Trump engaged in tax fraud, dubious schemes in 1990s
Trump engaged in tax fraud, dubious schemes in 1990s
Trump helped parents hide money on tax returns – New York Times
04 October, 2018, 10:59
Donald Trump engaged in tax schemes that included cases of fraud in which he and his siblings helped their parents dodge taxes, the New York Times reported on Tuesday, citing more than 200 tax returns it has obtained.
Overall, Trump received about $US413 million in today's dollars from his father's real-estate empire, largely because he helped his parents evade taxes, The Times' report says.
A new bombshell report from The New York Times on President Donald Trump's finances questions his claim that he's a self-made billionaire.
The Times said it had unraveled a complex effort by Trump's father, Fred, to build and then pass along his wealth by examining more than 100,000 pages of documents from the businesses of Fred Trump.
At the same time, it was claimed that the president personally directed an effort earlier this year to stop Stormy Daniels, the adult film star, from going public with details of an alleged affair with Mr Trump.
NY state's tax department announced it was reviewing the allegations and "is vigorously pursuing all appropriate avenues of investigation".
By 1990, Fred Trump had transferred today's equivalent of $46.2 million to Donald Trump. He also helped to "formulate a strategy" for his parents to undervalue their real estate holdings on their tax returns to reduce their tax bill, according to records reviewed by the Times.
Trump lawyer Charles Harder said the allegations were "100% false and highly defamatory".
"Many decades ago the IRS reviewed and signed off on these transactions", she said in the statement. Much of this loan was never repaid, the report said.
The Times investigation was conducted over more than year, and a documentary short on the process, entitled "The Family Business: Trump and Taxes", will air Sunday on Showtime. That should have produced a tax bill of at least $550 million, based on a 55% tax on gifts and inheritance at the time. He said that although the statute of limitations has since passed, such actions would have called for an investigation into the defrauding of tenants and tax fraud. All estate matters were handled by licensed attorneys, licensed CPAs and licensed real estate appraisers who followed all laws and rules strictly. The maneuver potentially saved President Trump's family hundreds of millions of dollars in gift taxes, according to the Times.
"Records indicate that Mr Trump helped his father take improper tax deductions worth millions more", says the NYT in an article published on Tuesday. The state tax department had previously opened an investigation into the president's charity, the Trump Foundation. Now U.S. president, Trump has often said he received just a small stake from his dad, but the Times says that's untrue.
Donald Trump said his father gave him a $1 million loan, but Fred Trump actually lent him at least $60.7 million, or $140 million in today's dollars, The Times found. Unlike other White House candidates and presidents in recent decades, Trump has declined to release his tax returns. Those same buildings, the Timesreported, would cumulatively be sold for a 16-fold increase over that number. In reality, he benefited greatly from his father's wealth, who eventually transferred more than $1 billion to Donald Trump and his siblings.
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