NY Fraud cost will cost Trump over $350 miillion

[*pally*]

Judge Engoran has ruled Donald Trump and the Trump Org will have to pay over $350 million in fines to the State of New York. Junior and Eric are liable for $4 million each.

Donald will be unable to operate a business in New York for 3 years and the sons 2 years

[NATI BENGALS]

Good thing he is installing his daughter in law into RNC leadership to soak up that sweet Republican donor money for his self. He is gonna need some extra coin I guess.

[*Nately120*]

Time for a lot of people who are complaining they can't pay for groceries to send more money to a supposed billionaire.

[Luvnit2]

(02-16-2024, 05:05 PM)pally Wrote: Judge Engoran has ruled Donald Trump and the Trump Org will have to pay over $350 million in fines to the State of New York.  Junior and Eric are liable for $4 million each.

Donald will be unable to operate a business in New York for 3 years and the sons 2 years

You do understand Trump likely wins on appeal and then counter sues NYC. In the end, only people I see getting paid are attorneys on both sides. I may be wrong, but I don't see NYC getting a dime in the end.

[*pally*]

(02-18-2024, 11:10 PM)Luvnit2 Wrote: You do understand Trump likely wins on appeal and then counter sues NYC. In the end, only people I see getting paid are attorneys on both sides. I may be wrong, but I don't see NYC getting a dime in the end.

What grounds does he have or appeal that will end up with a reversal?

And he owes the State the fines not the city.

Of course it might be interesting to see what the IRS does now. He and the kiddies have very likely committed a tax fraud that far exceeds the Hunter Biden case. If Hunter was charged then so should the Trumps.

[GMDino]

(02-19-2024, 02:27 AM)pally Wrote: What grounds does he have or appeal that will end up with a reversal?

And he owes the State the fines not the city.  

Of course it might be interesting to see what the IRS does now.  He and the kiddies have very likely committed a tax fraud that far exceeds the Hunter Biden case.  If Hunter was charged then so should the Trumps.

P01135809 supporters don't need any legal or logical reason/grounds.  He said it so they believe it.  That's it.

[Sociopathicsteelerfan]

(02-19-2024, 02:27 AM)pally Wrote: What grounds does he have or appeal that will end up with a reversal?

First off, there's the rock solid argument that what Trump did is a foundation of the real estate business.





Secondly, the judge set the value of Mar-A-Lago at far below the actual market value according to people who actually buy and sell property in that area.

https://archive.is/YJ4ky

“The market is screaming over this because it’s obviously incorrect,” Nash said of the judge’s ruling.  “People in real estate are scratching their heads: How do you come up with this number? There is a lack of supply that continues on the island. It is a sought-after destination by people from all over the world.”

Third, the bank in question, the "victim" in this case, testified that it was not victimized.

https://www.usnews.com/news/top-news/articles/2024-02-16/analysis-trumps-civil-fraud-verdict-appeal-may-hinge-on-no-victims-defense

A former Trump banker at Deutsche Bank, David Williams, testified in November that conducting due diligence on information clients provided was standard practice. In one instance, the bank adjusted Trump's net worth down to $2.6 billion from the $4.9 billion he reported, Williams said, adding that such a revision was "not unusual or atypical."



Severe penalties in a novel case like this one could potentially be met with skepticism on appeal, legal experts said. They could also prompt appellate judges to consider whether the attorney general overstepped her authority, according to Germain.

Quote:And he owes the State the fines not the city.  

Of course it might be interesting to see what the IRS does now.  He and the kiddies have very likely committed a tax fraud that far exceeds the Hunter Biden case.  If Hunter was charged then so should the Trumps.

I guess we'll see.  

[GMDino]

Technically they used the evaluation for how the location is taxed.

The actual sale price is almost impossible to know as no one knows who would even bid on it.

https://ny1.com/nyc/all-boroughs/news/2023/10/09/is-mar-a-lago-worth--1-billion--trump-s-winter-home-valuations-are-at-the-core-of-his-fraud-trial

Quote:SO WHAT IS MAR-A-LAGO WORTH?

That's hard to say. The biggest problem is there are no comparable properties. No one builds mansions in Palm Beach like Mar-a-Lago anymore and those that did exist were demolished long ago, broken up or turned into a museum.


Trump, in an April deposition, justified his belief that Mar-a-Lago could be worth $1 billion by comparing it to the price the Mona Lisa or a painting by Renoir would command — the ultra-wealthy will pay a premium to buy something that's one-of-a-kind.


Eli Beracha, chair of Florida International University's Hollo School of Real Estate, agreed it's difficult to assess the value of any unique property. 
The fact that Trump owned Mar-a-Lago would likely increase its sale price.


“Some people are going to argue that not everyone likes Trump — some people would actually pay less because of that. ... But the high bidder is probably going to be a person who buys it because it belonged to Trump,” Beracha said.


