A bombshell investigation by Mother Jones found that President Donald Trump may have invented a loan to avoid paying income taxes on nearly $50 million.
The potentially bogus loan is connected to the Trump International Hotel and Tower project in Chicago that began in 2005.
President Donald Trump may have fabricated a loan to avoid paying taxes on nearly $50 million of income, Mother Jones reported in a bombshell investigation published Thursday.
Trump has said on his financial disclosure forms that he owes more than $50 million to the company, which he controls.
Fortress considered the loan repaid and forgave more than $50 million of debt from Trump, which is known as a discounted payoff.
Trump bought the remaining debt using a corporation and "parked" the money there to avoid paying income taxes on it.
"That means there may have been no loan to buy, no debt to park; Trump might have invented a loan — and then parked it" to avoid paying taxes on $48 million of income, Mother Jones reported. »