MSNBC’s Rachel Maddow on Tuesday laid out all the allegations laid out in a bombshell New York Times report about the tax fraud undertaken by President Donald Trump’s father Fred — and how huge the grift really was.
The host noted that one of the largest revelations from the Times report was the previously-unknown existence of All County Building Supply & Maintenance, a shell company the patriarch used to markup appliances used in his buildings and reap the benefits so he could give large, tax-exempt monetary gifts to his kids.
“The Times calls this scheme around this company the most overt in Trump’s company,” Maddow said, later noting that the appliance markups were a fairly simple example of “tax evasion.”
“When you move money from one party to another under a cover story that makes it look sort of like a real business transaction, but it’s not at all,” she continued. “It’s a business transaction that makes no financial sense. It’s a business transaction that only exists to disguise that flow of money from one party to the other and to avoid taxes on that flow of money.”
The Times reported that Fred Trump created a total of 295 revenue streams to enrich his children that were initially divvied up evenly among his four progeny.
“But over time, as Donald Trump careened from one financial disaster to the next, his father found ways to give him substantially more money, records show,” the report noted.
“President Trump has frequently bragged that he only ever got a $1 million loan from his dad,” Maddow said. “He always says his dad didn’t run a very successful business. Oh, and by the way, that little measly $1 million he got, he had to pay it back with interest.”
With the revelations from this report, however, “it looks like Trump received more than $400 million [in today’s dollars] over decades out of his dad and his dad’s business, and that that actually is kind of the extent of his business success.”
“It’s nice work if you can get it,” the host said, “as long as it’s not illegal and provided that you haven’t built your whole adult life around a completely false opposite story that ultimately led to a political career.”
Biden beats Trump to the punch with massive ‘Buy American’ spending package — and GOP allies are fuming
Some of President Donald Trump's "economic nationalist" allies are furious that Joe Biden beat the White House to the punch with a "Buy American" policy push.
The president's former chief strategist Steve Bannon told the Washington Post's Jeff Stein that Biden's $300 billion domestic spending proposal was "very smart," and said the likely Democratic nominee had scored a win.
"The campaign and White House have been caught flat-footed," Bannon said. "Biden has very smart people around him, particularly on the economic side."
Fox News pundit: Tax returns ruling against Trump is ‘a win for him’ and ‘will help the president’
Fox News pundit Katie Pavlich argued on Thursday that a Supreme Court ruling which opened the door for prosecutors to obtain Donald Trump's tax returns is actually "a win" for the president.
Pavlich made the remarks after the Supreme Court of the United States ruled that Manhattan District Attorney Cyrus Vance can request the president's tax records in a public corruption case.
"I think it's a win and a little bit of a loss for President Trump," Pavlich explained. "In the sense that he will now have to deal with a number of these issues and other presidents in the future will as well, whether they are valid requests for information or not and whether they are being made for political for reasons or for valid criminal investigations."
Trump melts down on Twitter after his own Supreme Court nominees rebuke him on financial cases
On Thursday, following the 7-2 rulings from the Supreme Court rejecting President Donald Trump's claims of absolute immunity in the New York tax returns and House financial oversight cases, the president took to Twitter to complain.
In the thread, Trump whined that he was being unfairly targeted by the Supreme Court decisions — which were joined by the two justices he appointed — and claimed he was a victim of "prosecutorial misconduct."
We have a totally corrupt previous Administration, including a President and Vice President who spied on my campaign, AND GOT CAIGHT...and nothing happens to them. This crime was taking place even before my election, everyone knows it, and yet all are frozen stiff with fear....