Trump reportedly helped parents dodge millions in taxes

Trump reportedly helped parents dodge millions in taxes

Trump reportedly helped parents dodge millions in taxes

"During his presidential campaign, Trump promoted himself as a self-made real estate mogul who started out with only a "very small" loan from his businessman father, Fred Trump".

The Times analysis contradicts the story Trump has sold to the USA public for years - first as a bombastic businessman, then as a reality television star and finally as a politician. "He and his siblings set up a sham corporation to disguise millions of dollars in gifts from their parents".

The 13,000 word article, based on a trove of confidential tax returns and financial records, claims that Trump had inherited today's equivalent of $413 million from his father Fred C Trump.

Donald Trump's attorney Charles Harder told the Times that should the publication, "state or imply that President Trump participated in fraud, tax evasion or any other crime, it will be exposing itself to substantial liability and damages for defamation".

Harder, the White House, and the Trump Organisation did not immediately respond to a request for comment from Business Insider. It criticized the newspaper and other media outlets, saying their low credibility with the US public is "because they are consumed with attacking the president and his family 24/7 instead of reporting the news".

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".

"Our dear father, Fred C. Trump, passed away in June 1999".

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The four children, including Donald Trump, each owned 20 percent of the company, which would pay contractors and suppliers for building maintenance as an intermediary, according to the Times.

The properties were valued at just $41.4 million although they were sold off over the next decade for more than 16 times that amount, it said.

According to the Times, the future president was already a millionaire by the time he was 8 years old and was receiving the equivalent of $1 million a year from his father by the time he graduated college - an allowance that increased as he got older.

To reap bigger profits, Fred Trump also allegedly undervalued his real estate holdings via "dubious tax schemes" often orchestrated by Trump himself, the Times says.

"But over time, as Donald Trump careened from one financial disaster to the next, his father found ways to give him substantially more money, records show", the report noted.

Trump's brother Robert Trump said in a statement to The Times that all "required taxes were paid". "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 maneuver potentially saved President Trump's family hundreds of millions of dollars in gift taxes, according to the Times.

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