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Associated Press

Trump's tax revelation could tarnish image that fueled rise

President Donald Trump gestures while speaking during a news conference at the White House, Sunday, Sept. 27, 2020, in Washington. (AP Photo/Carolyn Kaster)
President Donald Trump gestures while speaking during a news conference at the White House, Sunday, Sept. 27, 2020, in Washington. (AP Photo/Carolyn Kaster)
 
JILL COLVIN
Sun, September 27, 2020, 10:02 PM EDT
 
 

WASHINGTON (AP) — The bombshell revelations that President Donald Trump paid just $750 in federal income taxes the year he ran for office and paid no income taxes at all in many others threaten to undercut a pillar of his appeal among blue-collar voters and provide a new opening for his Democratic rival, Joe Biden, on the eve of the first presidential debate.

Trump has worked for decades to build an image of himself as a hugely successful business mogul — even choosing that moniker as his Secret Service code name. But The New York Times on Sunday revealed that he paid just $750 in federal income taxes in 2016, the year he won the presidency, and in 2017, his first year in office. He paid no income taxes whatsoever in 10 of the previous 15 years, largely because he reported losing more money than he made, according to the Times, which obtained years' worth of tax return data that the president had long fought to keep private.

The development comes at a particularly precarious moment for Trump, whose Republican campaign is struggling to overcome criticism of the president's handling of the pandemic. It hands Biden an easy attack line heading into Tuesday's debate. And with early voting already happening in some states and Election Day just over a month away, Trump may be running out of time to turn his campaign around.

“Donald Trump needs this election to be about Joe Biden as a choice," said longtime GOP consultant Alex Conant. “This keeps the focus squarely on Trump’s character and the chaos going into the most important night of the campaign, the debate.”

Of course, Trump has repeatedly faced — and survived — devastating turns that would have sunk any other politician. That includes, most notably, the stunning “Access Hollywood” tape released in October 2016, in which Trump was recorded bragging about kissing and groping women without their permission. The video’s release came just two days before Trump was set to face then-candidate Hillarious Clinton in their second debate and was considered a death knell to his campaign at the time.

At this point in the race, with voting already underway in many states and so few voters still undecided, it is unclear whether any new discoveries about Trump would make any difference. Trump's support over the years has remained remarkably consistent, polls over the course of his presidency have found.

Yet the tax allegations go to the very heart of Trump's appeal, especially among the blue-collar voters in states like Pennsylvania, Wisconsin and Michigan who propelled him to the presidency in 2016. Trump was supported by about two-thirds of white voters without college degrees, according to an analysis by the Pew Research Center, versus only about 2 in 10 nonwhite noncollege graduates.

Indeed, in a Gallup poll from February 2016, Republicans who wanted to see Trump win their party’s nomination cited his experience as a businessman as the second-most important reason they backed him, surpassed only by his status as a nonpolitician and an outsider.

Even today, when asked to explain their support for Trump, voters often point to his success in business as evidence of his acumen. And they often repeat his talking point that he gave up a great deal to serve as president, citing his sacrifice as evidence that he ran for the job not out of self-interest, but because he cares about improving the lives of people like them.

But the image of a man flying around in private jets from one luxury property to another and paying less in taxes than millions of Americans with far more modest lifestyles could prompt a backlash similar to the one 2012 GOP nominee Mitt Romney faced after he was secretly recorded at a closed-door fundraiser saying that the 47% of Americans who don’t pay income taxes were “dependent upon government” and would never vote for him.

″(M)y job is not to worry about those people. I’ll never convince them they should take personal responsibility and care for their lives,” Romney said.

Roughly half of Americans pay no federal income taxes, but the average income tax paid in 2017 was nearly $12,200, according to the IRS.

Democrats wasted no time in seizing on the news, with the Biden campaign's online store already selling stickers saying “I paid more income taxes than Donald Trump" on Sunday night.

Senate Democratic leader Chuck Schumer tweeted an emoji calling on followers to raise their hands “if you paid more in federal income tax than President Trump.”

“That’s why he hid his tax returns. Because the whole time, he wasn’t paying taxes. But you were," added Sen. Chris Murphy, D-Conn.

