The NYT is now reporting that:
[T]he Trumps appeared to have done more than exploit legal loopholes . . . . the conduct described [in the NYT article] represent[s] a pattern of deception and obfuscation, particularly about the value of Fred Trump’s real estate, that repeatedly prevented the I.R.S. from taxing large transfers of wealth to his children.
Just so that it’s clear, 26 U.S.C. §§ 6501(c)(1) and 6501(c)(2) provide that:
(1) In the case of a false or fraudulent return with the intent to evade tax, the tax may be assessed, or a proceeding in court for collection of such tax may be begun without assessment, at any time.
(2) In case of a willful attempt in any manner to defeat or evade tax imposed by this title (other than tax imposed by subtitle A or B), the tax may be assessed, or a proceeding in court for the collection of such tax may be begun without assessment, at any time.
It seems worthy of mention that Allen Weisselberg, the long-time Trump CFO, went to work for Fred Trump in 1970.
RonWarrick says
Those of us who anticipate a significant inheritance some day are grateful to the president for the tips on how to avoid death taxes.
chetmurthy says
You jest, but I -do- wonder about whether there’s a “growth business” in taking these tax-evasion strategies and going mass-market with them. I mean, esp. with the IRS enforcement budgets being hacked-to-death, it seems like an obvious play, to set up a “mill” to churn out tax-evasion a-go-go, and take a cut off the top.
Get enough millions of Americans doing it, and the Feds simply wouldn’t be able to audit everybody.
It could be like those traffic lawyers who promise to pay your fines if you lose — b/c they have so many cases, they can do a bulk deal with prosecutors (2/5 guilty, 3/5 not-guilty, so that’s 1/5 profit margin).
And if the US government keeps going the way it looks like, why wouldn’t someone do that? I’m PROUD of the money I pay to the State of California. But the feds? Fuckem. Donnie Pilzkopf can pay for that.