Civil Tax Fraud Penalties May Wind Up Bankrupting Trump And His Children: Report | Deep Left Field
For decades, Donald Trump and his family have allegedly avoided paying both state and federal taxes through a series out accounting tricks and outright fraud, the New York Times reported Tuesday. And it now appears that the penalties for that fraud could be fines so large that Trump and his children would be left without a dime.
Criminal penalties appear to be off the table when it comes to punishing the Trump family for their income tax evasion, due mainly to the statute of limitations, but there are no such time limits on civil penalties, and those take the form of paying overdue taxes along with enormous penalties and exorbitant interest.
Under the civil penalty rules of the Internal Revenue Service, PoliticsUSA reports, Trump and the Trump Organization (which is currently headed by the president’s two oldest sons, Donald Trump Jr. and Eric) could be on the hook for hundreds of millions of dollars in penalties.