Headline Roundup • January 13th, 2023
Trump Organization Fined $1.6 Million For Tax Fraud
Summary from the AllSides News Team
Executives at the Trump Corporation and Trump Payroll Corporation were found guilty of 17 counts of tax fraud in a Manhattan court this morning.
For Context: The case was largely built from Allen Weisselberg's testimony, he was the Trump Organization's former finance chief. Weisselberg pleaded guilty to tax avoidance last year and was sentenced to five months in New York City's Rikers Island jail. The Trump Organization was charged with tax fraud for avoiding taxes over a 15-year period by compensating executives with different perks such as luxury cars, private school tuition, and apartments.
What's Next: The defense attorney for the Trump Corporation and Trump Payroll Corporation said they plan to appeal the conviction.
Donald Trump: Trump nor his family members were charged in the case. Trump denied any knowledge of the tax evasion.
How the Media Covered It: The Associated Press (Lean Left) focused more on the effects of the case on Donald Trump than other outlets, though Forbes mentioned that Trump could still be investigated in the future. CBS and Fox only mentioned that Trump and his family were not implicated in the case.
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The Trump Organization must pay $1.6 million in fines after being found guilty of tax fraud, a judge ordered Friday according to multiple outlets, after former President Donald Trump’s family business was found to have evaded taxes for years by paying executives through off-the-books gifts.
The sentence marks the maximum penalty that the Trump Organization could have been fined based on the charges against it.
Two Trump Organization companies were ordered to pay a $1.6 million fine at sentencing Friday, after a jury last month unanimously found them guilty of 17 counts related to tax fraud. The fine imposed by Judge Juan Merchan was the maximum penalty allowed in the case — double the amount of the taxes avoided.
Executives at the two companies, called the Trump Corporation and Trump Payroll Corporation, were found to have illegally reduced payroll liability through a variety of schemes, including giving executives untaxed bonuses and high-end perks worth millions.
The Trump Organization received its sentencing Friday at the New York Supreme Court after being found guilty of a slew of tax fraud-related felonies last year.
The organization has been ordered to pay $1.6 million in fines, $800,000 for each of the two entities found guilty in the case. The company has 14 days to pay the financial penalties.
Two companies within the Trump Organization were found guilty on a range of financial crime charges last month.
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