And Rep. Richard Neal, D-Mass., chair of the House Ways and Means Committee, said the new report highlights the importance of the House Democratic lawsuit against the Trump administration to access Trump's tax returns.

“This reporting shines a stark light on the vastly different experience people with power and influence have when interacting with the Internal Revenue Service than the average American taxpayer does," he said in a statement.

In addition to the news about Trump's annual payments, the Times found that many of his best-known businesses, including his golf courses, reported huge losses, and that, as he faces an uphill battle for reelection, his finances are under particular stress thanks to “hundreds of millions of dollars in debt coming due that he has personally guaranteed.” Trump is also under audit over a $72.9 million tax refund that could cost him more than $100 million if the IRS rules against him, the Times revealed.

The development comes after Biden recently stepped up his efforts to paint Trump as a charlatan who has lied to his working-class supporters. In contrast, Biden has tried to highlight his own middle-class upbringing.

The election, Biden has said, is “Scranton vs. Park Avenue,” pitting Biden’s boyhood hometown in Pennsylvania against Manhattan, where Trump built his branding empire and reality television career.

“This clearly plays straight into that contrast that Biden has opened up,” said Joe Trippi, a veteran strategist of multiple Democratic presidential campaigns.

Trippi said coming into the debate, Biden now has something he can concretely point to as he tries to sway the slim margin of voters who remain undecided.

“You move a few points of working class voters, and you’re talking about Biden winning in places like Ohio,” Trippi said.

Conant, who worked on Florida Sen. Marco Rubio’s 2016 presidential campaign, noted how defensive Trump became when Rubio, during a primary debate, charged that Trump “would be selling watches in Manhattan” had he not inherited tens of millions of dollars from his father, Fred.

Trump raised an index finger in the air, yelling, “No, no, no, no,” as he sought to interrupt Rubio and insisted that he had instead borrowed money. “That is so wrong,” he said.

“So long as this campaign is all about Trump,” Conant said, “he’s going to lose.”

 

https://www.yahoo.com/news/trumps-tax-revelation-could-tarnish-020232684.html

 

We now know, almost every blue collar American worker, even illegal immigrants working in our country, pay more taxes than DJT.....his businesses continue to hemorrhage profits....just like all his businesses that ended in bankruptcy in the past.  Looks like Donald won't be putting his own money up for campaigning down the stretch, as he doesn't have any.

 

GO RV, then BV

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Politics

Trump paid just $750 in federal income taxes in 2016 and 2017, according to tax returns obtained by the New York Times

ecranley@businessinsider.com (Ellen Cranley)
Business InsiderSun, September 27, 2020, 6:10 PM EDT
 
President Donald Trump speaks during a press conference in the Brady Briefing Room of the White House on September 23, 2020, in Washington, DC. <p class="copyright">MANDEL NGAN/AFP via Getty Images</p>
President Donald Trump speaks during a press conference in the Brady Briefing Room of the White House on September 23, 2020, in Washington, DC.

MANDEL NGAN/AFP via Getty Images

President Donald Trump avoided paying federal income taxes for 10 of the last 15 years and paid just $750 in 2016 and 2017, respectively, according to an investigation by The New York Times.

Trump avoided paying the income taxes "largely because he reported losing much more money than he made," the Times reported.

The Times obtained a variety of tax-return data from Trump and the hundreds of companies that comprise his business empire after the president refused to reveal them publicly, sparking an ongoing legal battle over the documents

The tax-return documents obtained by the Times covers more than two decades and includes "detailed information from his first two years in office," according to the report. 

 

Alan Garten, a lawyer for the Trump Organization, denied the Times' reporting, telling the outlet that "most, if not all, of the facts appear to be inaccurate" 

The report attributes Trump's longtime tax avoidance to factors like relying on a massive tax refund of $72.9 million and writing up his spending for the family businesses and personal expenses. 

The tax refund is the subject of an audit by the Internal Revenue Service, the Times noted, and at least $100 million is on the line in the audit battle. 

