Remember the New York Times “bombshell” back in 2016, when they reported that in 1995 Trump declared a net $916 million loss on his investments? The Times titled their piece “Donald Trump Tax Records Show He Could Have Avoided Taxes for Nearly Two Decades, The Times Found,” and tried to give the impression that Trump doesn’t pay taxes. Networks like CNN and MSNBC gave the story (with their spin) endless coverage.
While the Times made their report sound like an expose, it was simply pointing out that Trump used a tax law that literally every single businessperson, investor, and corporation ever has utilized.
If someone loses $1 million in one year on an investment and then gains $1 million on an investment the next year, how much income did they earn? If you answered “$0,” that’s the correct answer, and the IRS sees things the same way.
In that hypothetical, the IRS allows the investor to count the past $1 million loss against the future $1 million gain, to avoid paying taxes on simply breaking even. Common sense, right? So common that even Hillary Clinton’s tax returns show her doing the exact same thing!
It’s not like Trump was evading taxes, or being delinquent when it came time to pay them. The same cannot be said for Michael Avenatti, the lawyer representing Stormy Daniels, who owes $5 million to Uncle Sam.
According to Big League Politics:
Avenatti, has found his own fame working the left-wing media circuit, being hosted on CNN 59 times in less than two months. But while Avenatti has been trying to claim moral high ground over Trump, a few skeletons in his own closet have come to light.
As it turns out, Avenatti owes $5 million in back taxes!
Below is the proof:
And that’s not all:
Avenatti has come under fire for shady business dealings relating to a failing coffee chain his company purchased. After his investment firm bought Tully’s Coffee for $9.15 million, he has been named in over 50 state and federal complaints for a number of violations, including breach of lease actions and warrants for unpaid taxes.
A complaint filed with the California State Bar Association also states that Avenatti carried out an illegal “pump and dump” scheme using the firm that purchased the coffee chain. In that complaint, it also contends that Avenatti fleeced nearly $6 million in Federal and State tax withholdings from the paychecks of Tully’s employees, and fraudulently transferred $100,000 from the Tully’s operation to retain lawyers for an unrelated legal matter in California.
Think CNN will still give this guy endless airtime despite this? Let us know your thoughts in the comments section below.