Categories
Crime Donald Trump Taxation

Justice Department Demanding Trump BFF Roger Stone Fork Over $2 Million In Unpaid Taxes

Right before Christmas last year, Donald Trump was handing out pardons left and right. And one of them went to his longtime friend and confidant, Roger Stone, who had been convicted for lying to Congress, witness tampering, and obstruction. Stone had been facing 40 months in federal prison for his crimes.

But while Stone may have dodged incarceration, he’s now facing financial ruin.

On Friday, the Department of Justice sued Stone, accusing him and his wife, Nydia, of failing to pay almost $2 million in unpaid federal taxes and fees, according to NBC News:

“The lawsuit, filed in federal court in Fort Lauderdale, Florida, says the couple underpaid their income taxes by $1,590,361 from 2007 to 2011. It further says Stone, 68, did not pay his full tax bill in 2018, coming up $407,036 short. The couple, the suit alleges, used a commercial entity to ‘shield their personal income from enforced collection and fund a lavish lifestyle despite owing nearly $2 million in unpaid taxes, interest and penalties.'”

A lien is also being sought against a property owned by Stone and his wife:

“The filing wants to thwart the Stones’ transfer of their $525,000 Florida condominium to an entity known as the Bertran Family Revocable Trust, which the government says is controlled by Nydia Stone and has as beneficiaries their children, Adria Stone and Scott Stone.

“A tax lien was being sought against the property, it said. The suit also seeks a judgment for $1,590,361.89.”

The Stones had agreed to a payment plan for their overdue taxes, but stopped making the monthly installments of $20,000. It remains unclear why the couple ceased their payments, unless they’re both financially tapped out, which has been rumored in recent months.

If the Stones lose the federal suit filed against them by the DOJ, they will be facing a massive tax liability that they cannot merely ignore. A continued failure to pay the taxes could also send them both to prison.

Isn’t it interesting how karma manages to catch up with even the biggest douchebags? A little patience is required, but the karmic wheel always spins in the direction of those most deserving of a giant bite on the ass.

 

Categories
Donald Trump Taxation Uncategorized

IRS May Try To Claw Back $72 Million Tax Refund Donald Trump Received

While it’s almost a foregone conclusion that not enough Republican senators will agree to find former President Donald Trump guilty of inciting an insurrection, there are other forces at work that could soon bring Trump and his company low.

For example, the Washington Post reports that Trump received a tax refund in 2010 for the astounding amount of $72.9 million, and the Internal Revenue Service (IRS) could well seek to recoup that refund, which would likely be financially devastating for the former president:

“One is a massive income tax refund Trump received before entering office, according to the New York Times, one that has quietly been under a years-long review by the Internal Revenue Service and a little-known congressional panel, the Joint Committee on Taxation.

“The refund, which the IRS issued to Trump in 2010 for $72.9 million, according to the Times, could be a nonissue for Trump if the agency rules that it was issued appropriately and he should keep the funds.

“But if the agency rules against him, he could be asked to pay it back with interest, handing him a debt of more than $100 million at a time when some of his biggest properties are suffering severe revenue losses and the law firm that handled his tax issues cut ties with him following the attack on the U.S. Capitol.”

Just imagine an already cash-strapped Donald Trump having to fork over almost $73 million or face liens being attached to his properties and bank accounts, which the IRS can easily do if they choose to.

That’s not the only tax-related issue that may wind up costing Trump economically and legally, according to the Post, which notes that his tax returns may soon be in the hands of congressional Democrats:

“Leading House Democrats are still pursuing a lawsuit seeking six years of Trump’s returns. On Feb. 3, a federal judge gave officials in the Biden administration until March 3 to decide whether it plans to comply.

“No decision has been scheduled for either issue, but experts say legal and administrative authorities are more likely to address Trump’s tax issues now that he is a private citizen, even as Biden administration officials debate how much to hold Trump accountable for past actions while also trying to move the country forward.”

Michael Cohen, Trump’s former attorney, has said on several occasions that his ex-client’s biggest fear is that his tax returns will be examined by tax experts, telling the House Committee on Oversight and Reform in February of 2019:

“What he didn’t want, was to have an entire group of think tanks that are tax experts run through his tax return and start ripping it to pieces, and then he’ll end up in an audit and he’ll ultimately have taxable consequences, penalties and so on.”

Exactly. Donald Trump’s biggest crimes are contained in his taxes. And in what may wind up being the biggest irony of them all, Trump’s taxes may serve to leave him destitute and also send him to prison.

 

Categories
Elections Taxation WTF?!

Ronna McDaniel Gets Destroyed On Twitter For Claiming ‘82% Of Americans’ Make $400K A Year

Just how out of touch and full of crap are Republicans? Well, according to Ronna McDaniel, chairperson of the Republican National Committee, the vast majority of Americans are rolling in the dough and make well over $400,000 a year.

