Cohen informs Ocasio-Cortez that Trump has inflated his assets for insurance purposes

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Trump's former lawyer Michael Cohen testified on Wednesday that President TrumpDonald John TrumpREAD: Cohen's testimony alleges that Trump knew that Stone had spoken to WikiLeaks about DNC ​​emails Trump urges North Korea to denuclearize before summit Maduro in Venezuela says that he fears the "bad guys" around Trump MORE inflated and deflated his assets over the years, and provided Rep. Alexandria Ocasio-CortezAlexandria Ocasio-CortezSenate Senators seek to reverse GOP trend in the fight against climate change Ocasio-Cortez responds to Ivanka Trump: "I worked for tips and hourly wages" Night Energy: McConnell is considering a Green New Deal vote before the August parliamentary holidays | An EPA official toasted on the run numbers | Green group challenges Trump on Utah pipelines MORE (D-N.Y.) With a list of Trump associates who could provide additional information.

Asked during his appearance before the House Oversight and Reform Committee if Trump had already provided bloated goods, Cohen replied in the negative. Trump's former lawyer added that lawmakers could find more information and related documents in the Trump Organization and leaders Allen Weisselberg, Ron Lieberman and Matthew Calamari.

Cohen also confirmed to Ocasio-Cortez that Trump wanted to reduce his local taxes by deflating his assets. The New York congressman cited the example of a golf club located near his home district.

"You deflate the value of the asset and then you file a deduction claim with the tax department," said Cohen, explaining the practice.

Cohen said that he did not know if a report from the New York Times of October It was true that Trump had been engaged in dubious tax practices to reap millions, but said that Allen Weisselberg, Trump's chief financial officer, would do it.

.@AOC: To your knowledge, has Donald Trump already provided inflated assets to an insurance company?

Michael Cohen: Yes. @AOC: Do you think we need to look at financial statements and tax returns to compare them?

Michael Cohen: Yes.

MORE: https://t.co/sKIXYcWpqu pic.twitter.com/M06aMJ6E6y

– Sky News Australia (@SkyNewsAust) February 27, 2019

The exchange ended at the end of a long day of testimony that began when Cohen publicly claimed that Trump was a "crook" and a "cheater".

The president, who was heading to Vietnam for his second summit with North Korean leader Kim Jong Un, accused Cohen earlier in the day of lying in an attempt to reduce his jail sentence.

Cohen is scheduled to report to the prison in May on charges he pleaded guilty to last year, including for financial crimes, violation of the campaign finance law, and lying in Congress.

Trump broke with years of precedent when he refused to publish his tax returns when he ran for president.

Cohen hinted on Wednesday that it was unlikely that Trump would be audited, as suggested by the president and White House officials.