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Trump Helped His Parents ‘Dodge’ Taxes, Hiding Millions to Grow Richer

Trump Helped His Parents ‘Dodge’ Taxes, Hiding Millions to Grow Richer

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.

The Times report was based on interviews and more than 100,000 pages of documents acquired by the Times that describe "the inner workings and enormous profitability" of Fred Trump's real estate business, as well as tens of thousands of pages confidential records.

"His father was a genius, his father made millions and millions, perhaps billions - but Donald Trump really hasn't done anything", the columnist said.

The newspaper also said, citing interviews and records, that Trump and his siblings set up a sham corporation to disguise millions of dollars in gifts from their parents. Fred and his wife Mary "transferred well over $1 billion in wealth to their children, which could have produced a tax bill of at least $550 million", the Times says.

The report noted tax experts say Trump would be unlikely to face criminal charges related to the conduct since much of it allegedly took place in the 1990s.

But a New York Times investigation published Tuesday provides some of the clearest evidence yet that that image is false.

The Times reported that the president and his family engaged in "instances of outright fraud" to enhance their wealth.

Trump's taxes have been largely a mystery since he first ran for office. The newspaper cited a "vast trove" of confidential tax return and financial records.

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

The Times said its findings were based on more than 200 tax returns from Fred Trump, his companies and various Trump partnerships and trusts.

The Trump family in 1992 formed what The Times described as "the most overt fraud", a company called All County Building Supply & Maintenance.

Among the tactics, Fred Trump gave ownership of most of his real estate empire to his children a year and a half before his death. "The facts upon which The Times bases its false allegations are extremely inaccurate", the statement continued.

According to journalists from the time, Fred once bought $3.5 million in poker chips from son's casino then didn't play a single game - just to sneak his son the money to pay off a bond payment without being taxed.

Harder insisted the matter was mostly handled by other relatives who relied "entirely" upon licensed professionals to "ensure full compliance with the law".

"What emerges from this body of evidence is a financial biography of the 45th president fundamentally at odds with the story Mr. Trump has sold in his books, his TV shows and his political life", the report says.

The president's brother Robert Trump said that "all appropriate gift and estate tax returns" were filed. The difference between the inflated bills it sent to Fred Trump and those it paid to suppliers were the equivalent of substantial cash gifts, according to the Times, but Fred Trump never paid gift taxes on them.


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