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NYT: Trump Tax Records Reveal Cash Windfall in Lead-up to 2016 Election

HeadlineOct 12, 2020

Back in the United States, a New York Times investigation into Donald Trump’s tax history suggests Trump may have used part of a $30 million loan from City National Bank in Los Angeles to prop up his dwindling campaign funding in the weeks before the 2016 election. Trump’s tax records show over $21 million in unusual payments from a Las Vegas hotel he co-owned, that flowed through other Trump companies, which Trump may have then used to “self-finance” his campaign. Such funds would likely constitute illegal campaign contributions. Additionally, it would be illegal for Trump to claim a tax deduction on payments that were not actual business expenses.

In related news, New York Attorney General Letitia James is investigating whether the Trump Organization inflated the value of a Westchester County property in order to reap a $21 million tax break as part of a conservation easement after Trump agreed to preserve 150 acres of woodlands on the estate.

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