Connect with us

Hi, what are you looking for?

News

Trump Faces $100 Million Fallout Over Alleged Tax Cheats on Chicago Tower

Trump Faces Potential $100 Million Tax Bill Due to Disputed Tax Benefits

Donald Trump faces a new financial challenge due to his accounting maneuvers on his Chicago skyscraper, Trump International Hotel and Tower. According to reports from the ProPublica and New York Times, Trump wrote off losses on the building once and then transferred the holding company to a new entity, declaring an additional $168 million in losses.

This move caught the attention of the IRS, which launched an investigation during Trump’s presidency. Due to this evasive move, Trump could owe the IRS over $100 million, although the agency’s actions on collecting the sum have been unclear since 2022.

Disallowed Tax Deductions Could Cost Trump $100 Million

Eric Trump, the former President’s son and Trump Organization executive, denies any wrongdoing, stating that the matter was settled years ago and was only brought back to life after Trump ran for office. However, Trump has a history of tax mishaps and underpayment, including paying no federal taxes for a decade before his presidency.

The potential tax bill, including penalties, could add to Trump’s financial challenges, which include a nearly half-billion-dollar fine stemming from other Trump Organization valuation fraud in New York. Trump’s economic woes continue to mount, and this latest development could further complicate his financial situation.

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...

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...

News

Mark Zuckerberg, in a letter to Jim Jordan, the chair of the House Judiciary Committee, disclosed that he had to remove millions of posts...