New York Times article reveals that Donald Trump made millions by helping his father dodge taxes.

By | 2018-10-02T13:00:12+00:00 October 2nd, 2018|Categories: News|Tags: , , , , , , |25 Comments

So essentially Donald Trump made his money by defrauding the government? Not at all surprised. 

Courtesy of NYT:

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.

These maneuvers met with little resistance from the Internal Revenue Service, The Times found. The president’s parents, Fred and Mary Trump, transferred well over $1 billion in wealth to their children, which could have produced a tax bill of at least $550 million under the 55 percent tax rate then imposed on gifts and inheritances.

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

The article goes on to say this:

By age 3, Mr. Trump was earning $200,000 a year in today’s dollars from his father’s empire. He was a millionaire by age 8. By the time he was 17, his father had given him part ownership of a 52-unit apartment building. Soon after Mr. Trump graduated from college, he was receiving the equivalent of $1 million a year from his father. The money increased with the years, to more than $5 million annually in his 40s and 50s.

Donald Trump has famously said that his father only gave him a measly one million dollars to start his own businesses, but according to that he already had over a million dollars by the time he was 8. 

All in all Fred Trump gifted his son just under half a billion dollars by today’s standards.

Also keep in mind that with that kind of cash flow this “business genius” was still forced to file for bankruptcy six times, and required his father to bail him out of numerous bad business deals. 

Hell if Trump had simply invested that 413 million he would actually be the billionaire that he claims to be many times over. 

Damn, now I can hardly wait until the Democrats take power and we get a look at Trump’s tax returns. 

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25 Comments

  1. Anonymous October 2, 2018 at 1:45 pm

    Trump’s sister is a judge. Is she also part of the fraud?

    • IR$ October 2, 2018 at 2:01 pm

      “There is no time limit, however, on civil fines for tax fraud”
      “The affairs were handled by other Trump family members who were not experts themselves and therefore relied entirely upon the aforementioned licensed professionals to ensure full compliance with the law.”
      “The investigation also draws on tens of thousands of pages of confidential records — bank statements, financial audits, accounting ledgers, cash disbursement reports, invoices and canceled checks,” according to the Times.”

      https://www.politicususa.com/2018/10/02/trump-helped-parents-shield-millions-from-taxes-new-york-times.html

      • Anonymous October 2, 2018 at 3:34 pm

        Since it was his parents that signed the tax returns they would be liable (or who ever prepared the returns), so little donnie gets off scot free again.

    • Anon October 2, 2018 at 2:05 pm

      YA THINK >he can’t…

      https://www.rawstory.com/2018/10/trumps-retired-federal-judge-sister-heavily-implicated-ny-times-report-family-tax-evasion/

      “Judge Barry read the codicil in Fred Trump’s will, and agreed with her father it was problematic.

      “Donald was in precarious financial straits by his own admission,” she said, “and Dad was very concerned as a man who worked hard for his money and never wanted any of it to leave the family.”

      Their father then asked Barry to find new estate planning attorneys and asked that the assets be protected “from DJT, Donald’s creditors.”

      That’s when the son lost sole control over his father’s finances.

      Barry then joined with the other siblings to generate a series of scams to transfer the wealth without paying gift taxes.

      “The Trumps’ plan, executed over the next decade, blended traditional techniques — such as rewriting Fred Trump’s will to maximize tax avoidance — with unorthodox strategies that tax experts told The Times were legally dubious and, in some cases, appeared to be fraudulent,” the report revealed. “As a result, the Trump children would gain ownership of virtually all of their father’s buildings without having to pay a penny of their own. They would turn the mountain of cash into a molehill of cash. And hundreds of millions of dollars that otherwise would have gone to the United States Treasury would instead go to Fred Trump’s children.”

  2. Lo$er October 2, 2018 at 2:11 pm

    ” Trump’s net worth has dropped since Inauguration Day, along with revenue from his U.S. golf and real-estate properties, a new examination by Forbes magazine suggests. And he has become such a polarizing figure that “people are afraid to do business with him,”

    https://www.forbes.com/sites/danalexander/2018/10/02/how-trump-is-tryingand-failingto-get-rich-off-his-presidency/

  3. anonymous October 2, 2018 at 2:22 pm

    https://www.huffingtonpost.com/entry/donald-trump-tax-fraud_us_5bb3d403e4b0876eda99339b

    Trump lawyer Charles Harder told the Times: “President Trump had virtually no involvement whatsoever with these matters.”

    Harder added: “The affairs were handled by other Trump family members who were not experts themselves and therefore relied entirely upon the aforementioned licensed professionals to ensure full compliance with the law.”

