I’m hoping that readers can help me out here…
The trial of Paul Manafort is basically over. When it started there were headlines saying that he had evaded taxes on $60 million of income by keeping the money in offshore accounts.
Yet the government itself presented evidence at the trial that Manafort was broke. See “Bookkeeper says Manafort was broke in 2016 and lied to banks” (CNN).
If he’d ever had $60 million in taxable income (i.e., actual profit from running his lobbying business), how could he be broke? Did he spend $60 million on personal non-deductible consumption?