What's Next For Trump? Ex-President Faces Renewed Legal Problems

Donald Trump has not only lost the legal protections that came with being president, he now faces the long-awaited specter of his tax records going public.

New York investigators have reportedly acquired some of the former president’s tax returns, independent of a Supreme Court order that would have granted eight years of them.

Trump is expected to face a litany of legal entanglements, but none more watched than the case by Manhattan District Attorney Cyrus Vance Jr., who received tax records dated 2011 to 2018 from unofficial sources, Bloomberg noted.

Sources told Bloomberg that Vance alleged that Trump’s business routinely overstated the value of its assets, both for lenders and the IRS.

In July, the Supreme Court rejected Trump’s efforts to keep his tax records private. Trump had claimed presidential immunity, further arguing that Vance’s subpoena was overly broad. Lower courts rejected those arguments, prompting Trump to take his case up the legal ladder.

The Supreme Court has so far deferred a decision on Trump’s argument that Vance’s investigation amounts to a “fishing expedition,” though the district attorney has agreed not to enforce his subpoena in the meantime. A lower court said judges should be “meticulous” in addressing Trump’s claims.

A spokesman for Vance declined to offer details on the precise information it was seeking, but a court filing by his office cited a history of the Trump Organization’s allegedly falsifying financial records. The company may have violated a litany of state statutes on tax, insurance, and business fraud, according to the filing.

Vance’s office has reportedly interviewed a number of former Trump associates, including his former attorney Michael Cohen, who is familiar with the organization’s business practices. Cohen had pleaded guilty to violating campaign finance laws in connection to Trump’s 2016 presidential campaign. Vance has investigated alleged hush-money payments Cohen made to adult-film star Stormy Daniels and a Playboy model Karen McDougal before the 2016 election. Cohen claims Trump directed him to pay the two women.

Prosecutors have also reportedly talked to Deutsche Bank AG, which lent the Trump Organization more than $300 million. Vance has hired the financial firm FTI Consulting to analyze Trump’s financial statements and potentially serve as an expert witness.

The New York Times' investigation in September found that his 2010 tax refund was at the center of an audit dispute. In 2022, Trump will have a $100 million tax payment due in connection to a $72.9 million tax refund he received in 2010. He reportedly could face paying another $100 million if he loses a tax dispute.

Other legal problems linger, as well. On Monday, Democratic leaders are expected to begin an impeachment trial. Should two-thirds of the Senate vote to convict Trump, it would likely dash any hopes of Trump running in 2024.

There is also New York state, which in August announced an investigation into whether Trump and the Trump Organization manipulated assets to secure loans and obtain tax benefits.

Trump also faces lawsuits in Washington, D.C., and Maryland over whether he used the presidency to benefit his personal finances, which would be a violation of the Emoluments Clause.

There are more civil cases pending. Trump faces defamation claims by two women who say he sexually assaulted them.