Former President Donald Trump is facing a potential IRS bill of more than $100 million after a government audit revealed that he may have double-dipped on tax losses related to a Chicago skyscraper, according to a report by The New York Times and ProPublica. The report suggests that Trump may have claimed losses on the Trump International Hotel and Tower twice, once in 2008 and again in 2010, potentially saving money on taxes in the process. Trump’s presidential campaign has denied any wrongdoing, stating that the matter was settled years ago and has only been brought up again now that he is once again a high-profile figure.
The tax records cited in the report show that Trump initially reported losses of $658 million in 2008, claiming that the property was “worthless” due to poor sales and a struggling economy. In 2010, he reportedly transferred ownership of the property to a different company he controlled, allowing him to claim an additional $168 million in losses over the next decade. If Trump were to lose the audit battle, he could potentially owe more than $100 million, including penalties. This revelation comes as Trump continues to appeal a New York judge’s ruling from February, which found that he and his company lied about his wealth on financial statements.
President Joe Biden, a Democrat, has criticized Trump for his tax practices, stating that Trump owes much of his fortune to his inheritance rather than his own financial acumen. Biden’s administration has increased IRS funding to target the ultra-wealthy and improve tax compliance. The Trump campaign, on the other hand, opposes this additional funding, with Trump himself advocating for his 2017 tax cuts to be extended beyond 2025. The ongoing legal battles and financial controversies surrounding Trump could have implications for his potential political future, as he continues to be a figure of interest in Republican circles.
Despite these challenges, Trump’s political aspirations remain strong, with many supporters eager to see him run for president again in 2024. The controversy surrounding his tax practices and financial dealings have drawn renewed attention to his business career and personal wealth. While Trump’s camp remains confident in their position regarding the IRS inquiry, the potential implications of the audit findings are yet to be fully realized. As the legal battles and political maneuverings continue, the public awaits further developments on the financial and legal front for the former president.
The report’s findings have once again brought Trump’s tax practices under scrutiny, highlighting potential discrepancies in his financial reporting and tax deductions. With the specter of owing over $100 million to the IRS looming, Trump’s financial liabilities could impact his political ambitions and public image. As the Biden administration continues to push for increased tax enforcement on the wealthy, Trump’s legal battles and financial controversies serve as a reminder of the complexities of wealth and power in American politics. The fallout from the audit findings and tax revelations may shape the narrative around Trump’s future endeavors, both in the business world and on the political stage.
