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Tuesday New York Times dropped a bombshell: President Donald Trump got at least $ 413 million from his father's real estate empire, largely thanks to "dubious tax schemes … including cases of flagrant fraud ".
If true, the allegations not only refute Trump's claim that his father, Fred Trump, provided only minimal assistance during his rise to the rank of billionaire, but they also raise legal issues. And these issues have attracted the attention of the New York State Tax Department.
"The Ministry of Taxation is reviewing the allegations contained in the New York Times article and vigorously pursuing all investigative leads," said department spokesman James Gazzale. Bloomberg.
Trump's lawyer, Charles Harder, said the allegations were "100% false and highly defamatory".
the Time The survey was conducted for more than a year and a documentary on the process, titled "The Family Business: Assets and Taxes," will air on Sunday at Showtime.
According to the exposé, Fred and Mary Trump have transferred more than $ 1 billion to their children. However, instead of paying $ 550 million in inheritance tax at that time, the Trumps paid less than one-tenth of that amount.
Tax experts have told the Time that some tactics, such as creating what appears to have been a shell society to divert money from the Trump Empire to Donald, his siblings and a cousin, could be described as tax evasion. Fred and Mary Trump also appear to have significantly undervalued assets in their tax returns. At Fred's death, the most valuable element of his inheritance tax return was "$ 10.3 million. Donald Trump, the money that his son seems to have borrowed the year before his death. "
Harder said to the Time that President Trump himself had "virtually no involvement in these matters" and that "the affairs were managed by other members of the Trump family who were not experts themselves. and therefore relied entirely on the above-mentioned licensed professionals to ensure full compliance with the law. "
The president was notoriously recalcitrant with respect to his tax affairs, refusing to publish his tax returns during his election campaign and keeping this secret thereafter.
At least, the Time The survey does not show Donald Trump in a flattering light. He claims to have tried to change his father's will in 1990, to make Donald the sole executor of the estate, but Fred feared that his son would use the empire as collateral to save his own companies in bankruptcy ". received from his father, to build his own empire, was actually over $ 60 million. And he says the president has grossly undervalued the empire when he came to sell it in 2004, losing hundreds of millions of dollars.
"Fred Trump has been away for almost twenty years and he is sad to witness this misleading attack on the Trump family," read a statement from the White House following the release of the report. The statement noted that the IRS had approved the relevant documents.
Moreover, Trump's time in the White House has not enriched him. In the new Forbes 400 list, Trump's net worth amounted to $ 3.1 billion, up from $ 4.5 billion at the launch of his presidential campaign in 2015. He had lost 138 seats during that period.
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