Progressive New Jersey Democratic activist Lisa McCormick is calling for accountability after revelations by The New York Times and ProPublica suggest that disgraced former President Donald Trump may face a tax bill exceeding $100 million.
“Now that we know 125,000 wealthy tax cheaters filed no returns since Trump’s first year in the White House, Americans deserve to know about the result of the IRS audit concerning alleged double-dipping on losses tied to a Chicago skyscraper, Trump International Hotel and Tower, and the potential $100 million in penalties he owes,” said McCormick, who pointed out that Trump received at least $413 million from his father’s real estate empire, much of it through tax dodges in the 1990s.
“Donald Trump has built his career on smoke and mirrors, and this latest report shows once again that he’s trying to cheat the system — this time, by defrauding the American taxpayer,” said McCormick, who is best known for earning nearly four of ten votes cast in the 2018 Democratic US Senate primary. “It is time for answers: Did Trump pay his fair share, or has he been skirting his tax obligations while hard-working Americans shoulder the burden?”
The report revealed that Trump initially declared $697 million in losses on the Chicago property in 2008, citing that the development was “worthless” due to cost overruns and slow sales.
In 2010, Trump allegedly transferred the property to another entity he controlled and continued to claim further losses, totaling $168 million over the next decade, effectively dodging taxes.
Tax experts consulted by the two outlets estimate that if the IRS rules against Trump in its audit, he could face a new tax bill of more than $100 million, plus interest and penalties.
Despite claims from Trump’s camp that this matter was “settled years ago,” McCormick insists the public deserves to know the truth about Trump’s dealings.
“Trump may talk about being a businessman, but this looks more like a scam,” McCormick said. “While the rest of us pay our taxes, he manipulates the system and then cries foul when the IRS catches on. The American people deserve to know if Trump has been cheating the system, especially as he tries to make his way back to the White House.”
McCormick also criticized Trump’s continued refusal to release his tax returns, despite the precedent set by previous presidential candidates.
“We know that Trump has tried to hide his financial dealings for years,” McCormick said. “This is why transparency is key, and why the American people should demand to know whether he paid his taxes.”
McCormick is calling on Congress and the Biden administration to expedite the release of all relevant IRS findings and ensure that justice is served.
“No one should be above the law — not even a former president,” McCormick said. “It’s time for answers, accountability, and to finally put an end to the decades of deception.”
McCormick is an advocate for fair taxes and stronger scrutiny of the ultra-wealthy, including an overhaul of tax laws that allow billionaires like Trump to exploit loopholes while average Americans struggle to make ends meet.
She supports efforts to strengthen the IRS and ensure the wealthy pay their fair share, saying that Trump’s tax behavior “represents everything that is wrong with an economic system rigged in favor of the rich.”
McCormick said that Internal Revenue Service Commissioner Danny Werfel, testified during a House Ways and Means Committee hearing on Capitol Hill, on Feb. 15, 2024, that the IRS is going after 125,000 Americans who earn more than $400,000 but did not file tax returns since Trump’s first year in the White House.