    • Anonymous October 2, 2018 at 4:26 pm

      What do they call it when I benefit from someone else’s crime?

  4. anonymous October 2, 2018 at 2:40 pm

    https://www.thoughtco.com/donald-trump-business-bankruptcies-4152019

    6 Corporate Bankruptcies
    Trump has filed Chapter 11 bankruptcy for his companies six times. Three of the casino bankruptcies came during the recession of the early 1990s and the Gulf War, both of which contributed to hard times in Atlantic City, New Jersey’s gambling facilities. He also entered a Manhattan hotel and two casino holding companies into bankruptcy.

    Chapter 11 bankruptcy allows companies to restructure or wipe away much of their debt to other companies, creditors, and shareholders while remaining in business but under the supervision of a bankruptcy court. Chapter 11 is often called “reorganization” because it allows the business to emerge from the process more efficient and on good terms with its creditors.

    One point of clarification: Trump has never filed personal bankruptcy, only corporate bankruptcy related to his casinos in Atlantic City. “I have never gone bankrupt,”

    • Anonymous October 2, 2018 at 3:10 pm

      He wouldn’t have been able to declare personal bankruptcy 6 times, you are only allowed once or once in some many years to declare personal bankruptcy.

      And he complains that he is being audited, gosh i wonder why.

  5. Mudd in your face October 2, 2018 at 2:49 pm

    https://www.rawstory.com/2018/10/heres-fred-trump-got-rich-appliance-markup-scheme-propelled-donald-white-house/

    All County Building Supply & Maintenance

    The company’s “main purpose,” the report noted, was to allow Fred Trump to “make large cash gifts to his children and disguise them as legitimate business transactions, thus evading the 55 percent (inheritance and gift) tax.”

    Beginning in August 1992, the president’s father began using All County to pay his subcontractors. His nephew John Walter, meanwhile, billed Trump businesses “for those same services and supplies, with one difference: All County’s invoices were padded, marked up by 20 percent, or 50 percent, or even more, records show.”

    https://www.rawstory.com/2018/10/lied-cheated-and-stole-cnns-phil-mudd-pounds-trump-over-new-tax-fraud-schemes-in-ny-times-report/

    “So the president lied, cheated, and stole. He lied to us repeatedly starting with Obama’s birth certificate. We tell our kids don’t steal and cheat and lie but 40 percent say they believe his lawyers despite the fact that the president repeatedly lied and cheated. Not me — I don’t buy it,” Mudd said.

  6. Anonymous October 2, 2018 at 3:29 pm

    Wonder when Trump’s sidekick Conya (No Longer Kanye) West will speak out?

  7. Anonymous October 2, 2018 at 3:38 pm

    No wonder Donald’s brother turned to alcohol.

    • Anon October 2, 2018 at 4:30 pm

      Frederick Christ “Freddy” Trump Jr.

      Fred Trump was the second oldest of Donald Trump siblings. (Maryanne Trump Barry, a federal judge, is the eldest, followed by Freddy, Elizabeth, Donald, and Robert, who also worked in the family business.) Born eight years before the president, Fred Jr. worked briefly for his father in the family real estate business but left to become a pilot. He married and had two children, Fred III and Mary, who were named after his parents.
      “Mr. Trump said he had learned by watching his brother how bad choices could drag down even those who seemed destined to rise.” He would have been an amazing peacemaker if he didn’t have the problem, because everybody loved him,” Trump said. “He’s like the opposite of me.”

      https://www.townandcountrymag.com/society/politics/a13098008/fred-trump-jr-addiction-history/

  8. Anonymous October 2, 2018 at 4:05 pm

    $500 million and all he got were bone spurs and a tiny dick to show for it.

  9. Anonymous October 2, 2018 at 4:06 pm

    And if Kavanaughty is a justice when Gamble vs US docket 17-646 is decided Trump’s power to pardon will extend to the states and he can pardon himself.

  10. Anonymous October 2, 2018 at 5:07 pm

    Trump at Mississippi orgy, The President imitates Ford at a rally before telling the crowd: ‘Think of your son. Think of your husband’

    This from a man who took his mistress Marla Maples on the family ski vacation to Vail, Colorado with Ivana still married and unaware until she spotted Maples on the same ski slope.

    • Anonymous October 3, 2018 at 3:22 am

      That was disgusting, Dr. Ford is being mocked by the so called president of the United States, while republicans laugh and yell lock her up and Brett gets rewarded with a life seat on the Supreme Court.Oh but it is the democrats that made it political.