McDaniel tweeted out a video on Sunday from a right-wing media group which falsely claimed that under Joe Biden’s tax plan, “82% of Americans” will see an increase in their taxes, despite the fact that Biden’s tax proposal plainly states that only those who earn over $400,000 will have an increase in their federal tax bill:

Ronna’s tweet begs the question: How many of you reading this article are making $400K or more a year? If you are, you’re probably serving in the Trump administration and robbing the taxpayers blind.

Reaction to McDaniel’s moronic posting was harsh:

Ronna McDaniel, much like her president, is a perfect example of lies and the lying liars who tell them.

Categories
Corruption Crime Donald Trump Money Taxation

Bogus $50 Million Loan Has Trump’s Company Under Criminal Investigation By NY Prosecutors

If there’s one thing Donald Trump has always excelled at when it comes to his business career, it’s taking on massive amounts of debt he used to further his real estate empire. Over the decades, Trump borrowed billions of dollars to finance his construction projects. Some of them panned out and made money. Many, however, were gigantic failures and left him on the brink of financial collapse.

But one of those loans Trump has claimed on his taxes for years appears to have been little more than a ruse he’s leveraged in order to avoid paying taxes, according to a blockbuster report from Mother Jones:

“According to tax and financial experts, the loan, which Trump has never fully explained, might be part of a controversial tax avoidance scheme known as debt parking. A Mother Jones investigation has uncovered information that raises questions about the very existence of this loan, presenting the possibility that this debt was concocted as a ploy to evade income taxes—a move that could constitute tax fraud.”


Could that be one of the main reasons Trump doesn’t want anyone to see his taxes? And could he be under audit as he claims because the IRS is investigating whether or not they want to bring fraud charges against him and the Trump Organization?

The $50 million loan is alleged to have been used for a project located in Chicago:

“Trump claims he bought a debt related to his Chicago venture, but neither of the two loans associated with this property appear to have been purchased. The Deutsche Bank loan was refinanced. The Fortress debt, according to sources with knowledge of the transaction, was canceled. And this raises a question: Did Trump create a bogus loan to evade a whopping tax bill on about $48 million of income?”


Trump has steadfastly refused to reveal who he bought the loan from, and the Trump Organization said it would not answer questions about the business deal in question.

Under IRS rules, if a debt is forgiven, it counts as taxable income. For example: If a lender accepts a payment of $50 million on a $100 million debt and forgives the rest, the person who was excused from that repayment has to list the write-off as taxable income. The tax rate could be as high as 39 percent. Unless of course, you park the debt. Here’s how that works:

“Big-time borrowers have devised a tactic to forestall paying taxes in cases in which they’re able to buy back their debt at a discount. They purchase the debt through a corporation, parking the loan within this entity to temporarily avoid realizing income.”


The bottom line: If Trump parked the debt and didn’t count it as income, he has committed tax fraud, and that’s exactly what the House Ways and Means Committee is looking into.

Also, Trump could be on the hook in New York, where he lives and his business is located. Even if the IRS refuses to seek a prosecution, authorities in New York can and most likely will. As New York Attorney General Letitia James has noted when asked about the possibility of tax fraud by the president:

“My office takes any allegations of significant tax fraud seriously. No one is above the law—not even the president of the United States.”

Time for the Trump the grifter to pay the piper for his many crimes.

Categories
Coronavirus Donald Trump Taxation

Trump Urges MORE Tax Cuts For Businesses As The U.S. Death Toll Nears 5,000

Even though he can’t manage to get the vital equipment needed to help doctors and nurses who are caring for those with coronavirus — i.e. ventilators, gloves, gowns, and masks — Donald Trump has a brilliant solution to the crisis facing our country as we steel ourselves for losing as many as 240,000 of our fellow Americans.

Trump wants to cut taxes AGAIN!


Yes, you read that right: The solution to the medical and economic problems which have befallen the United States since COVID-19 arrived on our shores are best solved with a yet another tax, Trump is telling us..

Take a look at what Trump posted on Twitter earlier this afternoon:

Before we debate the wisdom of the president’s proposal, let’s review for a moment the massive debt that has been piled on future generations already by Donald Trump:


There’s also discussion of yet another stimulus bill that would supposedly create jobs by building infrastructure and cost $2 trillion or more.

Remember when Republicans used to care about deficits? Apparently that was only when President Obama was in office.


So while we’re at it, let’s also give tax deductions to businesses as they spend lavishly on fancy meals and entertainment. The rich get richer and the rest of us are stuck barely scraping by.

This isn’t to suggest that we don’t need to find a way to help the many restaurants which are currently taking a major financial hit as a result of the coronavirus pandemic. But if we want to help such establishments, why not cut their tax rates to zero for a year or two and give them time to become prosperous again? Why should we give the break to the wealthiest taxpayers who itemize their deductions and have tax attorneys and CPAs to guarantee they get every possible advantage?

As usual, Donald Trump can only see things from the viewpoint of the top 1 percent of the populace, the very people who have been living high on the hog for decades. Maybe it’s time we stuck them with the bills and let the rest of us have some relief.