New York: Former US President Donald Trump’s company has been fined $1.6 million, after its top executives were found to have evaded taxes by misrepresenting personal income. Following this, former US President Donald Trump’s company has been fined $1.6 million for tax fraud. Trump has denied any knowledge of the tax evasion scandal.
Judge Juan Manuel Merchon said the only possible penalty for Trump’s company, which was convicted last month of 17 felonies (tax-related), including conspiracy and falsifying business records, was a fine. Note that this penalty amount is the maximum amount allowed by law.
Tax fraud has ranged from perks including rent-free apartments, luxury cars and private school tuition in Trump properties owned by the former president.
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Trump has denied any knowledge of illegal tax evasion by his company’s executives. Trump’s company and its subsidiaries, Trump Corp., have each been fined different amounts.
Neither former President Trump nor any of his children were in court during the trial. In a statement released by Trump’s corporate group after the ruling, it said it had done nothing wrong and would appeal the ruling.
“New York has become the crime and murder capital of the world, yet politically motivated cases like this one can do nothing against Trump,” the statement said.
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“All of these corrupt practices are part of the Trump Organization’s executive compensation package, and it’s certainly cheaper than paying those executives higher salaries,” one lawyer said.
Upon hearing the ruling, Trump’s lawyers asked for a slightly reduced sentence. Because legal experts say there is no room in the law to impose fines on multiple accounts for the same charge.
It also said fines for Trump companies should have been $750,000 or less. While the company had asked for 30 days to pay the fine, the judge ordered that the fine should be paid within 14 days.
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