By Thom Palmer
October 3, 2016
TAX FRAUD
Let's forget for a moment that Trump didn't know what the "nuclear triad" is, or that he, along with
Johnson, didn't know what Aleppo is, or that he verbally encourages small nations to acquire nuclear weapons, or that he plans to build more oil pipelines, is against equal pay for women, wants to double the national debt by making it easier for billionaires like himself to pay zero taxes, walk away from NATO, walk away from the 175 nation climate agreement, and promote Russia to be the single dominant world power. Let's briefly ignore that he has incited violence against anyone who opposes him, and has vowed to fire all of our military Generals and replace them with hand-picked Generals that will do what he says, most probably Putin operatives (as proven by his choices of campaign organizers and surrogates). Forget the probability that a Trump presidency would more than likely result in a war, and a possible World War at that. Forget the knee-jerk reactions to every single thing that is spoken of him, which makes him a dangerous man with his finger on the nuclear trigger. Let's forget that Trump is the least qualified and most mentally unfit candidate ever to run for the Presidency.
"The Art of the Squeal"
Let's talk about TAX FRAUD for a few minutes. From my research, here is Trump's net worth from year-to-year. In 1995, he declared a loss of nearly $1 billion, however, looking at his available cash and net worth throughout the previous and subsequent years, it appears that something very fishy went on in the accounting department at Trump Towers.This is all very confusing. Net worth and income are two very different things. I'm not an accountant or tax expert, but it appears to me that the reason Trump doesn't want to release his taxes is that he knows that he will be in jail soon thereafter for tax fraud. You can't borrow money to build casino's, lose it all in an economy very friendly to casino's, declare bankruptcy so you don't have to pay it back, and then write off the $1 billion in losses. Then, if you believe Trump's net worth is in fact currently $10 billion, and half of that was due to increases in real estate equity, then he still would have had to pay taxes years ago, even if his billion dollar write off was legitimate.
Here is the year-by-year net worth from what I could find.
Trump's Net Worth
1982 $200 million
1983 $400 million
1984 $200 million
1985 600 million
1986 $700 million
1987 $850 million
1988 $1 billion
1989 $1.7 billion
Note: Someone needs to explain to me how Trump gained a billion in net worth from real estate in a down market.
1990 $500 million
Per Forbes: "1990-1991 Dropped from the list! Forbes explains: "In 1990 if the rich had been getting poorer. Trump is the most noteworthy loser. Once a billionaire, Trump's net worth may actually have dropped to zero." (That makes things clearer. Was he ever a billionaire? Maybe his net worth just stayed the same? Maybe it always had been zero?)"
1991-1995 (No data) However, NY Times analyzed his 1993 and 1994 net worth at $0 (Broke). I'm wondering why I couldn't find data on these years.
It's important to note that we MUST believe at least one of these scenario's...
1) He lost $1.7 billion dollars in an economy favorable to real estate and casino's, suggesting gross mismanagement, incompetence, or embezzlement from his own corporations.
2) He has failed to regain the $1 billion loss in the last two decades, and still doesn't have to pay any taxes, while his profits from business and television have clearly outperformed the loss. His net worth is boasted to now be at $10 billion. We're expected to believe that Trump gained $10 billion in net worth with zero income and a few bankruptcy's over the last two decades.
3) He is running two sets of books, and using slight of hand to evade taxes all these years.
1996 $450 million
Per Forbes: "1996 He's back. Rank: 373; $450 million. Forbes explains: "Trump, polite but unhappy, phoning from his plane: 'You're putting me on at $450 million? I've got that much in stock market assets alone. There's 100 percent of Trump Tower, 100 percent of the new Nike store -- they're paying $10 million a year in rent!' Add it all up, said Trump, and his net worth is 'in the $2 billion range, probably over $2 billion."' (Don't worry, Donald. One year from now Forbes will help you find another easy $1 billion.)"
1997 $1.4 billion
1998 $1.5 billion
1999 $1.6 billion
Per Forbes: "We love Donald. He returns our calls. He usually pays for lunch. He even estimates his own net worth ($4.5 billion). But no matter how hard we try, we just can't prove it."
2000 $1.7 billion
2001 $1.8 billion
2002 $1.9 billion
2003 2.5 billion
2004 $2.6 billion
Per Forbes "America's love affair with the Donald reaching impossibly new highs; his reality show, 'The Apprentice,' was prime-time television's highest-rated series last year After nearly defaulting on its debt obligations, Trump's gaming properties to reorganize No matter. For Donald, real estate is where his real wealth lies. Over 18 million square feet of prime Manhattan space."
Fast Forward to 2016
2016 $3.5 billion per Forbes
2016 $10 billion per Trump
Since there is no actual proof that Trump's net worth is just $3.5 billion, and if we (perhaps stupidly) assume Trump is telling the truth for once, then his net gain over the 11 years has been 7.4 billion dollars, or an average of $6.7 million dollars per year. After the $1 billion that he claims (bullshit) that he lost prior to 1995, then this leaves him with a net gain of $6.4 billion, half of what would need to have been from direct income. At the top tax bracket of 39%, this would then tell us that Trump has defrauded the American People of a total of $1.3 billion dollars over the last 11 years.
In summary, either Donald DID pay taxes on recent years, which then begs the question as to why he refuses to release his taxes. What else is he hiding? Or, he DID NOT pay taxes in recent years, which suggests TAX FRAUD given that his increases in real estate holdings is only half of his reported net worth.
So, while Trump lies by telling America that he's under audit, it might be time to actually place him under audit along with an FBI investigation of criminal tax fraud. I may be wrong on my figures, but simple logic reveals that the truth is probably nearby in my analysis. I guess we need to have a better look at this.
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