Former President Donald Trump used questionable methods to get improper tax breaks on his Chicago tower, which could lead to a $100 million tax bill and shows the need to change tax laws.
Trump Faces Potential $100 Million Tax Bill Over Dubious Accounting for Chicago Tower
According to the published article in the Daily Kos, a large amount of tax information from ProPublica shows that former President Donald Trump used tricky accounting to get improper tax breaks on his Chicago tower, which could lead to a tax bill of over $100 million. In 2008, Trump said his investment in the tower was worthless and reported losses of up to $651 million. The IRS didn’t challenge this at first, but in 2010, Trump made changes to his companies to claim another $168 million in losses, causing the IRS to investigate for years.
During Trump’s presidency, the IRS looked closely at whether he unfairly claimed the same losses twice. Trump said his tax methods were legal and backed by experts, but the IRS disagrees. They believe Trump’s 2010 business merger broke laws meant to stop people from claiming the same tax deductions twice. If the IRS wins, Trump could owe a lot of money in taxes.
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$651 Million in Questionable Losses: Ex-President Donald Trump’s Troubled Chicago Tower Audit Reveals $100 Million Tax Bill (PHOTO: WBEZ)
Experts Urge Tax Law Reform Amid Concerns Over Trump’s Aggressive Accounting Tactics
Furthermore, trump’s actions with his Chicago tower and other businesses show bigger problems with partnership tax laws, which are complex and easy to exploit. Experts think Trump’s aggressive tactics show that Congress needs to change these tax rules to stop others from doing the same thing.
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