Trump Busted For Possibly Fabricating Loan To Avoid Paying Taxes On Nearly $50 Million: Report
There’s a reason Donald Trump doesn’t want you to see his tax returns.
On Thursday, Mother Jones reported that Trump most likely committed tax fraud by fabricating a false loan in order to avoid paying taxes on nearly $50 million.
According to the report, Trump has claimed that he has a debt of $50 million to one of his own companies; but that debt doesn’t appear to be accruing any interest or principal payments and Trump himself has said of the loan: “We don’t assess any value to it because we don’t care.”
Mother Jones consulted tax experts on the report and concluded that the loans could very well be fake.
The most likely explanation for the loan is that Trump created it for the purpose of avoiding paying taxes on loans of his that were forgiven when he was in financial trouble. If Trump never actually planned to repay such a loan, it would be blatantly illegal, the report stated.
Here’s how the report summarizes its findings:
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?