President Donald Trump committed "instances of outright fraud" with tax schemes that pumped up the fortune he received from his parents, The New York Times reported Tuesday.
Trump, as noted in the Times story, has repeatedly sold a vision of himself as building a $10 billion empire out of a $1 million loan from his father. All figures in this story are in US dollars.
The Times reported that much of that fortune came to Trump because he helped his parents evade taxes, setting up a fake corporation with his siblings to disguise millions of dollars in gifts from their parents.
The Times investigation, which a Trump lawyer said was inaccurate, showed Trump received the equivalent today of at least $413 million from his father's real estate business, citing a "vast trove" of confidential tax return and financial records.
A lawyer for Trump denied all the Times' findings as "100 percent false and highly defamatory".
The White House did not immediately respond to a request for comment from The Post. The New York Times' and other media outlets' credibility with the American people is at an all time low because they are consumed with attacking the president and his family 24/7 instead of reporting the news. In his 1995 tax filings, Fred Trump put the value at $41.4 million, and the Internal Revenue Service settled on $57.1 million.
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"The Tax Department is reviewing the allegations in the NYT article and is vigorously pursuing all appropriate avenues of investigation", the department said in a statement. The father would pad invoices with markups of 20 per cent or even 50 per cent, thereby avoiding gift taxes, the newspaper reports.
According to legal depositions, Trump tried to change his father's will before he died "in a way that Fred Trump, alarmed and angered, feared could result in his empire's being used to bail out his son's failing businesses".
That the president's deceased parents Fred and Mary Trump transferred more than $1bn to their children.
However, the paper says the records it has seen - including trust tax returns - build up a picture of how the family's dealings enriched him over decades. Instead, the newspaper said, the Trumps paid just north of $US50 million in taxes.
Instead, the children paid $52.2 million, or about five per cent. To minimize taxes as Fred Trump passed that money to his children, he reportedly made them stakeholders in a shell company, All County Building Supply & Maintenance. "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".
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