For decades, Donald Trump and his family have allegedly avoided paying both state and federal taxes through a series out accounting tricks and outright fraud, the New York Times reported Tuesday. And it now appears that the penalties for that fraud could be fines so large that Trump and his children would be left without a dime.
Criminal penalties appear to be off the table when it comes to punishing the Trump family for their income tax evasion, due mainly to the statute of limitations, but there are no such time limits on civil penalties, and those take the form of paying overdue taxes along with enormous penalties and exorbitant interest.
Under the civil penalty rules of the Internal Revenue Service, PoliticsUSA reports, Trump and the Trump Organization (which is currently headed by the president’s two oldest sons, Donald Trump Jr. and Eric) could be on the hook for hundreds of millions of dollars in penalties.
Just hours after the Times report hit, the New York Tax Department announced it had begun a full investigation of the allegations in the article. And you can expect the IRS to take a long hard look at Trump’s taxes, too.
So while Trump and his family members can’t be tried in court on criminal charges, there’s now plenty of evidence to suggest that they’re about to be hit with one hell of a tax bill, and that alone could spell the end of whatever financial resources they currently have.
Also, with Special Counsel Robert Mueller drawing ever closer to the Oval Office, this is just more bad news for the president, who is also facing the prospect of watching as members of his 2016 campaign — including his family — are indicted and placed on trial for charges ranging from conspiracy to defraud the United States to money laundering.
What does Donald Trump love more than anything? Being rich. And pretty soon he may not even have that to brag about. How sweet is that?