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Former US President Donald Trump threatened to pay $100 million in taxes

Former US President Donald Trump threatened to pay $100 million in taxes

May 12, 2024 at 12:26 pmMay 12, 2024 at 12:34 pm

A media report said that former US President Donald Trump may face paying an additional tax worth $100 million (93 million euros). As reported by The New York Times in collaboration with investigative platform ProPublica, he reportedly claimed the loss of a construction project in Chicago twice in order to save taxes. The two media companies point to an investigation by the US federal tax authority, the Internal Revenue Service (IRS).

Trump during his campaign appearance in Wildwood, New Jersey.Image: Cornerstone

The property is a 92-story glass skyscraper on the Chicago River, according to the New York Times, and is Trump's tallest and last major construction project to date. Among other things, housing units should be built there. However, due to a combination of cost overruns and a severe recession in 2009 as a result of the financial crisis, the then real estate businessman and current politician incurred significant losses. According to the newspaper report, he wrote off the same losses twice.

Trump's son Eric, vice president of the Trump Organization, told the newspaper in a statement that the matter was closed years ago. “We are confident in our position,” Trump Jr. said. An IRS spokesman said the agency is prohibited by law from commenting on the affairs of private taxpayers.

Trump ruled the United States from 2017 to 2021 and now wants to run for re-election after voting for his exit. The November presidential election will be a close race between him and current Democratic President Joe Biden. (DAP/EPA)

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