Current Events > Trump has been overvaluing his properties to banks to get bigger loans

(+) Yeah! (+)

But undervaluing his properties to the IRS to lower his taxes

https://twitter.com/MeidasTouch/status/1707030131288465468

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They're going to potentially dissolve his entire LLC and income stream.

oh crap, if he can get in trouble, that means WE CAN TOO!....

ZaruenKosai posted...

oh crap, if he can get in trouble, that means WE CAN TOO!....

Man I better not overvalue then undervalue my property then!

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New York AG Letitia James filed a civil suit, but she referred evidence of criminal fraud to federal prosecutors and the IRS. The relief New York is currently asking for:

• $250,000,000 fine
• Permanently bar Donald Trump, Donald Trump Jr., Eric Trump, Alan Weisselberg, and (someone else I can't remember the name of) from being a director or officer of any business in the state
• 5-year ban for the Trump Organization from doing real-estate business in the state

The judge, however, has actually just canceled the business licenses for those individuals, so they'll likely have to dissolve the Trump Organization entirely.

CableZL posted...

The judge, however, has actually just canceled the business licenses for those individuals, so they'll likely have to dissolve the Trump Organization entirely.

...or reincorporate in New Jersey or Florida. Possibly even Ireland.

Questionmarktarius posted...

...or reincorporate in New Jersey or Florida. Possibly even Ireland.

Would other jurisdictions be likely to allow them to reincorporate? Especially given their known persistent fraud?

CableZL posted...

Would other jurisdictions be likely to allow them to reincorporate? Especially given their known persistent fraud?

dude. Florida.

Questionmarktarius posted...

dude. Florida.

Even if Florida were to allow them to reincorporate, it's not like they can just pick up their properties in New York and move them to Florida. I'd imagine he'd also need to convince some banks that he's telling the truth somehow.

I will never understand the mental affliction that drives the ultra rich to self sabotage like this in order to not pay what is, to them, functionally nothing.

That said, good, get wrecked.

But thats not including his most valuable asset, his BRAND!

trump org could reopen for business anywhere but ny. but the new org wouldn't have the assets of the old org, and would have a different credit history when seeking loans

Nothing Trump has ever done has been above board or honest.

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We basically would need the federal prosecutors to act on those referrals. I think that's because the alleged criminal fraud activity is with Trump's filings to the IRS.

CableZL posted...

We basically would need the federal prosecutors to act on those referrals. I think that's because the alleged criminal fraud activity is with Trump's filings to the IRS.

A criminal case is unlikely, as literally everyone does this.
Any given house that sells for three or four million, is only "worth" a few hundred thousand on property tax rolls. Having to publicly admit this goes on would cause an instant housing crash, and thus we can't have that because reason.

Questionmarktarius posted...

A criminal case is unlikely, as literally everyone does this.
Any given house that sells for three or four million, is only "worth" a few hundred thousand on property tax rolls. Having to publicly admit this goes on would cause an instant housing crash, and thus we can't have that because reason.

A few hundred thousand vs 3 to 4 million is quite different than ~18 - 25 million vs ~1.5 billion, isn't it?

CableZL posted...

A few hundred thousand vs 3 to 4 million is quite different than ~18 - 25 million to ~1.5 billion, isn't it?

https://www.youtube.com/watch?v=rGHh094WfcM
If anything, more zeroes at the end means you're punished less.

Voidgolem posted...

I will never understand the mental affliction that drives the ultra rich to self sabotage like this in order to not pay what is, to them, functionally nothing.

That said, good, get wrecked.

Because so much shit is allowed it's not actually self sabotage. There are so many ways for them to not have to pay taxes built into the system and as long as they continue bribing the right people they are golden.

Trump fucked up by making a ton of enemies and no longer having the ability to get competent lawyers to save him. Still it took until he's close to 80 for any repercussions to happen. I hope this starts to apply to other wealthy people though.

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The NYC AG did refer their findings to the IRS

dummy420 posted...

