The New York Times reported Tuesday that U.S. President Donald Trump received at least $413 million from his father over the decades, much of that through dubious tax dodges, including outright fraud.The 15,000-word Times report contradicts Trump’s portrayal of himself as a self-made billionaire who started with just a $1 million loan from his father.
The New York state tax department told The Associated Press that it is reviewing the allegations in the Times and “is vigorously pursuing all appropriate avenues of investigation.” The department typically refers findings to the state attorney general’s office.The Times says the Trump family hid millions of dollars of transfers from the father to his children through a sham company owned by the children called All County Building Supply & Maintenance. Set up in 1992 ostensibly as a purchasing agent to supply Fred Trump’s buildings with boilers, cleaning supplies and other goods, the father would pad invoices with markups of 20 percent or even 50 percent, thereby avoiding gift taxes, the newspaper reports.The Times says that before Fred Trump died in the late 1990s, he transferred ownership of most of his real estate empire to his four living children. The value of the properties in tax returns summed up to $41.4 million, vastly less than the Times says they were worth.
The president’s brother Robert Trump said that “all appropriate gift and estate tax returns” were filed. “Our family has no other comment on these matters that happened some 20 years ago,” he said in a statement to the Times, “and would appreciate your respecting the privacy of our deceased parents, may God rest their souls.”The Times report says documents it reviewed show that the future president was earning $200,000 a year in today’s dollars at the age of 3. By the time Trump had graduated from college, the report says, he was getting the equivalent of $1 million a year from his father.When he was campaigning, Trump repeatedly boasted of his ability to turn a small loan from his father into his fortune. “My father gave me a very small loan in 1975,” he said, “and I built it into a company that’s worth many, many billions of dollars.”
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