‘Fraudster in Chief’: Trump slammed as report claims he may owe $100M plus in taxes over IRS audit

WASHINGTON, DC: Former President Donald Trump could be hit with a more than $100 million tax bill after an Internal Revenue Service inquiry found he used questionable accounting tactics to benefit improper tax breaks due to huge losses on his Chicago skyscraper, The New York Times and ProPublica reported.

According to the news organizations, the real estate mogul claimed substantial financial losses on his 92-storey tower along the Chicago River twice.

He first reaped the tax break in his 2008 return when he claimed the investment in the building was "worthless". The outlets found that he reported losses as high as $651 million that year.

Trump further claimed losses for a second time in 2010 from the Chicago project. First, he shifted the firm that owned the tower into a new partnership, DJT Holdings LLC, and later justified the shift by claiming $168 million in losses over the next decade.

Eric Trump dismisses report

Responding to the NYT article, the ex-president's son, Eric Trump, who serves as the executive vice president of the Trump Organization, argued the matter resurfaced because of his father's White House bid.

"This matter was settled years ago, only to be brought back to life once my father ran for office. We are confident in our position, which is supported by opinion letters from various tax experts, including the former general counsel of the IRS," he said.

The years after the former president claimed tax benefits for a second time, his other businesses, including golf courses, were shifted to DJT Holdings LLC. The IRS inquiry started after Trump's attorneys used the shift to benefit more tax reduction losses from the Chicago Tower.

The report stated the GOP presumptive nominee could owe more than $100 million in tax bills after the IRS' revision.

Weighing in on the NYT report, Walter Schwidetzky, a law professor at the University of Baltimore who is a partnership taxation expert, said, "I think he [Trump] ripped off the tax system."

There has always been considerable speculation surrounding Trump's tax records. In February, he was ordered to pay a $355 million penalty along with interest for inflating the price of his real estate assets to secure tax benefits and favorable bank loans.

Trump, who denied these accusations, appealed the New York court's civil case verdict, posting a $175 million bond.

Internet slams Trump

Social media users lashed out at the latest report about Trump's alleged attempt to claim tax benefits.

A user labeled the ex-president "Fraudster in Chief!!"

Meanwhile, another fumed, "HOW/Why was this man allowed to get away with his decades long crime spree??!!"

"Trump is such a goddamn deadbeat, I swear he’s the crookedest man on the planet. And he’s gonna skate from all of it," a third one added.

A fourth response read, "The King of Debt isn’t frugal. He’s a morally & commercially bankrupt shyster. The trumped-up little tycoon took over his father’s Mobed up empire & proceeded to micromanage countless rebranded ventures including a casino into the ground."

"He is out of his mind, he belongs in jail," wrote another outraged user.

Someone else said, "Dubious is too kind. He cheated on his taxes," and one remark read, "He's a freaking life long crook!

"And Trump won't pay any price for this latest crime, either. He's shown that there are two justice systems in this country: one for the rich and powerful and one for the rest of us," an individual chimed in.

This article contains remarks made on the Internet by individual people and organizations. MEAWW cannot confirm them independently and does not support claims or opinions being made online.