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.”
Virginia Democrats are so fired up that the party chair had to scold them: ‘Sit down — be quit’
Democrats in Virginia are fired up as they gathered in Richmond for their annual gala dinner.
Political analysts believe the Democratic Party of Virginia has a good chance to win control of the state legislature in 2019's election, before setting their sights on the Commonwealth continuing its recent trend of voting Democratic in presidential elections.
Patrick Wilson, a political reporter for the Richmond Times-Dispatch, attended the event.
He reported that Democrats were so "noisy" that it was hard to hear the speakers, which include presidential candidates Sen. Amy Klobuchar (D-MN) and South Bend Mayor Pete Buttigieg.
‘Everyone knows what to expect’ at Trump’s Amway Center re-election kickoff
Donald Trump considers himself a legendary salesman, but can he really sell America on giving him four more drama-filled years at the White House?
Tuesday, he'll make his big pitch.
The 2020 reelection kickoff rally is being held in Orlando, Florida and campaign operations chief Michael Glassner says the "historic" event "has already generated tens of thousands of ticketing requests."
There's little mystery about how the night will go down.
Expect Trump, the self-promoting hero of his ghost-written book "The Art of the Deal," to claim the US economy is richer, the military stronger, and the country more respected than ever in history.
Florida man’s own family blasts him after he was arrested for racist threats: ‘This isn’t how we were raised’
After a Florida man was arrested for trying to start a race war, a member of his own family slammed his values.
"A Florida man’s social media posts that threatened violence against African-Americans, Jews and homosexuals and that urged his followers to start a race war netted him a $1 million bond," the Miami Herald reported Saturday. "And then there’s another $100,000 bond he would have to pay to get out of Lee County Jail because of a weapons charge."
Joshua Leff, 40, is being held in the Lee County Jail.