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Trump helped parents dodge millions in taxes: report

AFP AFP 37 minutes ago.


US President Donald Trump helped his parents dodge millions of dollars in taxes, The New York Times reported (AFP Photo/MANDEL NGAN)

New York (AFP) - Donald Trump helped his parents dodge millions of dollars in taxes and received far more money from his father's real estate empire than he has claimed in the past, The New York Times reported Tuesday.

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.

Trump has stated on numerous occasions that he received little help from his father, New York property developer Fred Trump, in building his fortune.

But the newspaper said its exhaustive investigation of a vast trove of tax returns and confidential records found this was not true.

It said that Trump received the equivalent of $413 million in today's dollars from his father's real estate activities.

"By age 3, Mr. Trump was earning $200,000 a year in today's dollars from his father's empire," the Times said. "He was a millionaire by age 8.

"Soon after Mr. Trump graduated from college, he was receiving the equivalent of $1 million a year from his father," it said. "The money increased with the years, to more than $5 million annually in his 40s and 50s."

"Much of this money came to Mr. Trump because he helped his parents dodge taxes," the Times said.

"He and his siblings set up a sham corporation to disguise millions of dollars in gifts from their parents," it said.

Trump also "helped his father take improper tax deductions worth millions more," the newspaper added.

"He also helped formulate a strategy to undervalue his parents' real estate holdings by hundreds of millions of dollars on tax returns, sharply reducing the tax bill."

The Times said Trump's parents, Fred and Mary Trump, who died respectively in 1999 and 2000, transferred more than $1 billion in wealth to their children.

This could have produced a tax bill of at least $550 million but the Trumps paid a total of just $52.2 million, the Times said, citing tax records.

Trump declined to comment on the article but Charles Harder, one of his lawyers, issued a statement to the newspaper.

"The New York Times's allegations of fraud and tax evasion are 100 percent false, and highly defamatory," Harder said. "There was no fraud or tax evasion by anyone. The facts upon which The Times bases its false allegations are extremely inaccurate."

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

"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."

Breaking with the practice of past presidents, Trump has refused so far to release his tax returns.


I wonder when the IRS will be done auditing his taxes so he can show us like he promised??...He wouldn't lie about that!

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5 minutes ago, RedZone said:

Even the dumbest redneck understands tax cheaters and scammers..

Amazing piece, but we knew this already.



I'm not sure how many of the Trumpers knew this...they believe in Trump's Make-Believe Story...that he turned a million dollar loan from daddy into his present day fortune...this article says that's 100% B.S...his life story is BULLSHIT...he's a fraud and always has been...he bullshitted his way to the Whitehouse with the help of the clown crew we have here...sad

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2 minutes ago, Bormio said:

So says the NYT - tax law experts extraordinaire (and unbiased too).  Funny, the IRS does not seem to have had a problem with his taxes.  But hey, another shiny object.

nothing to be biased about...either he and his family lied and cheated or they didn't...NY state is looking into the article...and Trump runs the IRS, think their going to investigate him?...maybe he'll instruct them to finish his audit asap to prove his innocence!..shiny object?...or laws broken?...it doen't matter to you Trumpers...always looking for excuses...this time it's the NY Times fault...sad...

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