Michael Cohen believes Donald Trump doesn’t want to release his tax returns because he could end up owing large amounts in back taxes and penalties once forensic accountants take a look at them.
The President’s former lawyer and fixer spoke to CNN about Trump’s taxes on Wednesday. He suggested they would show Trump isn’t as rich as he claims but that wasn’t his primary concern.
“He doesn’t report the income he claims,” Cohen said.
“His wealth is not as significant, and I imagine they were probably lenient in how they took deductions.”
Watch part of Cohen’s comments:
Some of Trump’s critics have made this point, arguing evidence suggests he is not a billionaire and may have exaggerated his wealth as a way to build up a public image.
However, Cohen argued that there was an even better reason for the President to keep his taxes private.
“His biggest fear is, if that tax return was released, there’s a whole slew of accountants and forensic accountants that will rip through it and he will end up with a massive tax bill, penalties, fines, and possibly even tax fraud,” Cohen said.
Cohen also called Trump a liar during his CNN interview and confessed that he had slavishly followed the future president.
“I was a sycophant,” Cohen said.
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