The Trump family is under probe after a trove of documents including Fred Trump’s tax returns show countless efforts to enrich Donald Trump and set him up to be the successful businessman and public figure and politician that he became.
Many of the transfers were made in secret, often in advantageous ways that saved Trump and his siblings hundreds of millions of dollars, according to a new analysis by The New York Times.
In eye-popping detail it lays bare what it says was years of tax schemes which it calls ‘dubious tax schemes… including instances of outright fraud’.
Within minutes of its publication New York State tax authorities said they would investigate.
At the tender age of three , Trump was earning $200,000 a year in 2018 dollars from his dad’s business empire, becoming a millionaire by age 8, according to the report.
By the time he completed boarding school and graduated college from Wharton, Trump was getting $1 million a year in today’s dollars – an amount that would jump to $5 million a year by the time he hit his 40s. The transfers and undervaluations of properties had the effect of allowing the Trump children avoid potential gift taxes as well as estate taxes on the full value of assets.
They paint a picture of vast wealth matched by equally questionable accounting, all for the benefit of Fred Trump and his family.
In just once example, sourced to the 1995 tax return of Fred Trump, a successful developer of large-scale housing construction projects, Donald Trump and his sibling claimed 25 apartment complexes with 6,988 apartments were worth only $41 million. Less than a decade later, in 2004, banks valued them at $900 million.
Trump was able to ban a total of $413 million from father’s empire partly through tax ‘dodges,’ according to the bombshell analysis.