Michael Cohen has revealed that Donald Trump's "greatest fear" has always been that his tax returns will be released to the public – and he predicts the president could go to jail immediately for tax fraud after leaving the White House.
The former personal attorney and self-described fixer for the president, who himself was convicted of tax evasion, says the New York Times bombshell report on Trump's taxes over the past two decades is just the tip of the iceberg.
He says the "corrupt" president could face a number of other allegations if forensic accountants were to receive his returns.
"From what I know and what has now been reported, he could soon be the first sitting president to come straight to jail from the White House," he told DailyMail.com.
& # 39; Trump's biggest fear is that if his tax return is published there will be a whole host of organizations of accountants and forensic accountants breaking through and he will end up with massive tax charges, fraud penalties, fines and possibly even tax fraud.
"He's not reporting the income he claims and the IRS has probably been very lenient with how they made deductions."
Donald Trump's former personal attorney and fixer Michael Cohen says the president's "greatest fear" is that his taxes will be exposed to the public. According to Cohen, the New York Times bombing report of Trump's taxes over the past two decades is only the tip of the iceberg for the president
Cohen, convicted of tax evasion, predicts Trump will be the "first sitting President to go straight to jail from the White House".
Cohen discussed Trump's taxes in his book, Disloyal: A Memoir, and revealed that the president once received a tax refund check from the IRS for $ 10 million.
He wrote of Trump's tax evasion on page 94 of the book: “Conversely, as you will see on later pages, with potential criminal ramifications for paying taxes – an obligation Trump did not minimize or avoided, but rather quite Security illegally bypassed – the same properties would be viewed as essentially worthless, or better yet, subject to huge capital losses that it could then pull away.
Cohen discussed Trump's taxes in his book, Disloyal: A Memoir, and revealed that the president once received a tax refund check from the IRS for $ 10 million
I remember sitting in Trump's office on the 26th floor when a tax refund check for $ 10 million came in from the government. He held up the check for me to see, amazed but also delighted.
"Can you believe how stupid the IRS is?" Asked Trump. “Who would give me a $ 10 million refund? You are so stupid! & # 39; & # 39;
Cohen says he paid $ 6 million in taxes to the IRS over the same period, but is the one who ended up in jail.
The former attorney is now planning a special episode of his Mea Culpa podcast, which will look at the alleged financial crimes and corruption of Donald Trump.
He added, "Everything I've said about Donald Trump has been proven 100% true."
The New York Times reported Sunday that the president paid just $ 750 in federal income taxes in both 2016 and 2017.
And documents show that in 11 of the 18 years examined, the president paid no income tax at all, according to a report in the newspaper.
He has been able to minimize his tax burden by reporting heavy losses in his business empire, including on his golf courses.
This is despite receiving $ 427.4 million through 2018 from its reality television programming and other advertising deals.
The investigation even found tax deductions on expenses, including $ 70,000 for styling Trump's hair for The Apprentice.
The president could also face increasing financial pressures in the coming years.
Tax records indicate that he has total loans and debts of $ 421 million, mostly due within four years.
When Trump replied to the report on Sunday evening, he told reporters, “It is completely false news. Invented. Totally wrong news. & # 39;
Michael Cohen tweeted an excerpt from his book writing about Trump calling the IRS "stupid".
Cohen has regularly raised the alarm about Trump's taxes, which led to an investigation by the New York attorney general that is ongoing
The president, who ran for office as a billionaire and successful businessman, said he paid taxes despite not providing details.
His lawyer later told the press that Trump had personally paid millions of dollars in taxes over the years.
Cohen is now planning a special episode of his Mea Culpa podcast, which will look at the alleged financial crimes and corruption of Donald Trump
Cohen has regularly raised the alarm about Trump's taxes, which led to an investigation by the New York attorney general that is still ongoing.
On December 12, 2018, Cohen himself was sentenced to three years in prison and fined $ 50,000 after pleading guilty of tax evasion and campaign funding violations.
He was released in early May this year on concerns about COVID-19 to serve the remainder of his sentence under house arrest.
Cohen has since voiced his contempt for Trump, whom he blames for his fall from grace.
54-year-old Cohen started his podcast immediately after his book "Disloyal: A Memoir," which hit # 1 on the New York Times bestseller list last week.
Staunch Trump's critics, Rosie O & # 39; Donnell, former White House communications director, Anthony Scaramucci and Trump's sacked advisor Omarosa Manigault Newman, have appeared on his show, which runs in partnership between Audio Up Media and MeidasTouch.
Michael Cohen's Mea Culpa airs every Monday and is available for download.
IMPORTANT FINDINGS FROM THE TRUMP TAX RETURN REPORT
TRUMP PAID ONLY $ 750 IN TAXES IN BOTH 2016 AND 2017.
The newspaper said Trump initially paid $ 95 million in taxes over the 18 years he studied. But he managed to win most of the money back by filing and receiving an impressive $ 72.9 million tax refund. Trump also pocketed $ 21.2 million in state and local refunds, usually based on federal filings, according to the Times.
Trump's oversized refund has been the subject of a longstanding audit of his finances by the Internal Revenue Service. The test was well known. Trump has claimed that is exactly why he cannot clear his return. However, the Times report is the first to identify the problem, which has been largely controversial.
As a result of the refund, Trump paid an average of $ 1.4 million in federal taxes from 2000 to 2017, the Times reported. In contrast, the average U.S. taxpayer in the top 0.001% of the workforce paid about $ 25 million annually over the same period.
TRUMP HAS FINANCED AN EXTRAVAGANT LIFESTYLE BY USING BUSINESS EXPENSES
From home, from his airplane to $ 70,000 for hairstyling on his television show "The Apprentice" – Trump has used the cost of his business to finance a luxurious lifestyle.
The Times noted that Trump's homes, planes, and golf courses are part of the Trump family business, and as such, Trump also classified them as business expenses. Since companies can write off business expenses as deductions, all of those expenses have helped lower Trump's tax bill.
Many of his best-known companies are money losers
The president has often referred to his distant hotels, golf courses and resorts as evidence of his success as a developer and businessman. But these properties have consumed money.
The Times reported that Trump has claimed $ 315 million in losses on his golf courses since 2000, including the Trump National Doral near Miami, which Trump has depicted as the crown jewel in his business empire. Likewise, its Trump International Hotel in Washington lost $ 55 million, the Times reported.
FOREIGN VISITORS SUPPORTED TRUMP & # 39; S PROPERTIES
Since Trump began his presidential run, lobbyists, foreign governments and politicians have spent sizable sums of money on his real estate, a buying frenzy that has raised questions about its adequacy and legality.
The Times report shows how high those expenses were: Since 2015, his Mar-a-Lago resort in Florida has raised an additional $ 5 million annually through an increase in membership. The Billy Graham Evangelistic Association spent at least $ 397,602 at Trump's Washington hotel in 2017. Overseas projects have raised another million for Trump – $ 3 million from the Philippines, $ 2.3 million from India and $ 1 million from Turkey.
TRUMP IS FINANCIAL PRESSURE WHEN DEBT FALLS
Trump certainly seems to be under severe financial pressure from the enormous mountain of debt he has taken on. The Times said the president is apparently responsible for $ 421 million in loans, most of which mature within four years. In addition, a $ 100 million mortgage on Trump Tower in New York will fall due in 2022.
Associated Press coverage