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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.

 

By Andrew Bradford

Proud progressive journalist and political adviser living behind enemy lines in Red America.

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