Trump Evaded Tax Through Fraud, Reaped Riches From Father

NY Times Trump got $413M from his dad much from tax dodges

The exhaustive report - based on interviews with former employees of the president's father and "more than 100,000" tax and financial documents - torpedoes the image of himself Trump has long sold to the public.

The Times' report claims that Trump and his siblings hid millions of dollars in gifts in what the Times describes as a "sham corporation".

Charles Harder, an attorney for the president, told The Times in a statement that the report is "100% false and highly defamatory".

A digest of the top political stories from the Globe, sent to your inbox Monday-Friday. Instead, the newspaper said, the Trumps paid just north of $US50 million in taxes.

Trump's parents, the paper says, citing tax records, gave over a billion dollars to Trump and his siblings and paid $52.2 million in taxes on the money. 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. "There was no fraud or tax evasion by anyone". However, the dollar amount could have required at least $550 million in taxes, according to the Times analysis. "The facts upon which The Times bases its false allegations are extremely inaccurate", he added.

As of this posting, Trump himself has yet to publicly respond to the report, but Sanders said, "Fred Trump has been gone for almost twenty years and it's sad to witness this misleading attack against the Trump family by the failing New York Times". Many decades ago the IRS reviewed and signed off on these transactions.

She makes a point of saying their credibility is "at an all time low" and concludes by repeating a Trump claim in saying, "Perhaps another apology from the New York Times, like the one they had to issue after they got the 2016 election so embarrassingly wrong, is in order".

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"The affairs were handled by other Trump family members who were not experts themselves and therefore relied entirely upon the aforementioned licensed professionals to ensure full compliance with the law", Harder said. Soon after Mr. Trump graduated from college, he was receiving the equivalent of $1 million a year from his father.

In total, the president's father and mother transferred over $1 billion to their children, according to the Times tally.

Its objective was to be a purchasing agent for Fred Trump's buildings, but it did not function in that manner, The Times said. The records did not include Donald Trump's personal tax returns.

When the elder Trump transferred his business to his children, the Trump kids valued a collection of buildings they'd received at $41.4 million.

Schwartz has long tried to offer interpretations of Trump's mind and on Tuesday he said that he guessed that the Times's report would enrage Trump more than "virtually anything that ever happened to him".

When he was campaigning, Trump repeatedly boasted of his ability to turn a small loan from his father into his fortune.

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