Former President Donald Trump could be responsible for more than $100 million in IRS money, according to reports from The New York Times and ProPublica, according to a government estimate. The audit reveals that he may have declared a tax loss on a Chicago high-rise apartment twice.Several years of statistics and public filings were used to compile the report. The report’s findings could draw new attention to Trump’s career as he seeks to reclaim the presidency as the presumptive Republican in 2020 after a loss.
Donald Trump chose to create a political movement that capitalized on his fame, without declaring his tax records. Information available on the public domain concerning his tax records are those that had been reported previously by the media and also when documents were released by democrats. Donald Trump recorded losses two times with Trump International Hotel and Tower, thus indicating a loss that amounted to 658 million dollars after 2008 filings due to poor sales investments made on private property which including empty retail stores during the economic recession in the US.
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.
Former President Donald Trump is currently appealing a New York judge's ruling from February, after a civil trial that found him, his company and top executives guilty of lying about his wealth on financial statements. This caused them to deceive bankers and insurers who did business with him. In early April, Trump posted a $175 million bond, which stopped the collection of the more than $454 million he owes from the judgment. It also prevented the state from seizing his assets to satisfy the debt while he appealed.
Democrat President Joe Biden has criticized Trump's fortune as being dependent on inheritance from his father and not expertise in financial matters. He has also lambasted Trump for being reluctant to pay taxes. To increase compliance with federal tax laws through audits targeting the very wealthy, his government has pumped more money into the coffers of IRS. President Trump’s campaign does not concur with the added financial support directed to the IRS by President Biden plus Democrats. At campaign rallies, Trump has claimed that the United States will be ruined as a country unless his 2017 tax cuts, which are mostly set to expire after 2025, are extended.
