Trump is so broke that he had to use an illegal loan to keep his presidential campaign afloat during the 2016 election.
The New York Times dropped a fresh bombshell from Trump’s tax returns:
Then, seven weeks before the election, something else unusual happened. The Trump-Ruffin partnership borrowed $30 million from City National Bank in Los Angeles. Mr. Trump signed the loan documents in New York City, but tax records show that Mr. Ruffin personally guaranteed nearly the entire amount, should the company ever be unable to pay.
The partnership was not required to disclose on its tax returns how the borrowed money would be spent. But the timing of the loan, combined with the partnership’s lack of available cash that year, strongly suggests that the loan funded the millions of dollars in payments to Mr. Trump.
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Experts say that if these expenses were not for legitimate business purposes, they would be looked at under the law as an illegal campaign contribution.
Based on what is known about Trump’s tax returns, then-candidate Trump was deeply in debt with his revenue streams drying up. Trump struggled to raise money in 2016, and he was so bad with his campaign resources that even after raising over a billion dollars in 2020, the Trump reelection campaign is too broke to match Joe Biden’s TV ad spending.
The publication of his tax return information has been a disaster for the president. Trump sold a lie to the Republican Party and voters in 2016. The President is not a billionaire. He is a failed businessman who is deeply in debt and living off of bilking the taxpayers.
If Trump did fund his campaign with an illegal loan, there should be criminal consequences.
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Jason is the managing editor. He is also a White House Press Pool and a Congressional correspondent for PoliticusUSA. Jason has a Bachelor’s Degree in Political Science. His graduate work focused on public policy, with a specialization in social reform movements.
Awards and Professional Memberships
Member of the Society of Professional Journalists and The American Political Science Association
