[ad_1]
It is probably safe to say that these books and DVDs do not tell the true story of Trump.Globe Photos / ZUMAPRESS
Here is the title at the top of the page New York Times now:
Trump engaged in suspicious tax schemes while he was harvesting his father's wealth
The president has long since sold himself as a self-proclaimed billionaire, but a Time The investigation revealed that he had received at least $ 413 million in today's dollars from his father's real estate empire, largely in the form of tax evaders in the 1990s.
I read this at lunch, then I cut my hair, bought some food and went home. I waited for it to be pasted on every blog, tweet and magazine I read. And yet things are strangely quiet. It's a little weird.
Long story short, the Time tells us that Donald and his father, Fred, were involved in massive tax evasion for decades:
The findings are based on interviews with former employees and advisors of Fred Trump and more than 100,000 pages of documents describing the inner workings and the immense profitability of his empire. They include documents from public sources – mortgages and deeds, probate files, financial disclosure reports, regulatory records and civil court records.
The investigation is also based on tens of thousands of pages of confidential documents – bank statements, financial audits, accounting books, disbursement reports, invoices and canceled checks. In particular, the documents include more than 200 tax returns from Fred Trump, his corporations and various Trump partnerships and trusts. Although the documents do not include the president's personal tax returns and reveal little about his recent business relationships at home and abroad, dozens of corporate tax returns, Partnerships and trusts offer the first public accounting of the revenues he's been collecting for decades from various family businesses.
The most common form of subterfuge in the Trump arsenal was valuation fraud. Basically, Fred gave Donald a property and valued it at $ 10 million. A year later, Donald would sell him $ 50 million. There were a lot of variations on this theme, and it turns out that the IRS has never checked this stuff. Over the years, Trumps have avoided hundreds of millions of tax dollars using this trick.
In addition to tax shenanigans, the article clearly shows that Donald Trump is the farthest thing one can imagine from a self-taught billionaire. He regularly asserts that the only money he ever received from his father was a million dollar loan, but it's bullshit. We all knew it was bullshit for a long time, of course, but the Time put some numbers:
At age 3, Mr. Trump earned $ 200,000 a year in today's dollars from his father's empire. He was a millionaire at the age of 8 years old. At the age of 17, his father had entrusted him with a 52-unit building. Shortly after Mr. Trump graduated from university, he was receiving the equivalent of one million dollars a year from his father. The money has increased with the years, at over $ 5 million a year in their forties and fifties.
….Fred Trump has been relentless and creative in finding ways to channel this wealth to his children. He made Donald not only his salaried employee, but also his real estate administrator, his owner, his banker and his consultant. He lent her loan after loan, many never refunded it. He provided money for his car, money for his employees, money to buy stock, money for his first offices in Manhattan and money. 39, money to renovate these offices. He gave him three funds in trust. He gave him shares in multiple partnerships. He gave her $ 10,000 worth of Christmas checks. He gave him laundry income from his buildings.
….In all, The temperature documented 295 revenue stream that Fred Trump has created over five decades to enrich his son… Here is what we can say with certainty: If Mr. Trump had done nothing else than to invest the money that his father had given him in a fund index tracking the Standard & Poor 's 500 stocks, it would be worth $ 1.96 billion today. As for this $ 1 million loan, Fred Trump actually lent him at least $ 60.7 million, or $ 140 million in today's dollars, The temperature found.
Add everything else and Donald has spent nearly half a billion dollars from his father – and then wasted almost everything. He lost everything in the 80s; was bailed out by daddy; almost everything lost again in the early years; was bailed out by selling the empire inherited from his father; and finally finally earned some money as a reality TV star. He's not really the worst businessman ever to have inherited a fortune, but he seems to be in the top 100 or so. With the exception of his television show, Donald Trump has never really succeeded in his life.
As always, click on the link to read all the lugubrious history. It provides details on after tax tax scam and rescue after bailout. Donald Trump has a big mouth, but it turns out that's pretty much all that matters to him.
Source link
