Trump Engaged in Suspect Tax Schemes as He Reaped Riches From His Father

[mystery-ak]

Special Investigation
Trump Engaged in Suspect Tax Schemes
as He Reaped Riches From His Father

The president has long sold himself as a self-made billionaire, but a Times investigation found that he received at least $413 million in today’s dollars from his father’s real estate empire, much of it through tax dodges in the 1990s.

By DAVID BARSTOW, SUSANNE CRAIG and RUSS BUETTNER
Oct. 2, 2018

President Trump participated in dubious tax schemes during the 1990s, including instances of outright fraud, that greatly increased the fortune he received from his parents, an investigation by The New York Times has found.

Mr. Trump won the presidency proclaiming himself a self-made billionaire, and he has long insisted that his father, the legendary New York City builder Fred C. Trump, provided almost no financial help.

But The Times’s investigation, based on a vast trove of confidential tax returns and financial records, reveals that Mr. Trump received the equivalent today of at least $413 million from his father’s real estate empire, starting when he was a toddler and continuing to this day.

Much of this money came to Mr. Trump because he helped his parents dodge taxes. He and his siblings set up a sham corporation to disguise millions of dollars in gifts from their parents, records and interviews show. Records indicate that Mr. Trump helped his father take improper tax deductions worth millions more. 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 when those properties were transferred to him and his siblings.

more
https://www.nytimes.com/interactive/2018/10/02/us/politics/donald-trump-tax-schemes-fred-trump.html

[mystery-ak]

New Dem scheme to get his tax returns..

[austingirl]

Since Trump has been audited thoroughly through the years, I'd think this would have been discovered long ago.

[jmyrlefuller]

Since Trump has been audited thoroughly through the years, I'd think this would have been discovered long ago.

It was. None of this is new.

[XenaLee]

New Dem scheme to get his tax returns..

Don't underestimate the Lois Lerner-type deep state Trump-hating leakers in the IRS.   They must already have his tax returns.

[cato potatoe]

The Trumps paid a total of $52.2 million, or about 5 percent, tax records show.

Which was about $52.2 million, or 100% more than the government deserved.

[Fishrrman]

Consider the source:
NYT.
Read no further.

[mirraflake]

My dad set up us kids when we were in HS and college an income from  the profits of his business because we paid less in taxes than he would have paid.  He then took out the money as it was his to begin with at a reduced tax rate

This is so common with family owned business...still is.

 

[Frank Cannon]

As a business owner, you are derelict if you do not do everything humanly possible to beat the taxman. It is the only way to survive.

[Right_in_Virginia]

As a business owner, you are derelict if you do not do everything humanly possible to beat the taxman. It is the only way to survive.

It's called Estate Planning. 

[GtHawk]

New Dem scheme to get his tax returns..

Let's see someone dig into Democrats taxes, Pelosi and Feinsteins should be very interesting to start with and then move e from the top down, especially those looking to run in 2020......hey Fauxcahantas!

[Hoodat]

Since they can't find anything on Kavanaugh, we're back to digging up dirt on Trump.

[DB]

Well...

If it is on the tax returns then it wasn't hidden and the IRS was given the information. "Shady" or not.

Period.

[Silver Pines]

This is old news being sold as a scoop. I guess the Kavanaugh smear really is falling apart.

The money was Trump’s father’s to use as he wished, and most—I almost said privileged, I HATE that word—most well-off people do pass on assets to their children.  They hire people who know the best way to do it.  The government sure as hell doesn’t have a right to it.

[Hoodat]

most well-off people do pass on assets to their children.  They hire people who know the best way to do it.  The government sure as hell doesn’t have a right to it.

Conversely, for people who are not well -off, government steals their children's inheritance piecemeal through Social Security taxes.

[Silver Pines]

Conversely, for people who are not well -off, government steals their children's inheritance piecemeal through Social Security taxes.

@Hoodat

Yep, that’s true.

[massadvj]