For years, people said that Donald Trump's business practices would never survive first contact with law enforcement. Pro Publica just published a big reason why:
Documents obtained by ProPublica show stark differences in how Donald Trump’s businesses reported some expenses, profits and occupancy figures for two Manhattan buildings, giving a lender different figures than they provided to New York City tax authorities. The discrepancies made the buildings appear more profitable to the lender — and less profitable to the officials who set the buildings’ property tax.
For instance, Trump told the lender that he took in twice as much rent from one building as he reported to tax authorities during the same year, 2017. He also gave conflicting occupancy figures for one of his signature skyscrapers, located at 40 Wall Street.
Trump’s team told Ladder that occupancy was rebounding after registering a lackluster 58.9% on Dec. 31, 2012. Since then, Trump representatives reported, the building had signed new tenants. Income from them hadn’t fully been realized yet, largely because of free-rent deals, they said. But after 2015, they predicted, revenues would surge.
Documents submitted to city property tax officials show no such run-up. Trump representatives reported to the tax authorities that the building was already 81% leased in 2012.
New York prosecutors will, eventually, get Trump's tax returns. And wow, will that be fun.