A bombshell report that Donald Trump was under audit after suspicions he defrauded the IRS of more than $100 million in a double-dipping scheme had social meltdown on meltdown Saturday.
The New York Times claimed Trump wrote off his Chicago Tower as “worthless” in a 2008 tax return, reporting losses of up to $651 and taking tax benefits associated with the loss.
In 2010, the report states, Trump moved the company that owned the tower into a new partnership — which was still controlled by him — and made another claim.
“Because he controlled both companies, it was like moving coins from one pocket to another,” according to the Times.
“Then he used the shift as justification to declare $168 million in additional losses over the next decade.”
The news got swift reaction from legal experts and on social media.
I’m shocked—????????????????????????????—that Donald Trump may have taken nine figures in unlawful tax writeoffs,” wrote lawyer and outspoken Trump foe George Conway.
“@weisselbergers have you gotten the Boss in trouble ????????????????????????” he added, referring to Trump’s former CFO Allen Howard Weisselberg.
“He is the smartest most greatest most beautiful business man there has ever been,” wrote @Phil23310492 on X. “He wouldn’t cheat the American government he loves so much hahaha
“Scammers gonna scam,” wrote @SCRyanSTL on X, while @FedUpGOPer echoed her with, “Fraudsters gonna fraud.”
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@moratdoc wrote, “Trump cheating usa on taxes again?! Naw,” while @Veronicolumn urged the city of Chicago to, “Rip his name off that building.”
Several suggested the New York Times’ report, which it investigated alongside ProPublica, was designed to target Trump in an election year.
@Gwamberto wrote, "Uncovered" just poking around the IRS, casually turning over papers when, what luck, a fully completed investigation just 6 months before the election. And to think, it nearly fell by the wayside due to someone's messy desk!