In a post on Truth Social last week, Donald Trump cited a months-old Fox News article that claimed a source close to the New York investigation said that Trump “undervalued” his properties. Trump highlighted this portion as if to say that it exonerates him, but it actually confirms the tax fraud allegations against him. Farron Cousins explains why this is significant.
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*This transcript was auto-generated. Please excuse any typos.
So it appears that Donald Trump has admitted to tax fraud. At least that’s what a recent post that he shared on truth. Social would seem to suggest Trump citing a month’s old article from Fox news, proudly proclaimed, and actually highlighted in that article that he shared the screenshot of that he didn’t overvalue his assets as investigators believed, but in fact, he undervalued them. In fact, he quoted, as you can see right there in the picture there, Trump did not inflate his financial statements as prosecutors had anticipated, but instead undervalued his assets, that’s tax fraud, like what you’re admitting to right there in the little highlighted portion that you then copied and pasted into your true social account that is tax fraud under valuing your assets on your financial statements would allow you to pay less money in taxes, state, and federal. So why, why in God’s name?
Would you put that out there for everyone to see when it is effectively an admission of a crime? Now we can’t say actually that it is an admission of a crime. So let me redact that statement because Trump isn’t necessarily making the claim. He is just quoting an article that says this thing, but because it’s coming from him, you could also, legally speaking probably directly attributed to him, but here’s the thing I went through and I found the article cause I was like, oh, okay, is this something new? It’s not, it’s actually from March of this year, an article on Fox news. So let me read you what the Fox news article says here. Uh, but a source familiar with the investigation pointed Fox news, digital digital, specifically to Trump’s statement of financial condition, which reports an entity’s assets, liabilities, and abilities to raise and use funds.
The source told Fox news digital that Trump did not inflate his financial statements as prosecutors had anticipated, but instead undervalued his assets source also towed Fox news that, uh, Trump never defaulted on payments to banks. And his said his statement of financial condition included caveats, which refuted claims by the DA’s office. So they’re talking about the Alvin brag investigation, formerly the Sivan investigation when it was actually making progress. But now it’s Alvin Bragg like, oh no, no, no, no, no. They actually found that he undervalued his assets, not overvalued. So, you know, he had no problems with the banks. He’s totally good with the banks, still technically wrong lying. on an application to a bank, even lying to make yourself look worse than you are by undervaluing your assets. Guess what? Still a crime that’s still bank fraud. And also as I pointed out, definitely tax fraud. So whatever it is Donald Trump
Was attempting to do by sharing this article from Fox news, hardly a reliable source from March. It, it didn’t do it. In fact, all it did, if you, if you, you know, look at the, uh, retweet shared by Patriot takes, um, everybody’s pretty like pretty much like, okay, you’re, you’re admitting to tax fraud. That’s, that’s what you’ve done here. This is a very stupid thing for you to say, but a lot of people also do miss that. Even if he undervalued his assets on those bank loan forms, that is still a crime because that’s lying in order to obtain money that’s bank fraud, cuz here’s the thing. If you have higher assets, they may understand you can pay more money, right? You’re good for the money. So you could get a different interest rate, same thing with undervaluing. Now, typically that would work against you.
But when we’re talking about the large sums of money that Donald Trump’s, uh, uh, organization does borrow that actually could work out to their favor if they undervalue assets, not always, but it is possible, but definitely with the taxes, right? If, if you say, oh no, I only made this much money and I only have this much assets. They’re gonna say, oh, well then you only owe this instead of putting your assets up here and then saying, okay, well now you owe this. So no matter which way you slice it, whatever the hell he thought he was doing here, didn’t happen. And instead kind of looks like he admitted to at least one crime, possibly two.