Legal AF by MeidasTouch - Trump CAUGHT in CHICAGO TAX SCHEME during DNC?!

Episode Date: August 20, 2024

Trump is using the site of one of his GREATEST BUSINESS FAILURES AND TAX FRAUD against the American people, to daily counter-program against VP Harris and the Democrat’s Convention this week. Michael Popok examines the OVER ONE HUNDRED MILLION DOLLAR TAX fraud committed by Trump with the Chicago “Trump International Hotel” as exposed by Pro Publica and the New York Times. FUM: Head to https://TryFum.com/legalaf or scan the QR code on screen and get a FREE GIFT with the JOURNEY PACK today when you use code LEGALAF Visit https://meidastouch.com for more! Join the Legal AF Patreon: https://Patreon.com/LegalAF Remember to subscribe to ALL the MeidasTouch Network Podcasts: MeidasTouch: https://www.meidastouch.com/tag/meidastouch-podcast Legal AF: https://www.meidastouch.com/tag/legal-af MissTrial: https://meidasnews.com/tag/miss-trial The PoliticsGirl Podcast: https://www.meidastouch.com/tag/the-politicsgirl-podcast The Influence Continuum: https://www.meidastouch.com/tag/the-influence-continuum-with-dr-steven-hassan Mea Culpa with Michael Cohen: https://www.meidastouch.com/tag/mea-culpa-with-michael-cohen The Weekend Show: https://www.meidastouch.com/tag/the-weekend-show Burn the Boats: https://www.meidastouch.com/tag/burn-the-boats Majority 54: https://www.meidastouch.com/tag/majority-54 Political Beatdown: https://www.meidastouch.com/tag/political-beatdown Lights On with Jessica Denson: https://www.meidastouch.com/tag/lights-on-with-jessica-denson On Democracy with FP Wellman: https://www.meidastouch.com/tag/on-democracy-with-fpwellman Uncovered: https://www.meidastouch.com/tag/maga-uncovered Coalition of the Sane: https://meidasnews.com/tag/coalition-of-the-sane Learn more about your ad choices. Visit megaphone.fm/adchoices

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Well, what about two? Right now, get a small organic fair trade coffee and a tasty bacon and egg or breakfast sandwich for only $5 at A&W's in Ontario. This is Michael Popock, Legal AF. Donald Trump, the brazen con artist, is using as his quote unquote headquarters for his counter programming against the Chicago Democratic National Convention

for Kamala Harris. He's using the site of one of his biggest business frauds and tax frauds and one that could end up with him owing an additional $100 million to the Internal Revenue Service. What's that you say, Popak? He's using a building that is the site of his failures as a business person in order to attack his opponent? Yes, you've heard it right.

You might have seen already some photos of what the Democrats are doing to do some counter programming against Donald Trump at the very same building, the Trump International Hotel, which sits on the river in Chicago, flashing on there using a high powered projector, things like Project 2025 headquarters.

And they're just weird and we'll show those photos now. But let me just dive in to something I talked about over six months ago, which was the New York Times and ProPublica doing a joint investigation into that very property in Chicago, and discovering that Donald Trump is gonna end up owing over $100 million back to the taxpayers because he double dipped in taking tax losses

that he wasn't entitled to. Let me break it down for you. When Donald Trump with much fanfare and as an episode in the 2004 Celebrity Apprentice extolled the virtue of this great building he was building comprised of 480 condominiums and 339 hotels and one of the greatest wonders of the world that he thought was worth, in his own mind, $1.2 billion.

Well, that was 2004. By 2008, he had already told the tax man, the Internal Revenue Service, that the project was worthless. I mean, worthless, worthless, not worth anything. He would never recoup his investment and tried to take over a $650 million tax loss, which was almost the equivalent of all of the taxes

that Donald Trump had paid for a five-year period in total. In other words, he wiped out, was getting a refund, asking for a refund from the federal government because of the tremendous loss he took in this building that he's now standing in front of attacking Kamala Harris saying, she won't be a good steward of our economy. I mean the balls, the brass ones, as we like to say at Legal AF. Now where's the double dip, you may ask? Well, what the New York Times and ProPublica figured out is that in 2010, Donald Trump tried to take the loss again. What he did is he moved the building and the ownership of the building from one partnership that

he owned to another shell company partnership that he owned, and then tried to take an additional $168 million in losses. So the 651 and the 168 is approaching $800 million, which would basically give him a $73 million tax refund that he obtained in 2010, which covered all the taxes he had paid from 2005 to 2008. So he completely, magically, illegally wiped out his tax debt, got a 73 million dollar refund from the federal government Now we fast forward what happens after 2010? Well, Donald Trump runs for office in 2015 winning in 2016 Now we know the reason he was the first president in modern history not to turn over his tax returns

He claimed at the time if you'll recall, that he was under an audit by the Internal Revenue Service and therefore he invoked some sort of Trump audit privilege, which doesn't exist, not to disclose his tax returns while he was in an audit with the IRS. Well, one of the reasons he was in an audit with the IRS is they were trying to figure out why he was entitled to a $73 million refund and how he obtained it.

