Daily Trends Now
Daily Trends Now

NY investigating Trump tax dodging report

NY investigating Trump tax dodging report

Much of this money came to Mr. Trump because he helped his parents dodge taxes.

The New York State Tax Department is reviewing allegations that Donald Trump received millions of dollars from his father, Fred Trump, possibly including through tax fraud schemes.

As the report notes, far from being the a self-made billionaire, Trump's father covertly propped up his enterprises, creating at least 295 revenue streams over 50 years to secretly enrich his son.

On Tuesday, a bombshell report from The New York Times revealed what many of President Donald Trump's critics have suspected since before he even ran for office: his wealth and business empire was a sham.

Robert Trump, the president's brother, also issued a statement to The Times, saying that "all appropriate gift and estate tax returns were filed, and the required taxes were paid" following their parents' deaths.

"President Trump had virtually no involvement whatsoever with these matters".

The investigation encompassed more than 100,000 pages of documents from Fred Trump's business empire, including tax returns, public sourced documents, confidential records and interviews with former employees and advisors.

The codicil left Trump Sr, then 83 and with declining health, angry and anxious that Donald Trump could cost him his life's fortune, according to statements made by unnamed family members during a legal dispute and obtained by the New York Times. But if you love your kids, which probably 82 percent of you do. you can now leave your small business or your handsome little farm, or whatever it is that you're so proud of, and you leave it to your kids, and they don't have to go out to the bank and borrow to pay the tax and end up losing it in a foreclosure.

Citing tax experts, the Times reported it was unlikely Trump would face criminal prosecution because the acts were past the statute of limitations. Ultimately, only 5 percent, or $52.2 million, was paid in total tax on the amount. What's more, Trump and his family boosted their wealth through tax evasion and fraud, according to the Times.

That the president's deceased parents Fred and Mary Trump transferred more than $1bn to their children.

"He was a millionaire by age 8", the Times team of reporters, David Barstow, Susanne Craig and Russ Buettner, wrote.

Trump "participated in dubious tax schemes during the 1990s, including instances of outright fraud, that greatly increased the fortune he received from his parents", the newspaper said.

Mrs. Sanders said the Times' and other media outlets' credibility with the American people " is at an all time low because they are consumed with attacking the president and his family 24/7 instead of reporting the news". How Fred Trump avoided gift taxes on various apartment transfers is "unclear", the Times said.

However, the paper says the records it has seen - including trust tax returns - build up a picture of how the family's dealings enriched him over decades.


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