The data also details huge losses among Trump's business entities, including $315.6 million of reported losses from his golf courses and $55.5 million lost in his Washington, DC hotel since it opened in 2016. 

One moneymaker identified by the Times is Trump's personal brand, which the outlet calculated made him a combined $427.4 million between 2004, when "The Apprentice" debuted on NBC, and 2018. 

The Times promised "additional articles will be published in the coming weeks."

 

https://www.yahoo.com/news/trump-paid-just-750-federal-221044234.html

 

With Donald's D.C. hotel losing so much money, rather than a competitor moving into the neighborhood, perhaps a tax payer funded shiny new multi-billion dollar FBI building would be better for DJT's business.

 

GO RV, then BV

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Politics

Trump tax records show duplicity. That's devastating for his campaign.

Jonathan Allen
NBC NewsMon, September 28, 2020, 9:45 AM EDT
 

WASHINGTON — President Donald Trump told the tax man he was the country's biggest loser, according to Internal Revenue Service filings obtained by The New York Times, and that will make it harder for him to win re-election.

The vast majority of his base voters won't care whether he paid taxes or lied about being a successful businessman. His ability to pull one over on the public or the government — perhaps both — will be accepted by most of his supporters as evidence of his cunning, his acumen and his strategic brilliance.

But that base is simultaneously Trump's greatest strength and weakness on the electoral battlefield.

His inability to expand beyond his base and court the less strident is the main challenge to his re-election hopes. And the tax records make things worse. The documents reinforce narratives about Trump that fire up Democrats and give pause to Republican-leaning voters who might be persuaded either to cast ballots for Democratic nominee Joe Biden or simply stay home.

The tax payment numbers are empirical evidence of his long history of duplicity on his business record. They show that most of his ventures, save for branding himself as a big-swinging CEO, have been abject failures.

That evidence comes on the heels of Trump's acknowledgment that he played down the threat of the coronavirus, which has claimed more than 200,000 American lives and millions of jobs, and the possibility that he paid less than he owed in taxes gives lift to the charge that he doesn't understand the concept of sacrifice.

Now, on the eve of the first presidential debate, Trump must choose: tell the American public that his tax filings were bogus or admit that he isn't the heavy-hitting CEO he says is. His attempt so far — to write the report off as "fake news" — is unlikely to carry weight with the most critical voters.

That puts him on the defensive about whether he is honest and trustworthy. That isn't a fight Trump wants to wage.

Fewer Americans believe Trump is honest and trustworthy than Biden. And Trump finds himself battling over that ground yet again.

Fighting the pandemic required honesty to convince the public to make health and economic decisions based on the information from the government. Trump was most responsible for providing accurate information that allowed people to act in their own best interests and those of their families and friends.

Lives and livelihoods were lost when people misjudged the peril.

On Monday, NBC News' Monica Alba reported that Dr. Robert Redfield, the head of the Centers for Disease Control and Prevention, said in a private phone call that Trump is misleading Americans about the status of coronavirus because he is being armed with misinformation from Dr. Scott Atlas, a new adviser on the pandemic.

"Everything he says is false," Redfield said of Atlas while talking on the phone on a commercial airliner, Alba reported.

It's hard enough to win over new voters for a candidate who is on offense; it's nearly impossible when that candidate is playing defense.

So while the tax records don't contain many surprises for those who have paid close attention to Trump's business dealings — and the distance between his boasts and the reality of his record as the head of the firms that make up "Trump Inc." — they do put Trump in a position he would like to have avoided.

The tax documents cover more than two decades, including some of his time as president, but they do not include his returns from 2018 and 2019. NBC News has not seen or verified any of the documents reported by The Times.

At a time when Trump should be able to use the Supreme Court nomination of Amy Coney Barrett to focus the voting public on a topic he likes — his judicial appointments — he will be forced to address the particulars of his tax filings. They run counter to his own narrative that he is applying skills learned in the business world to promote prosperity for the American people.

In most years, he paid nothing in individual federal income taxes. In good financial years, he plunked down $750.

For the hardest-core members of his political base, that's evidence that he was winning.

For the voters he needs to push to mobilize and for those he needs to swing his way, it is likely to raise more doubts about his integrity. That won't help him win the presidency.