So now we know why Donald Trump didn't want to turn over his tax returns. Now in brazen fashion, and of course, all the time that Donald Trump was in the White House and his people headed the Internal Revenue Service and he hollowed out and defunded the IRS, they didn't go after him. But there is still an ongoing audit and investigation by the Internal Revenue Service. And if they win and prevail over Donald Trump, which is likely, especially if he loses in November, he'll pay 100 million plus interest plus penalties. That could approach $150 million to the taxpayers. That's on top of the half a billion dollars that he owes to the people of the state of New York

for persistent fraud in inflating assets and deflating liabilities and all of that on his personal tax returns. And another hundred million dollars he owes at least to E. Jean Carroll for having sexually abused her, defamed her, and the punitive damages award against him. Have you heard that the flavored air category is quickly becoming the leading alternative

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and the burn rate of monthly charges that Donald Trump is having to spend for litigation funding, his financials are shambles. I called them shambolic on a recent episode of Legal AF. He hasn't done a new deal since the, these New York state fraud case against him and in a monitor and a court officer appointed over his finances and over those of Trump organization

in the form of Barbara Jones, a former federal judge. Ever since that monitor has been in place, one thing I learned by looking at the financial disclosures Donald Trump had to make as a candidate for office is that he's not making any new money. The Trump Organization has no banking relationships, has not acquired new property, has not built new property, has not built new property. They're living off of old license deals,

licensing their names for projects where the Trump name is not yet completely sullied, like in the Middle East. He's getting flow of that and old assets of his, like his golf courses and golf communities that are paying him money. But he can't do a new deal or new transaction. The thing I'm talking about now,

where he's holding court, no pun intended, every day apparently during the convention, is Trump International Hotel. That was built back in 2004, right? That was planned in 2000. This is again Donald Trump trying to drag us back and we're not going back. Now we got to get dragged back to the place

of his most spectacular failing. And that's hard to say. I mean, that's pretty, that's saying a lot that this is the scene of one of his most spectacular business failings considering he went bankrupt at least three times running a casino. He's the only person in the world that lost money running a casino where all the odds favor the house.

Think about that when you think about who's the better steward for the economy and for the finances and the wallet and purses and pocketbooks around America, Kamala Harris or Donald Trump. And the irony that when I first saw the story, I was like, oh, that's I love that. That's adorable. I love what the Democrats are doing, flashing things with a high powered projection on the side of the building. But then I was like, wait a minute, I remember that building.

I did a hot take on that building six months ago. I mean, the brazen brass ones of Donald Trump and JD Vance to stand there behind what effectively is a burning building where they stole from the American people tens of millions of dollars in tax refund that they were not entitled to is beyond gall and has to be called out. And that's why we're doing it here on the Midas Touch Network and on Legal AF. Shout out to the New York Times, the failing New York Times as Donald Trump likes to say, and ProPublica for publishing their investigative reporting that we reported on, as I said, back in 2023.

We'll continue to follow why Donald Trump in the quiet quitting around his campaign has decided it's in his best interest to run counter-programming and lock himself into Chicago instead of doing any type of touring or rallies around the country at places that matter. Donald Trump's not going to win Illinois. He's not going to win Chicago. They just want to try to unzip their flies and pee on Kamala Harris. And it's not going to work, at least as far as we're concerned.

And we of course we've got Kamala Harris is back with Tim walls because she has hours. So there we are Midas Touch Network Legal AF. Follow us on Wednesdays and Saturdays on the podcast at the intersection of law and politics like this. Legal AF. We curate the top four or five stories. We bring it to you Wednesdays and Saturdays. You like watching your podcasts being recorded?

Join us on this YouTube channel, Wednesdays, Saturdays, 8 p.m. You like listening to them? Plug in Legal AF into all of your podcast platforms and you'll pull us up. We're top 50 in the world in news for a reason, because you're here with us and we feel an obligation to bring you the truth without smoke or sunshine. So until my next hot take, until my next Legal AF, this is Michael Popak reporting.

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