I have no clue how much of this list is accurate, but it's enough to give me pause:
Trumpnado @Trumpnado2016 Dec 13
1/ The Trump Org is NOT a corporation.
It is a mess of personally owned LLC's on Donald's personal income tax return.
@Newsweek
2/ Because of the way Trump set up his biz, to personally benefit from tax losses, he CAN NOT disentangle personally.
@kurteichenwald
3/ Trump's massive tax loss carry-forward was on his personal tax return, thus all income must ...
@kurteichenwald
4/ ... must remain as personal income for Donald to be able to take advantage of this massive tax break.
@kurteichenwald @nytimes
5/ so even if Donald wanted to, Trump can not afford to disentangle as personal owner of 500+ personal LLC's.
6/ NO ONE has been asking why he would have 500+ sole proprietorships/partnerships.
It is the only way he can use these massive tax breaks.
7/ There are huge advantages of efficiency & capital to operate as a large real corporation, so Donald made this decision for this purpose.
8/ after decades of running his biz as 500+ LLC's, it would be financially impossible to untangle. Taking many years, if even possible.
9/ Trump CAN NOT untangle from personally benefiting from every deal made by Trump Org entities. He owns each one personally.
10/ most of these LLC's carry large debt from different banks, tied to that asset. Most have more debt than the asset is worth.
11/ with such massive debt, there is really no way to untangle this LLC mess of companies from Donald personally.
12/ further even if bankers allowed him to sell these biz's, he could not afford the massive tax payments that would result.
13/ selling these personal assets, even if saddled with massive debt would incur huge tax payments for Trump. He simply can't afford it.
14/ Trump also has massive annual expenses.
Over $20 mil just for the Trump Tower retail condo. He must generate massive cash flow.
15/ And Wells Fargo owns the mortgage on Trump Tower retail condo, so yet another conflict of interest.
16/ Trump claims ownership of the Nike Store,
but yet another lie, he only owns a land lease of questionable value.
Block 1292 Lots 8,64,66
17/ NONE of the LLC's that own Nike Store are on Trump's FEC form. He rents the land from others.
18/ if you combine debt Trump has on Nike Store & 3 Trump Tower condos he owns, he's underwater, by a lot!
Trump DOES NOT own Trump Tower
19/ Trump DOES NOT own 40 Wall St.
He owns a land lease that is worth less than the debt he has on the property.
20/ When a land leases expires, all buildings/improvements on the property revert to property owner.
21/ Christian Hinneberg et al & other German partners OWN 40 Wall St. Trump just rents it from them.
22/ Trump has to get permission from the owner, Christian Hinneberg, to turn on the water at 40 Wall St.
23/ over 400 Trump LLC's are registered under highly secretive Delaware Corp laws.
We have no idea who his partners are,
or what debt
24/ Trump has set up a highly unusual labyrinth of secretive DE LLC's. There is no way he can, or will, disentangle his personal ownership.
25/ Trump requires a huge influx of new cash deals to service his massive existing expenses & debts, must make new deals or risk bankruptcy.
26/ No business journal has done a comprehensive estimate of Trump income/balance sheet/profit loss.
It can be done, but has not.
27/ Hotels & golf courses are notorious for marginal profits or losses, yet Trump is claiming massive unrealistic income from these biz's.
28/ Trump is lying
Trump biz's historically ALWAYS lose money.
He profits from govt zoning gifts & condo deals we know are mostly dark money
29/ Trump could not run a golf course or hotel at a profit, simply impossible based on his horrible management record.
23/ Equitable Life Insurance of the USA developed Trump Tower & owned the land.
Trump profited by bringing govt zoning gifts & ...
24/ ... being the front man for Equitable to partner with the mob, get ridiculous tax breaks & destroy a historic façade of Bonwitt Teller.
https://twitter.com/Trumpnado2016/status/808666847491006469
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