Because so much shit is allowed it's not actually self sabotage. There are so many ways for them to not have to pay taxes built into the system and as long as they continue bribing the right people they are golden.

Trump fucked up by making a ton of enemies and no longer having the ability to get competent lawyers to save him. Still it took until he's close to 80 for any repercussions to happen. I hope this starts to apply to other wealthy people though.

I mean, this is just one example. There's a lot of "okay I'll pay millions to not have to pay 10k for something stupid that could've been solved in 2 hours" recently

Did he default on the loans he scammed? If he paid up, I don't think theres anything they can do civilly- assuming the loans are done anyway

But fraud is fraud

Agonized_rufous posted...

If he paid up

Hahahaha. Dude is infamous for not paying.

Friendly reminder that this investigation started because Michael Cohen was testifying to congress and AOC decided to ask him specific questions related to this.

https://www.youtube.com/watch?v=4zmgQDRU6v4

MagnusX posted...

Hahahaha. Dude is infamous for not paying.

Soon, on some island somewhere...

https://gamefaqs.gamespot.com/a/user_image/6/0/4/AAEhCpAAE4KM.jpg

Questionmarktarius posted...

https://www.youtube.com/watch?v=rGHh094WfcM
If anything, more zeroes at the end means you're punished less.

Unless you're particularly conspicuous or egregious. It's why racketeers and mobsters are told to lie low. Trump ran for president twice.

Voidgolem posted...

I mean, this is just one example. There's a lot of "okay I'll pay millions to not have to pay 10k for something stupid that could've been solved in 2 hours" recently

Yeah he does have a whole fuck ton of examples. He's also been able to get away with it for so long it's became the new norm. He just straight up doesn't pay contractors and lawyers and will tie it up in court long enough it becomes cheaper to cut losses.

damn, is this the one that finally gets him? not selling the country out but messing with the IRS?

Trump and his kids have been admitting this all day on social media. Nobody has to accept those fantasy valuations when it's clear as day that the tax valuation does not match up.

ProfessorKukui posted...

damn, is this the one that finally gets him? not selling the country out but messing with the IRS?

Wouldn't be the first mobster taken out this way.

This is also an admission that Trump was toast decades ago and basically went from debt to debt. Every single lifeline was inappropriate.

ProfessorKukui posted...

damn, is this the one that finally gets him? not selling the country out but messing with the IRS?

Infamous mob boss Al Capone went to prison for tax evasion.

ProfessorKukui posted...

damn, is this the one that finally gets him? not selling the country out but messing with the IRS?

Trump is set to spend a significant portion of the next 12 months defending himself court for multiple different civil and criminal trials. There are two or three civil lawsuits, including the one from the state of New York set to start next week. And then 4 criminal trials so far. Jack Smith is still investigating things and the state of Arizona has decided to go after their fake electors. Not sure if those will bring more indictments against Trump, but I wouldnt be surprised if they do.

Voidgolem posted...

I will never understand the mental affliction that drives the ultra rich to self sabotage like this in order to not pay what is, to them, functionally nothing.

IIRC economist Mark Blyth once pointed out that if Trump had just sat on his father's New York property holdings instead of go into hair-brained business schemes, he would be worth at least 7 billion.

BB_mofo posted...

IIRC economist Mark Blyth once pointed out that if Trump had just sat on his father's New York property holdings instead of go into hair-brained business schemes, he would be worth at least 7 billion.

It's so weird. Like... If Trump had just not made a huge deal about his net worth, no one would really give a shit. Forbes would write articles estimating his net worth here and there. Other articles would be written about those Forbes articles. Whether Forbes' estimate is correct or incorrect is so meaningless. It has no bearing on his actual net worth.

Because Trump's ego is so fragile that he feels the need to attack anyone for not representing his net worth or really anything about him the way he wants it to be represented, it becomes a larger story than it ever should.

And now we've got literal proof that Trump WAS lying about his net worth. So much so that he was committing crimes in order to do so. And now he has lost his entire New York business empire. Whyyyyyy?