Connect with us

Hi, what are you looking for?

News

Trump’s Tax Bill Could Surpass $100 Million, According to New York Times Investigation

Trump's Tax Bill Could Surpass $100 Million

Former President Donald Trump may face a serious tax bill of over $100 million due to an ongoing Internal Revenue Service (IRS) investigation into his claims of substantial losses on his Chicago skyscraper.

According to The New York Times and ProPublica, Trump reported massive financial losses on his 2008 tax return, claiming the building was “worthless” despite being heavily indebted.

He then shifted the building’s ownership into a new partnership, DJT Holdings LLC, which enabled further loss claims. Over the next decade, these losses added up to $168 million.

Trump’s Tax Bill Could Exceed $100 Million

The IRS inquiry, which has been ongoing since 2010, has challenged Trump’s claims, and a revision of his tax returns could result in a tax bill exceeding $100 million.

Trump’s son, Eric Trump, has stated that the matter was settled years ago but was revived after his father’s presidential run. He expressed confidence in their position, citing opinion letters from tax experts, including the former general counsel of the IRS.

The only public mention of the audit was in a December 2022 congressional report, which referenced the relevant tax law section, indicating that the investigation is still ongoing. This development highlights the long-standing controversy surrounding Trump’s tax practices and raises questions about his financial dealings.

Click to comment
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

We’re dedicated to providing you the most authenticated news. We’re working to turn our passion for the political industry into a booming online news portal.

You May Also Like

News

Spoilers! The demon Akaza from Kimetsu no Yaiba dies in the eleventh arc of the manga and the one responsible for his death is...

News

In the fiscal year 2022-23, Pakistan’s National Electric Power Regulatory Authority (NEPRA) granted a total of 1,596 net-metering licenses nationwide, collectively amounting to 221.05...

Entertainment

Actress Emma D’Arcy is from the British rebellion. She has only appeared in a small number of movies and TV shows. It might be...

Entertainment

Jennifer Coolidge Is Pregnant: Jennifer Coolidge Audrey Coolidge is a comedian and actress from the United States. Many of her followers are wondering if...