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We have all heard that Donald Trump has filed a civil lawsuit seeking at least 10 billion dollars in damages from the IRS and the U.S. Treasury Department, alleging they failed to prevent the leak of his confidential tax returns to the media during his first term.
The leak came from an IRS contractor named Charles Littlejohn, who collected and released Trump’s private returns. Those returns showed how remarkably bad Trump is at actually making money and how skilled he is at manipulating the tax code to keep what little he earns through massive, recurring losses at his companies. His companies routinely lose money, and he reports them as never having made any. In theory, the IRS is supposed to shut down businesses that never turn a profit after a certain number of years, but Trump’s corporate structure is so convoluted, with layers of subsidiaries, that it becomes nearly impossible to determine where, if anywhere, money is made and how. Trump designed it that way, with the help of business people he inherited from his much smarter father, Fred Trump.
We all know he is very good at loudly insisting that he is a successful businessman and extremely wealthy, but neither claim is true. Most of his income comes from slapping his name on shoddy products and selling branding rights; that is essentially his only reliable income stream. Everything else he tries to do to make money tends to fail because of a mix of ignorance about the product, disinterest in actually building it, and a laziness that permeates nearly every aspect of his life.
This brings us to his supposed crypto wealth. There is none. It is smoke and mirrors: fake people claiming fake income from fake products.
Imagine he creates a company, “Trump Town.” Trump Town has no income and no assets, so its value is 0 dollars. Then he creates a cryptocurrency, “Don Coin.” Don Coin has no market, no backing, and no buyers, so its value is also 0 dollars. For something to have value, it must be exchanged for something of recognized value. If you buy a car for 50,000 dollars, that transaction establishes a price: the car is now valued at 50,000 dollars in U.S. currency. If someone pays more, the value is higher; if they pay less, it is lower.
Banks recognize U.S. dollars and the car as tangible, collateralizable assets. A car company can borrow money based on how much cash it holds and on the value of the cars it owns, because each car has a market value.
Now return to Trump Town and Don Coin. Trump simply declares that each Don Coin is worth 10,000 dollars. No one else accepts this valuation, because the coins are backed by nothing except his word. No one is willing to buy them. He then claims to have created 1,000 coins and declares that the total is therefore worth 10 million dollars. Again, no outside party recognizes this value; it is a number he made up. He could just as easily claim he created 10,000 coins and call them worth 100 million dollars, but the accumulated value is still zero if no one is willing to pay anything for them. The same is true of art: it is only worth what someone will actually pay.
Next, he has Trump Town “buy” all of these coins. Remember: Trump Town has no assets and no real value, and Don Coin has no market value either. Trump now asserts that because Trump Town owns 10,000 of these supposedly 10,000‑dollar coins, the company is worth 100 million dollars, and because he owns Trump Town, he is now worth 100 million. This is not true. No bank will recognize this as 100 million dollars of wealth, and no lender will extend credit based on this worthless crypto held by a worthless shell company. He can tell the public that he is worth this amount, and many people will believe him, but like most of his claims about his net worth, it is just unsupported talk.
Returning to the IRS issue, he is unlikely to win a lawsuit against that agency. The IRS has greater institutional power, more resources, and more public trust, and it can drag out any litigation until after he leaves office, then brush him aside. As president, he cannot realistically expect much privacy regarding matters that touch on public interest.
What likely angers him most is that the leaked information exposed his true income, which is close to nothing. He pays himself generously while driving his businesses into bankruptcy, then eventually shutting them down. His sons’ salaries depend on his constant borrowing, which largely dried up years ago when banks stopped lending to him.
The released records simply confirmed what was already obvious: he lurches from one scheme and bankruptcy to the next. The only surprise would have been if he had turned out to be some kind of business genius. Instead, he is exactly what he appears to be: a cheap hustler. To his credit, he is adept at exploiting the U.S. tax code, but that particular scam will eventually end as well.
When he is out of office, there will still be people willing to pay him to rant about America’s problems and his supposed persecution, but once he has no real power, that revenue will dry up quickly. His sons will not be able to sustain the aura of wealth and mystery he constructed, and their lives without his political power are unlikely to be comfortable. The MAGA faithful have only so much money to give, and once they realize he offers them nothing of real value, that money stream will shrink.
The wealthy backers who currently support him will abandon him as soon as he has nothing left to offer. Even now, many use him as a tool to keep themselves out of legal trouble or to secure policies that benefit them, because they are the ones who own actual businesses and assets that banks recognize as valuable. Trump mainly has a loud voice and a constant narrative of persecution and victimhood.
Those golf courses still generate bills, and his sons do not have the means to keep paying them indefinitely. None of his other business assets has meaningful, independent value. When the golf courses are sold off to satisfy unpaid bills and tax liens, there will be little left. Even Trump Tower, once his signature asset, was sold off years ago and stripped of his name.
As for the crypto, it has no real value. It is just more empty hype and deception—like the man behind it.
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