Pulitzer said the rock-bottom price for Mar-a-Lago would be $300 million. Thomson said at least $600 million. If uber-billionaires got into a bidding war, they said, a sale of a billion dollars or more would be possible.


The much smaller Palm Beach compound once owned by the Kennedy political dynasty sold for $70 million three years ago.


SO HOW DID PALM BEACH COUNTY COME UP WITH SUCH A LOW TAX ASSESSMENT?
The county gives Mar-a-Lago its current value for taxation of $37 million based on its annual net operating income as a club and not on its resale value as a home or its reconstruction cost. It is one of nine private clubs in the county taxed that way.


Becky Robinson, the tax assessor's spokesperson, said that method is used because private clubs are so rarely sold or built, making it impossible to set their tax rates by comparing them to similar properties. Mar-a-Lago's property tax bill will be $602,000 this year, county records show.


U.S. Rep. Jared Moskowitz, a South Florida Democrat, wrote the county saying if Trump claims Mar-a-Lago is worth $1 billion, he should be taxed accordingly. If Mar-a-Lago had a $1 billion assessed value, it’s property tax bill would be approximately $18 million.



Robinson said the county bases its assessments on the law and its formulas, not the value owners claim.

The larger issue is isn't just MAL.  P01135809 just makes up numbers to get loans or to lower his tax responsibility.  

Quote:SO HOW DID PALM BEACH COUNTY COME UP WITH SUCH A LOW TAX ASSESSMENT?
The county gives Mar-a-Lago its current value for taxation of $37 million based on its annual net operating income as a club and not on its resale value as a home or its reconstruction cost. It is one of nine private clubs in the county taxed that way.

Becky Robinson, the tax assessor's spokesperson, said that method is used because private clubs are so rarely sold or built, making it impossible to set their tax rates by comparing them to similar properties. Mar-a-Lago's property tax bill will be $602,000 this year, county records show.

U.S. Rep. Jared Moskowitz, a South Florida Democrat, wrote the county saying if Trump claims Mar-a-Lago is worth $1 billion, he should be taxed accordingly. If Mar-a-Lago had a $1 billion assessed value, it’s property tax bill would be approximately $18 million.

Robinson said the county bases its assessments on the law and its formulas, not the value owners claim.

And he got caught doing it.

[Luvnit2]

(02-19-2024, 02:27 AM)pally Wrote: What grounds does he have or appeal that will end up with a reversal?

And he owes the State the fines not the city.  

Of course it might be interesting to see what the IRS does now.  He and the kiddies have very likely committed a tax fraud that far exceeds the Hunter Biden case.  If Hunter was charged then so should the Trumps.

It appears you have not followed this kangaroo court trial. It is a victimless crime and has zero to do with taxes.

You should stick to Bengal news, you are great at updates. This forum, not so much.

[Luvnit2]

https://www.gofundme.com/f/stand-with-trump-raise-the-settlement?modal=donations&tab=top

Go fund me already almost $500K and rising.

This is democracy in action, in the court of public opinion those who think it was a legit fine of over $350 million, then those who think it is over the top.

I suggest those of you who think it would be unfair if the Trump real estate company does not pay the $350 million + a huge interest amount to start a Go Fund Me for NYC so they can give more money to the illegal immigrants and forget their own homeless. Great place, write them a huge check.

This is the biggest money grab in history. Great example of Democrats coming for our money to redistribute wealth.

[Luvnit2]

(02-19-2024, 02:45 PM)GMDino Wrote:

Technically they used the evaluation for how the location is taxed.

The actual sale price is almost impossible to know as no one knows who would even bid on it.

https://ny1.com/nyc/all-boroughs/news/2023/10/09/is-mar-a-lago-worth--1-billion--trump-s-winter-home-valuations-are-at-the-core-of-his-fraud-trial



The larger issue is isn't just MAL.  P01135809 just makes up numbers to get loans or to lower his tax responsibility.  




And he got caught doing it.

Very confusing stance. First, it says county sets the tax appraisal, not the owner of the property. Then you say, Trump did something wrong because the county under appraised his property?

I live in Florida, I can appeal my property value, but the county and not me makes the final decision.

[GMDino]

(02-19-2024, 04:27 PM)Luvnit2 Wrote: Very confusing stance. First, it says county sets the tax appraisal, not the owner of the property. Then you say, Trump did something wrong because the county under appraised his property?

I live in Florida, I can appeal my property value, but the county and not me makes the final decision.

P01135809 pays taxes on the assessed value.  He then claims it is worth 50x (or more) the 18-37 million the court declared in order to get more loans based the value he just makes up in his head.

And he got caught.  Not just with MAL but other buildings.

No one knows what the sale value is because its not for sale and no one said they want to buy it.

