Saturday, 17 November, 2018

Trump aided family members in tax fraud

Trump helped parents hide money on tax returns – New York Times Trump engaged in tax fraud, dubious schemes in 1990s: NYT
Lance Thomas | 03 October, 2018, 05:39

US President Donald Trump engaged in "dubious tax schemes", including cases of fraud in which he and his siblings helped their parents dodge taxes, the New York Times reported on Tuesday, citing more than 200 tax returns it has obtained.

The paper outlined a series of alleged schemes and "outright fraud" deployed by Trump and his family in order to transfer money and evade tens of millions in taxes.

The Times article further claims that Trump and his siblings in part "set up a sham corporation to disguise millions of dollars in gifts from their parents".

"The New York Times' allegations of fraud and tax evasion are 100 percent false, and highly defamatory", Harder said, according to the paper. Still, they do raise questions about Trump's never-released tax returns. "The facts upon which The Times bases its false allegations are extremely inaccurate". The truth is the market is at an all-time high, unemployment is at a fifty year low, taxes for families and businesses have been cut, wages are up, farmers and workers are empowered from better trade deals, and America's military is stronger than ever, yet the New York Times can rarely find anything positive about the President and his tremendous record of success to report.

Mr. Trump has often portrayed himself as a self-made man, noting during his presidential campaign that he received a "small" loan of $1 million from his father when he started out his career in real estate.

It also renews questions about what may be lurking in the tax returns Trump kept private as he ran for and assumed the presidency in January 2017.

Addressing the tax evasion claims, the president's lawyer said: "President Trump had virtually no involvement whatsoever with these matters". Our father's estate was closed in 2001 by both the Internal Revenue Service and the New York State tax authorities, and our mother's estate was closed in 2004. Officials with the New York Attorney General's Office and the Manhattan District Attorney's Office declined to comment.

"He was a millionaire by age 8", the Times team of reporters, David Barstow, Susanne Craig and Russ Buettner, wrote.

And after Fred died, Donald apparently "sold his father's empire for hundreds of millions less than it was worth".

In all, Trump received more than $60 million from his father and much of it "was never repaid", according to the Times.

The Trumps' appraiser, Robert von Ancken, concluded at the time that a portfolio of 25 apartment complexes and other properties were worth $93.9 million.

Soon after graduating from college, Trump was receiving the equivalent in today's dollars of $US1 million annually from his father, Fred Trump.

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