Michael Cohen receives a signal that Trump may not have his back—and a fat bill for back taxes
The raid on Cohen’s home and business may have seemed sudden, but they followed months of investigation into his businesses.
Cohen’s taxi business had been hurting in recent years, with Uber, Lyft, and similar apps eating into his margins.
Ride-hailing is dominant even in such traditional taxi strongholds as Chicago and New York, both cities where Cohen has a significant presence in the taxi industry. The ubiquitous yellow cab may not quite be riding into the sunset, but even in these markets, ride-hailing accounted for nearly 75% of all business traveler ground transport expenses in Q1 2018. So it’s no wonder that thousands of New York taxicab owners are now “upside down,” as the value of their medallions (the license needed to operate a taxi) has dropped to about $163,000 from more than $1 million over the past four years, amid ridesharing’s irresistible rise.
Add to that Cohen’s growing tax bill, and his taxi business doesn’t look like it’s going to provide the funds to pay for his legal bills should Donald Trump stop funding Cohen through his campaign fund.
Those tax bills also reveal the names of Cohen’s taxi companies, which include “Mad Dog Cab” and “Golden Child Cab.” Anyone we know? Cohen’s transportation empire also features “Smoochie Cab,” which seems a bit on-the-nose for someone whose other business is dealing with porn stars.
Alliance Tax Advocate . Free Tax Consultation. Call Us Now 1.888.315.8269 #help #gop #economy #entrepreneur #tax #Taxes #IRS #college #taxreturn #taxrefund #personalfinance #money