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Latest ‘bad financial news for Trump’ could cause ‘tremendous damage’ to former president
If Donald Trump ends up losing a recently reported tax scandal, the former president could be at risk of paying $100 million, which would be financially devastating for the Republican presidential candidate.
trump biographer David Cay Johnston, who has covered Trump’s taxes and financial issues for years, appeared on MSNBC on Saturday, where he was asked about recent news involving the former president’s social media company that has become public. Later, Johnston was also asked about a recent report what trump was under audit following suspicions that he defrauded the IRS of more than $100 million in a double-dipping scheme.
The host framed it as the latest “bad financial news for Trump.”
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“Especially with his legal fees, can he afford that?” asked the host, referring to the loss of the audit battle. “What kind of damage could that do to him?”
“That would do him tremendous harm,” Johnston replied.
The writer then revealed some details about Trump’s previous IRS “cheating” scandal with similar themes.
“This is not the first time Donald has cheated in this way by claiming deductions. He claims his Trump Tower hotel was worth nothing, essentially, and then he put it into another company that he owns and started depreciating the value of the company,” he said. . “Donald fabricated more than five dozen businesses that don’t exist and suffered tax losses for them and was tried twice for income tax fraud, civil fraud, not criminal, and in both cases he lost.”