Jeff Dufour

This Forbes investigation is a must-read. Donald Trump pulled in roughly $1.4 billion from crypto in 2025, plus more than $200 million from real estate, and faced a projected tax bill north of $500 million. So his company donated the "development rights" to his Jupiter, Florida golf course to a land trust, argued the course was a natural habitat worth protecting, and kept right on running the club. Forbes estimates the write-off could land around $825 million. He has done this at least five times since 2005. New York's attorney general alleged two of those appraisals were inflated. In Doral, he claimed a deduction of up to $323 million, more than double what he paid for the entire resort. A month after the Jupiter deal, he sued the IRS. The settlement his own Justice Department signed bars claims against him over matters that "could be pending," language that appears broad enough to cover this year's taxes. A federal judge found the case was brought to manipulate the judicial process. And the man now running the IRS, who took the job as this deal was being assembled, has a home backing onto those same Jupiter fairways. This is absolutely ridiculous. Nobody should be able to use the presidency to write his own tax bill. forbes.com/sites/danalexande…