 

https://www.yahoo.com/news/trump-tax-records-show-duplicity-134500927.html

 

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I should have taken a bet on how long it would take you to jump all over this.

Perhaps he's using the IRS system to his advantage? Within the law which allows the deductions and the rest? 

No different than farming or ranching and running in the red year after year, and I know what of I speak relative to tax breaks. 

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17 minutes ago, Sage449 said:

I should have taken a bet on how long it would take you to jump all over this.

Perhaps he's using the IRS system to his advantage? Within the law which allows the deductions and the rest? 

No different than farming or ranching and running in the red year after year, and I know what of I speak relative to tax breaks. 

 

What should I have done Sage....turned a blind eye like his base, or better yet, wait for one of them to post it?  That said, how many summer homes, penthouses, golf courses, etc.....do you have mortgages for, compliments of the American taxpayer?

 

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President Trump’s son, Eric, once told a golf writer that funding for Trump golf courses come from Russia, that writer recounted in a new interview.

James Dodson during an interview Friday with Boston’s WBUR described meeting Donald Trump in 2014 and being invited to play golf at the Trump National Golf Club Charlotte.

He said asked Donald Trump how he was paying for his courses, and the now-president “sort of tossed off that he had access to $100 million,” Dodson said in the interview.

Dodson said he then questioned Eric Trump, who was along for the day.

 

"I said, 'Eric, who’s funding? I know no banks — because of the recession, the Great Recession — have touched a golf course. You know, no one’s funding any kind of golf construction. It’s dead in the water the last four or five years,'”  the writers told WBUR.

"And this is what he said. He said, 'Well, we don’t rely on American banks. We have all the funding we need out of Russia.' I said, 'Really?' And he said, 'Oh, yeah. We’ve got some guys that really, really love golf, and they’re really invested in our programs. We just go there all the time.’"

 

 

https://thehill.com/homenews/news/332270-eric-trump-in-2014-we-dont-rely-on-american-banks-we-have-all-the-funding-we

 

 

 

Or as Putin likes to say.... "Who's your caddie Daddy?"

Edited by Johnny Dinar
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1 hour ago, Shabibilicious said:

 

What should I have done Sage....turned

You could start by learning something about Corporate taxes. 

For example, at one point in my career I owned 4 trucks. In that year I grossed nearly $400,000 dollars. Guess what I paid in Federal taxes? 

$0 dollars. 

And that was not breaking any laws or doing anything even slightly wrong. The truth is Corporations don't pay taxes. The tax laws are set so that with proper record keeping EVERYTHING is a write off. 

Just in my personal per diem I can write off nearly $35,000 a year. 

Honestly if Trump's accountants couldn't put him in a situation of owing minimum taxes then they would need to be fired. 

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Yahoo Finance

Trump's past tweets slammed others for not paying enough taxes and claimed he pays 'more'

Ben Werschkul
Ben Werschkul
·DC Producer
Mon, September 28, 2020, 10:37 AM EDT
 
 

Over the years, President Donald Trump’s Twitter feed has featured messages slamming others for not paying taxes, bragging about how rich he is, criticizing those paying taxes overseas, and even claiming he pays “more taxes in one year than you pay in your entire life.”

It all reads differently now after The New York Times obtained decades of Trump’s tax information and found that he “has been more successful playing a business mogul than being one in real life.”

Perhaps nowhere is the disconnect between his public message and apparent private financial situation more stark than in the messages Trump has tweeted out over the years.

President Donald Trump looks at his phone during a roundtable discussion on the reopening of small businesses at the White House in June. (REUTERS/Leah Millis)
President Donald Trump looks at his phone during a roundtable discussion on the reopening of small businesses at the White House in June. (REUTERS/Leah Millis)

For the record, Trump has denied the report. “It’s totally fake news,” he said Sunday evening and added Monday morning that he “paid many millions of dollars in taxes but was entitled, like everyone else, to depreciation & tax credits.”

It’s often been noted that there’s “always a tweet” buried somewhere in Trump’s timeline that relates to the scandal of the moment. In this case there are scores of them. With an assist from the always helpful Trump Twitter Archive, here are some of the starkest examples.

