President Donald Trump’s signature was placed on the Tax Reform and Jobs Bill on December 22, with a photo of his parents looking over his shoulder, as seen in a recent Getty Images photo. The president signed the new tax reform bill amid news breaking about another alleged tax scam that involved Trump and Mar-a-Lago years ago. According to MyPalmBeachPost.com, Trump used crafty tactics to strike a deal with Palm Beach to save at least $5.7 million in 1993 and continued to use the tactic to potentially deduct as much as $100 million or more from his taxes via other Trump properties.
The publication notes how Trump used “a preservation easement” deduction to get a huge tax break at Mar-a-Lago and other properties. The IRS has deemed such deductions as the “Dirty Dozen Tax Scams” in past years. Trump’s Mar-a-Lago was able to finagle the deduction that was created in 1969 in an effort to preserve land other historically significant properties but ended up being a loophole of tax abuse by rich people by the 2000s. The tax law was created with charitable donations in mind but ended up being a “quid pro quo” type of deal struck 25 years ago when Mar-a-Lago was allowed to act as a private home as well as a club that made money.
Mar-a-Lago was a trending term on Twitter on Friday, December 22, with news of Trump’s arrival in Palm Beach sending social media into a tizzy. According to CNN, it represents Trump’s day No. 35 at Mar-a-Lago since becoming president and day No. 106 that Trump has visited one of his own properties since taking the highest office in the land.
Trump has bragged during a 2016 campaign rally about “brilliantly” using tax laws to his advantage and his “fiduciary responsibility to pay no more tax than is legally required.” However, the IRS keeps an eye on easement claims, especially on golf courses that don’t tend to improve the environment or public usage. Trump reportedly gets around the charitable clauses by allowing 100 members of the public on the grounds of Mar-a-Lago only one day each year to view and study the historical significance of the property.