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When will this GOP-endorsed corruption ever end?
Answer: When we vote them out of office.
Watchdog: Trump’s ‘Secret $30 Million Loan in 2016’ Violated Federal Law
by Colin Kalmbacher, LawAndCrime.com — Oct 9th, 2020
[...]
On Friday morning, the New York Times reported that in September 2016, with his electoral chances surging and fading by the day–and his campaign unable to convince GOP megadonors to hand over huge chunks of cash — Trump surreptitiously took out a $30 million bank loan in the name of a limited liability company (LLC) that he jointly owns with billionaire “casino mogul” Phil Ruffin. CLC dubbed this a “secret $30 million loan.”
The transaction used Trump Tower Las Vegas as collateral.
Six weeks later, Trump gave $10 million to his cash-poor presidential campaign — without acknowledging the apparent source of the funds. Federal campaign finance law contains special reporting rules for bank loans to candidates as well as special and specific reporting rules for personal loans from a candidate to themselves. In each case, such reporting standards are mandatory.
[...]
“Additionally, if the LLC took a tax deduction for the payments to Trump, it would mean that Trump secretly relied on taxpayers to help subsidize his 2016 campaign,” Potter added. “Disclosure to voters in 2016 would have been important, since Trump’s claim that he was self-financing his campaign was central to his campaign message, and created a veneer of credibility for him to accuse rivals of being beholden to wealthy special interests.”
[...]
Of course, bilking the US Treasury, and ignoring the Law, are probably the two things that Trump is really good at. Somehow he conned the IRS into giving him a $73 million dollar Tax Refund.
Once again by not disclosing everything that the Law required of him, for that refund:
by David Leonhardt, New York Times Service;
www.boston.com— Sept 28, 2020
[...]
A large refund has been crucial to his tax avoidance.
Trump did face large tax bills after the initial success of “The Apprentice” television show, but he erased most of these tax payments through a refund. Combined, Trump initially paid almost $95 million in federal income taxes over the 18 years. He later managed to recoup most of that money, with interest, by applying for and receiving a $72.9 million tax refund, starting in 2010.
[...]
The $72.9 million refund has since become the subject of a long-running battle with the IRS.
When applying for the refund, he cited a giant financial loss that may be related to the failure of his Atlantic City casinos. Publicly, he also claimed that he had fully surrendered his stake in the casinos.
But the real story may be different from the one he told. Federal law holds that investors can claim a total loss on an investment, as Trump did, only if they receive nothing in return. Trump did appear to receive something in return: Five percent of the new casino company that formed when he renounced his stake.
In 2011, the IRS began an audit reviewing the legitimacy of the refund. Almost a decade later, the case remains unresolved, for unknown reasons, and could ultimately end up in federal court, where it could become a matter of public record.
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Some people think that the Law doesn’t apply to them.
Some people think that the Law is a game, that only “Losers and Suckers” will adhere to its rules.
Those people who think that they are Above the Law, and then abuse and break those Laws — belong nowhere near the levers of power in this country.
No instead, they belong in Jail.
Trump thinks he is Above the Law — and that the American people are “Losers and Suckers,” for voting him into power in the first place.
Here’s to making it clear, Donald Trump is not worthy, not deserving, not capable, of leading the USA — which he only views as his own personal piggy bank, in his own morbid Reality TV show.
The rest of us are only his “stage-hands and props.” To be cast aside and trampled — at the drop of a steroids-rage.
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Donald Trump: “Can you believe how fucking stupid the IRS is? ...they are so stupid!”
… says the anti-patriot, fake-millionaire … who personal owes some undisclosed interests $421 million dollars.
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