Donald Trump's former lawyer Michael Cohen took to Twitter after looking at the information reported six years of taxes to note that he observed Trump declaring the hush money payments to Stormy Daniels as a business expense, not a personal one.
Raw Story spoke to Cohen previously, and he noted that one of the things that he observed was Donald Trump essentially committing tax fraud claiming an expense was a "retainer" or "legal fees." Trump gave a check to Cohen for Daniels.
Trump has said in the past that he's under audit by the IRS. All presidents, while in office, have their taxes audited by the IRS as well. The Trump-appointed IRS Commissioner, Charles P. Rettig, left the post Nov. 12, 2022, but not before he excused Trump from the audit to which presidents are accustomed.
The House Ways and Means Committee revealed that in the year that Trump used Daniels as a write-off, Trump paid just $750 in income taxes in 2016 and 2017. Trump wrote the check for Daniels in 2016.
"A number of the Schedule Cs either had no gross income (i.e. only expenses), or gross income and expenses that entirely (or almost entirely) offset, raising the question of whether these were valid trade or business activities or whether these Schedules contained costs derived from personal activities or hobbies," the Committee wrote. "In 2016, out of the 21 Schedule Cs, two reported expenses equal to the amount of gross income, nine reported only expenses (no gross income), eight reported a net profit, one reported negative gross income and expenses, and one reported no gross income or expenses. For example, the 2016 Schedule C for DT Endeavor I LLC (aviation) reported gross income of $680,886 and total expenses of $680,886. Similarly, the 2016 Schedule C for DJT Aerospace LLC (aviation) reported gross income of $376,493 and total expenses of $376,493. Audits of closely-held entities often find personal expenditures being improperly deducted as business expenses."
Cohen was jailed for tax fraud, but Trump never faced charges.
"Why go after the king when you can go after the joker?" Cohen quipped in an Oct. 12, 2022 interview with MSNBC's Nicolle Wallace.
When asked if Trump was under audit, Cohen explained it was only what Trump told him.
"I am not aware if he was or was not," Cohen said. "He denied it, I was bombarded by press and asked Donald for the audit notice to stop the conversation. He replied, 'just tell them I’m under audit' and refused to show me the letter."