It's possible so billionaire could overvalue it just to give P01135809 money like they did for his shoes where a Russian bid $9000 for a pair. People with stupid money may do stupid things.  

P01135809 is just making up numbers though.

[Sociopathicsteelerfan]

(02-19-2024, 02:45 PM)GMDino Wrote:

Technically they used the evaluation for how the location is taxed.

The actual sale price is almost impossible to know as no one knows who would even bid on it.

https://ny1.com/nyc/all-boroughs/news/2023/10/09/is-mar-a-lago-worth--1-billion--trump-s-winter-home-valuations-are-at-the-core-of-his-fraud-trial



The larger issue is isn't just MAL.  P01135809 just makes up numbers to get loans or to lower his tax responsibility.  




And he got caught doing it.

Your own source states the following.

Pulitzer said the rock-bottom price for Mar-a-Lago would be $300 million. Thomson said at least $600 million. If uber-billionaires got into a bidding war, they said, a sale of a billion dollars or more would be possible.


The judge in this case set the value at, "in a range of $18 million to $27.6 million." 


You're owning yourself and don't even realize it.  I've said it many times, what Trump does to his followers is matched only by what he does to his opponents. 

[Luvnit2]

https://www.foxnews.com/media/trump-fraud-ruling-reveals-new-york-assault-real-estate-move-your-business-out

Trump fraud ruling reveals New York's 'assault' on real estate, 'Mr Wonderful' says: Move your business out
West Virginia, Florida and North Dakota are 'winner states' for business; California, New York and New Jersey are 'losers' O'Leary says

He is a billionaire telling other millionaires and billionaires to get out of NY, NJ and California.

[*Nately120*]

(02-20-2024, 12:18 AM)Luvnit2 Wrote: https://www.foxnews.com/media/trump-fraud-ruling-reveals-new-york-assault-real-estate-move-your-business-out

Trump fraud ruling reveals New York's 'assault' on real estate, 'Mr Wonderful' says: Move your business out
West Virginia, Florida and North Dakota are 'winner states' for business; California, New York and New Jersey are 'losers' O'Leary says

He is a billionaire telling other millionaires and billionaires to get out of NY, NJ and California.

White collar jobs moving to red states could cost the GOP in the long run if it leads to a bunch of excessive blue votes leaving NY and CA for what could end up being swing states. It'll be interesting to see how this all shakes out, but it may not matter as much in the digital world of teleworking where the HQ of your parent business is. 

For as much of a GOP stronghold Florida looks like, Trump only carried it by 3.36 points.  If a bunch of businesses move from NY and CA to Florida and they require people with college degrees to work on site things could get shaky for the GOP.  Of course then FL will go blue and raise taxes and that business will have to move to Arkansas or something and the cycle may start anew.

Can you move your taxable business HQ to a 3rd world country and still employ Americans via distance/tech?  I bet that happens eventually if not.

[Sociopathicsteelerfan]

(02-20-2024, 02:00 AM)Nately120 Wrote: White collar jobs moving to red states could cost the GOP in the long run if it leads to a bunch of excessive blue votes leaving NY and CA for what could end up being swing states.

What you're essentially saying here is that white collar workers are idiots for not realizing why they had to move out of blue states.  An interesting admission.

[*Nately120*]

(02-20-2024, 02:16 AM)Sociopathicsteelerfan Wrote: What you're essentially saying here is that white collar workers are idiots for not realizing why they had to move out of blue states.  An interesting admission.

Am I saying that? Some folks might not find taxes to be as abhorrent as others, particularly after they move to florida and need to wait for taxpayers to rebuild what the latest hurricane did to their brave new utopia. 

A billionaire who moves to florida won't pay taxes so they'll need his employees to follow him there so they can, I assume.  The premise here is that people need to follow the job creators, not that everyone who moves to Texas or florida simply said "read my lips, no nude taxes" and left NY and CA in protest. 

[SunsetBengal]

(02-19-2024, 04:27 PM)Luvnit2 Wrote: Very confusing stance. First, it says county sets the tax appraisal, not the owner of the property. Then you say, Trump did something wrong because the county under appraised his property?

I live in Florida, I can appeal my property value, but the county and not me makes the final decision.

Some people don't seem to understand the difference between tax value and market value.  There is an entire industry centered around purchasing properties at or around tax value at courthouse auctions, and then after making some improvements selling those properties for a substantial profit.

[masonbengals fan]

What's the chances of this being pursued if it wasn't Trump ?

Virtually zero from what I've read.

[Belsnickel]

(02-20-2024, 10:33 AM)masonbengals fan Wrote: What's the chances of this being pursued if it wasn't Trump ?

Virtually zero from what I've read.

Maybe; I have no idea. It isn't any justification for violating the law, though.