      Anyone that lives in Maine, AK, or AZ should write their senators and tell them how disgusted they are that he is even considered, let alone potentially confirmed.

  11. Anonymous October 2, 2018 at 5:16 pm

    Trump sounds like he got rich bullshitting all the way. Wow. Bullshit does pay off. And he’ll get away with it too. And he taught Ivanka the tricks of the grifting trade.

  12. Anonymous October 2, 2018 at 7:12 pm

    Little donnie was busy mocking Dr Ford at a rally and his cult of despicables yelled lock her up.

    Exactly how low can these people go?

    Brett should lose the confirmation on just another example of obstruction of justice on his behalf by a predator president.

  13. Jenny October 2, 2018 at 9:12 pm

    We are a very conflicted society when it comes to inherited wealth. Yet most of us in the middle class have so little ability to leave money to our children in this country. Whatever we middle to upper middle class people have left will be absorbed by the health care system during our last few years. Nothing has changed, serfdom is our fate unless we rise up and demand justice in health care for all.

  14. AA October 3, 2018 at 7:23 am

    OT-KEY! “Charisma & ‘NOT DRUNK’ Truth telling…

    Russian-American journalist Masha Gessen talks about her new book The Future Is History: How Totalitarianism Reclaimed Russia – winner of the 2017 National Book Award for nonfiction.

    https://www.pbs.org/video/masha-gessen-and-clarissa-ward-si7pyr/

  15. Anonymous October 3, 2018 at 7:33 am

    https://www.rawstory.com/2018/10/democrats-coming-trumps-taxes-win-house-heres-hell-powerless-stop/

    “Under the tax code, the Ways and Means chairman can demand and receive any taxpayer’s records from the IRS for confidential review,” he writes. “[Rep. Richard Neal (D-MA), who would chair the House Ways and Means Committee if Democrats take control of Congress] wouldn’t need approval from the full House, the Senate or the administration. Prosecutors, including special counsel Robert Mueller, can also get tax returns from the IRS.”

  16. anonymous October 3, 2018 at 7:42 am

    https://www.bloomberg.com/view/articles/2018-10-03/trump-even-inherited-his-father-s-self-made-myth

    “TrumpNation,” it was my understanding that Trump had turned to his siblings for a pair of loans totaling $30 million so he could avoid plunging into personal bankruptcy in the early 1990s. “they made him pledge his future share of his father’s estate as collateral and loaned him the money. in 2005. “The key would have been in the door and there would have been no more Donald Trump. The family saved him.” “Fred cosigned bank loans for tens of millions of dollars, making it possible for Trump to develop early projects” “Fred loaned him about $7.5 million to get started. When he floundered there in the ’90s, Fred sent a lawyer into a Trump casino to buy $3.5 million in chips so his son could use the funds for a bond payment and avoid filing for corporate bankruptcy.” “The Times’s reporting indicates that Fred ultimately loaned Donald about $60.7 million”

    “Allen Weisselberg, who was Fred Trump’s accountant and is now the Trump Organization’s chief financial officer. He recently entered into an immunity agreement to cooperate with federal prosecutors in Manhattan who have been investigating a Trump lawyer, Michael Cohen.” “t its “investigation makes clear that in every era of Mr. Trump’s life, his finances were deeply entwined with, and dependent on, his father’s wealth.”
    “the fact that Fred’s business wouldn’t have taken flight without government subsidies in the first place. Still, Fred’s mythologizing would be something Trump would later adopt in his adult years, allowing him to say that his wealth and his standing in the world had nothing to do with his father — even when they had everything to do with his father.”

  17. Anonymous October 3, 2018 at 7:48 am

    https://www.salon.com/2018/10/03/daddys-boy-new-york-times-investigation-exposes-the-breadth-of-trumps-lies-and-corruption/

    It’s obvious just from observing him that Trump’s supposed business acumen has always been 90 percent hype. He’s just not that sharp. Part of the Donald Trump myth has always been the idea that he was much more successful than his father. The Times, in an unusual move, called itself out in noting that for years the media took the books and TV appearances and shameless promotion at face value. He’s not likely to have cheated to benefit his kids the way Fred did. Donald J. Trump cheats for the benefit of one person->HIM$ELF

  18. Dan the Man Rather October 3, 2018 at 12:26 pm

    FB>”The New York Times story on the monumental alleged tax fraud fueling Donald Trump’s wealth is staggering and the highest form of the craft of investigative journalism. As the full biography of Trump finally comes into focus, we keep blowing past any boundary of disbelief and outrage.”

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