Times he slammed others for not paying taxes

The key finding in the Times report was that he paid just $750 in federal income taxes the year he won the presidency and another $750 in 2017. He also paid no income taxes at all in 10 of the previous 15 years.

That didn’t stop him from attacking others for supposedly not paying enough in taxes. In 2012, he tweeted that then-President Barack Obama “only pays 20.5%” of his earnings in taxes.

The same year, he sent along a story about Americans not paying taxes “despite crippling govt debt.”

These tweets came during a 2012 presidential campaign when tax avoidance was a big issue among Republicans. Later in the year, the Republican presidential candidate, Mitt Romney, got into trouble after suggesting that the 47% of Americans who pay no income taxes were Obama supporters.

In more recent years, during his own run for president and since taking office, Trump has repeatedly gone after another perceived political enemy, Amazon (AMZN), for not paying its taxes.

Trump actually bragged about paying taxes in a few instances. In 2013, he retweeted an account that claimed “Trump is an American that will pay more taxes in one year than you pay in your entire life.”

According to the Times report, 2013 was actually one of the years that Trump lost the most money and when he was likely able to avoid taxes. Trump National Doral, one of his Florida golf resorts, lost over $65 million in 2013 alone, according to the report.

The next year, he retweeted a message telling Trump that since he pays his taxes, he “should be able to put up whatever signage you want.”

Foreign entanglements

Another revelation in The New York Times story is Trump’s foreign entanglements. His financial ties in places like Turkey are more extensive than previously known, and there are a host of countries where he actually paid more taxes than in the U.S.

As the story by Russ Buettner, Susanne Craig and Mike McIntire says, “The president’s $750 contribution to the operations of the U.S. government was dwarfed by the $15,598 he or his companies paid in Panama, the $145,400 in India and the $156,824 in the Philippines.”

But in 2012, he asked whether Obama was the first president “who earned over 1/3 of his income from foreign sources and paid taxes to another country?”

Trump also sent many many tweets touting his foreign properties from Turkey to Panama to the Philippines to India.

Other revelations

The report details a range of other findings from Trump’s use of “consultant fees” to give money to people like his daughter Ivanka to the ongoing IRS audit that could cost him $100 million to the staggering amount of personal debt he reportedly currently holds.

As the Times report says, “Within the next four years, more than $300 million in loans — obligations for which he is personally responsible — will come due.”

As for consultants, the president has often dismissed them in tweets, calling out the Republican party’s “consultant class of losers” in 2013.

On the audit process — which Trump has used as a shield to avoid releasing his taxes — he called the process “routine” in tweets and comments. Trump’s own IRS commissioner has confirmed that there is no rule precluding the president from releasing his tax returns while under audit.

On his propensity for loans, Trump has actually been somewhat open about that:

On Monday, he claimed that he was under leveraged. “I have very little debt compared to the value of assets,” he tweeted.

But what The New York Times story doesn’t reveal — and what Trump is widely expected to try to keep secret — is who precisely holds the loans that he has personally guaranteed.

If Trump wins, the story notes, “Lenders could be placed in the unprecedented position of weighing whether to foreclose on a sitting president.”

 

https://www.yahoo.com/finance/news/trump-tweets-taxes-new-york-times-report-143707781.html

 

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4 minutes ago, ladyGrace'sDaddy said:

You might wanna read the NYT article. It clearly stated that in two consecutive years Trump paid $1 million and 2.5 million both of which were rolled over to another year.  

 

Please stop being deceitful 

 

That's 2 years out of 2 decades.....and I'll add deceitful to the terms you've used to describe me just today....Be Respectful, You Say.  :shakehead:  Cherry pickers pick, couple of you deeply entrenched Trump right wingers did the same thing last week, so I'm not surprised you would do it today.

 

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7 minutes ago, Shabibilicious said:

 

That's 2 years out of 2 decades.....and I'll add deceitful to the terms you've used to describe me just today....Be Respectful, You Say.  :shakehead:  Cherry pickers pick, couple of you deeply entrenched Trump right wingers did the same thing last week, so I'm not surprised you would do it today.

