes clear that Trump is safe from criminal prosecution largely because tax-law enforcement is weak, and many of his apparently illegal activities took place too long ago to prosecute now. That does not minimize his culpability in any moral sense though. It’s merely a testament to the general immunity from consequences that wealthy people enjoy, and regular people do not [....]

by artappraiser on Tue, 10/02/2018 - 10:04pm

This is a masterful piece, which as the former @nytimes tax reporter & the journalist who has covered Donald the longest I'm in a position to judge. We'll soon have a piece @DCReportMedia on the expose. https://t.co/EZBqBrRBQ8
— David Cay Johnston (@DavidCayJ) October 3, 2018

Judge Maryanne Trump Barry, who flew in helicopters of major cocaine trafficker J. Weichselbaum, who Donald did favors for and whose case came before her, needs to remove herself from the bench immediately. Sr Judge, 3rd Circuit appeals court. Her conduct must be investigated.
— David Cay Johnston (@DavidCayJ) October 2, 2018

by artappraiser on Tue, 10/02/2018 - 10:52pm

I know of these people and I know they are vicious pit bulls who don't give a damn who you are. I think they are on a collections quota, if not on commission as their behavior often strongly suggests:

Statement from the NY State Taxation authority, regarding this blockbuster NYT story: "The Tax Department is reviewing the allegations in the NYT article and is vigorously pursuing all appropriate avenues of investigation." https://t.co/rACzwJPPx0
— David Fahrenthold (@Fahrenthold) October 2, 2018

by artappraiser on Tue, 10/02/2018 - 11:03pm

Repeat in bold: NY TAX AUTHORITIES WILL BE GOING AFTER *ALL* TRUMP'S FRAUDULENT INCOME - UNPAID TAXES AND PENALTIES FOR DECADES. THERE IS NO STATUTE OF LIMITATIONS.

by PeraclesPlease on Wed, 10/03/2018 - 12:15am

Know for a fact they will try to collect 20 yr. old fines as low as $1,000, plus penalties and interest of course. Famously far scarier to business owners than the IRS. Whatever they may have fallen for from the Trumpco in the past, if they smell money there now, they will go after it.

by artappraiser on Wed, 10/03/2018 - 12:31am

Of course the IRS can do this too, but I'm guessing he can control the IRS more -
New York? it's like shark tank, except bloodier. Let the gladiator fights begin.
(looking forward to when they repossess Trump Towers. Wondering how much Ivanka's exposed too...)

by PeraclesPlease on Wed, 10/03/2018 - 12:54am

FWIW, Maggie intuits a link between this event and behavior elsewhere:

Trump's angry language is about Ford, about all sorts of other things. But it appears to be about the NYT tax investigation about how he inherited his wealth.
— Maggie Haberman (@maggieNYT) October 3, 2018

by artappraiser on Wed, 10/03/2018 - 1:15am

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.

by artappraiser on Wed, 10/03/2018 - 1:32am

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.

by artappraiser on Wed, 10/03/2018 - 1:44am

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.

by PeraclesPlease on Wed, 10/03/2018 - 2:49am

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.

by artappraiser on Wed, 10/03/2018 - 3:58pm

Especially today https://t.co/3DpfDOcetU
— Preet Bharara (@PreetBharara) October 2, 2018

One of our recommendations = Congress require candidates for POTUS/VPOTUS to release 3 years of tax returns. Read more —

Proposals for Reform: National Task Force on Rule of Law & Democracy @brennancenter https://t.co/zDNmkKTDMJ
— Preet Bharara (@PreetBharara) October 2, 2018

by artappraiser on Tue, 10/02/2018 - 11:19pm

Make America Great Again by cheating on your taxes when the rest of us our paying ours? You fucking hypocrite.
— Stephen King (@StephenKing) October 2, 2018

by artappraiser on Wed, 10/03/2018 - 12:03am

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

by artappraiser on Wed, 10/03/2018 - 1:37am

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?

by PeraclesPlease on Wed, 10/03/2018 - 4:35am

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.

by artappraiser on Wed, 10/03/2018 - 5:38pm

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:

by artappraiser on Thu, 10/04/2018 - 1:01pm

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

by artappraiser on Thu, 10/04/2018 - 2:19pm

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.

by artappraiser on Fri, 10/05/2018 - 12:56am

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

Comments

Sections

Bloggers