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One's that can lose money running a casino...
I recall hearing a commentator saying the only way to lose money running a casino is to lock the doors and tell people "Go away! Go away!!!"
Trump not only figured out how to lose money on Casinos himself, but took investors and contractors and even the State (I lived there at the time) for 100's of millions, if not billions, of dollars.
And yet there are some people who actually think Trump "made money".....
I can excuse the financially ignorant for this. They watch Realty TV and hear his bluster and figure it must be true. But ANY investor who has ever had experience with returns over the long run....no excuse at all.
In effect he lost 3/4 to 9/10th of the money he was given free - and it took an entire lifetime to do that.
NYTimes investigation opens the door on Trump's tax evasions...
This story is Vox because the NYTimes has pay wall
This story rips open the shell Trump has worked for decades to hid his wealth, his tax evasion, and his lies
While the investigation/story stops with Trump corporation/business practices in the 90s and much of what is described has fallen OUT of criminal liability, the IRS can still audit and claim for unpaid taxes and damages....
And face it
Anyone who is crooked enough to do this never stopped
He still has never shown his income tax returns and he never will voluntarily because of the illegal aspects of all these operations...
And remember that Weisellburg was Fred Trump's finance guy who was involved in creating all these shell companies and illegal actions to shield money...
PS this article puts paid to any claim Trump had that he is a self-made man
According to this information Trump was receiving money from his father when he was a child--
That he was a millionaire at 8 and benefitted all his life until his father died and his will was invoked from money from his father...to offset Trump's own failed business ideas like his football league and his casinos...
Remember Trump might try to claim executive priviledge about what happens with the Russia investigation but there is no executive priviledge tied to his taxes...
One's that can lose money running a casino...
I recall hearing a commentator saying the only way to lose money running a casino is to lock the doors and tell people "Go away! Go away!!!"
Other people besides Trump have lost money running casinos in Atlantic City.
All rich people attempt to dodge taxes. This is unsurprising. Did he break any laws? Probably not as he is continually scrutinized.
So wrong---
Just because he SAYS there is an audit doesn'''t mean there was one.....
Read the article....
Pay attention to the other side of the Trump universe
He never was a business success w///o the buffer and safety net his father provided
Trump was a MILLIONAIRE when he was 8--
His father had him down on the. Company. Books as an employee when he was in elementary school...
Get real...
Everything Trump said about his self-made success was a lie...
"Fred Trump spent $15.5 million to buy a 7.5 percent stake in Trump Palace, his son’s 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 Trump’s 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"
Of course he inherited all his Dad's money and was a trust fund kid.
So are all his kids.
The illegal tax stuff is -- it sounds guilty but....so I am not going to judge.
Either there is something there to pursue -- or nothing.
BUT - -OF COURSE WE KNEW HE WAS NOT A SELF MADE MAN -- lol.
If you did you heard it through faux news--like the NYTimes or WaPo or people who wrote books about Trump's practices because Trump will never admit it
He claims he got a million dollar loan from his father and built his empire on that...
TRUMP believes he is a self-made man...because he won't allow himself to believe anything else==
Mainly because he stole the money from the government by breaking tax laws...
Trump is always the HERO of his life story--no mistakes (except in his first two wives), and choosing some bad attorneys like Cohen
Of all the character flaws we are aware of over the years, you think this alone would convince his followers? Lol. The man was elected after conning people with his fake university and still became president.
Well, you do have a point. I agree.
Sounds like Trump was taking money from Daddy until the day he died.
"Fred Trump spent $15.5 million to buy a 7.5 percent stake in Trump Palace, his son’s 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 Trump’s 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"
Personally I would not be surprised to find out that Trump has been paying off people in NY State tax collection office and in the IRS for decades...
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NYTimes investigation opens the door on Trump's tax evasions...
