New York Mayor Bill De Blasio and the president have not had a good relationship over the years. After the Times article came out, the mayor gave Trump notice that he could be facing any number of civil penalties. The Big Apple wants its money back.
When the commander-in-chief was just a toddler, his father was paying him $200,000 a year. By the time he was eight-years-old, the elder Trump had turned his son into a millionaire.
De Blasio told Bloomberg News that Trump’s fraudulent tax violations could result in “very serious civil penalties,” although the statute of limitations for criminal activity has long since expired.
According to the Times, NYC wanted to “recoup any money” Trump owes the city:
‘It’s clear to me that there are real ramifications right now to what has been disclosed, either potential violations of law, or in cases where the statute of limitations has ended that there may be very serious civil penalties that can be applied by both the state and the city. The city of New York is looking to recoup any money that Donald Trump owes the people of New York City, period.’
The New York state tax officials have decided that the Trump financial situation bears serious further investigation. The Times said the officials called POTUS’ financial tactics “dubious tax schemes” and “potential fraud.”
These activities allowed the man sitting in the Oval Office’s and his family to take hundreds of millions of dollars from his father’s business without paying the appropriate taxes during the 1990’s. Others have speculated that these activities may not have ceased since then.
The mayor noted that Trump has had a reputation for running a scandalous business operation in the city for decades. De Blasio pointed to the president’s real estate reputation and said it was a result of the city’s “culture:”
‘(He) evaded the kind of regulation and investigation and prosecution he should have received many times over. (The investigation is an) indictment of the culture of New York City. There was a good old boy network that obviously Donald Trump played like a fiddle.
Of course, Trump called the article a “hit piece.” Surprisingly, he did not contradict the allegations. However, the president’s attorney stated that the Times piece was “100 percent false.”
University of Florida law professor and expert in estate and gift tax laws, Lee-Ford Tritt, claimed that there were “dramatic fluctuations in Trump’s finances,” according to the Times article:
‘The theme I see here through all of this is valuations: They play around with valuations in extreme ways. There are dramatic fluctuations depending on their purpose.’
Featured image is a screenshot via YouTube.