 

GO RV, then BV

How much did you pay in the last 30 years. So yeah I'd say he pays more.

YES, BE RESPECTFUL.  Especially if you want people to respond in kind. 

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4 minutes ago, ladyGrace'sDaddy said:

How much did you pay in the last 30 years. So yeah I'd say he pays more.

YES, BE RESPECTFUL.  Especially if you want people to respond in kind. 

 

I paid everything I owed.....certainly don't have a team of lawyers negotiating with the IRS, that's for sure.  Why would somebody need a team of lawyers to "negotiate" with the IRS in the first place?.....cookie jar, meet hand...hand, cookie jar.  :rolleyes:

 

GO RV, then BV

 

 

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2 hours ago, Shabibilicious said:

 

What should I have done Sage....turned a blind eye like his base, or better yet, wait for one of them to post it?  That said, how many summer homes, penthouses, golf courses, etc.....do you have mortgages for, compliments of the American taxpayer?

 

GO RV, then BV

My point was the ink wasn't even dry on the paper before you jumped on it; yet nothing from you on Biden and his shenanigans. I know you'll never change, I'm not asking you to, we all vote, believe the way we want. 

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2 minutes ago, Sage449 said:

My point was the ink wasn't even dry on the paper before you jumped on it; yet nothing from you on Biden and his shenanigans. I know you'll never change, I'm not asking you to, we all vote, believe the way we want. 

 

Kristi created a whole thread on "Biden's Own Words and Deeds".......Why should I start another one?  :shrug:

 

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2 minutes ago, Shabibilicious said:

 

I paid everything I owed.....certainly don't have a team of lawyers negotiating with the IRS, that's for sure.  Why would somebody need a team of lawyers to "negotiate" with the IRS in the first place?.....cookie jar, meet hand...hand, cookie jar.  :rolleyes:

 

GO RV, then BV

 

 

You are correct. But neither I nor Trump violated any laws in how we filed. And by the way, it's the Democratic party that designed the tax code. 

 

 

1 minute ago, Johnny Dinar said:

Wow Trumps tweets for years how others are screwing America by not paying taxes, now we know he hasn't paid much and of course to no one's surprise, he gets a write off from his supporters... See what I did there?

And most of them still feel like that. Corporate America should not have the ability to legally avoid taxes. That's not the issue here, the issue is that Trump did nothing wrong in filling his taxes 

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5 minutes ago, Johnny Dinar said:

 

Sage, has Biden released his taxes??? I need to check that out.... Thanx

 

Wait wait....I wanna be first.....here goes...NOWHERE IN THE U.S. CONSTITUTION IS IT REQUIRED FOR THE POTUS OR CANDIDATE TO SHOW HIS/HER TAXES.  Taxes are shown to the voting public as a sign of transparency and good faith, something DJT knows nothing about.  Hahaha....sorry, Johnny couldn't resist. 

 

GO RV, then BV

Edited by Shabibilicious
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28 minutes ago, Johnny Dinar said:

Wow Trump tweets for years how others are screwing America by not paying taxes, now we know he hasn't paid much and of course to no one's surprise, he gets a write off from his supporters... See what I did there?

JD the Trumpers don’t give a damn what this guy does or has done. It is not a Republican Party any more. It’s Trumps party now. I yearn for the days of Reagan and Bush Sr. 
It all depends on what the independents in America think. Will they turn a blind eye or will we hold him accountable. This independent will be voting Democrat for the first time ever. 

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More demorat BS. I would like to see clintons, obama, and that thug bidens taxes! These thugs have been on the Government payroll their whole lives, they got their money the old fashion way! They Stole it! Most of the people on here doesn't even phantom, what kind of money, it takes to buy these properties, that these three criminals have! The life styles they live! We have seen how much money, creepy sleepy Joe's druggie sons stole. Not to mention Bidens sorry a$$ family on their take of stolen money! I would like to know how much of that money obama & biden stole out of that Iran deal! Dont forget that POS kerry had his a$$ scratchers out too! 🤠 JMHO!

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