Jan 13, 2023
By Angus Gillespie
A New York judge has fined the Trump Organization $1.6 million – the maximum possible penalty – after being found in violation of tax laws, and specifically running a decade-long tax fraud scheme. No further harsher penalties are permitted under existing laws.
The Trump Corp. and Trump Payroll Corp., were each convicted in December of last year with 17 felonies, including tax fraud and falsifying business records.
Under New York State law, the most the companies can be fined is about $1.6 million, a penalty the Trump Organization can easily afford. There are those who would argue the penalty was worth it, because the savings over more than a decade of the scheme most certainly saved the organization far more than the financial fine that was levied.
New York District Attorney Alvin Bragg says the fine against the Trump Org. is important but he also wants lawmakers to raise the fines for companies that break the law.
While Trump and his family were not charged, the former president was mentioned repeatedly during the trial by prosecutors about his connection to the untaxed benefits provided to certain executives, including company-funded apartments, car leases and personal expenses, such as tuition payments for their children.