Donald Trump is back in the news for the 50th time this week. And, it’s no wonder he withheld his tax reports. Based on a new investigation published by The New York Times, Donald Trump’s tax records were exposed. The investigation claims that Trump earned $413 million from his father’s real estate empire by dodging taxes in the ’90s.
According to the report, a majority of that money came from helping his parents dodge taxes. The New York Times found that Trump and his siblings helped to create “sham corporations to disguise millions of dollars in gifts from their parents.” The report also indicates illegal tax deductions and undervalued assets by hundreds of millions. So, when the properties were left to the Trump and his siblings, they also avoided hundreds on million in taxes.
The investigation continued to state that,
Trump’s parents left their children with over $1 billion, which should have been taxed “at least $550 million under the 55 percent tax rate then imposed on gifts and inheritances.” Instead, Trump and his siblings avoided paying the majority of that tax and only coughed up $52.2 million, or about 5%.
And in classic Trump fashion, a lawyer for Trump, Charles J, Harder, provided a statement surrounding the allegations. “The New York Times’s allegations of fraud and tax evasion are 100 per cent false, and highly defamatory,” Mr. Harder responded. “There was no fraud or tax evasion by anyone. The facts upon which The Times bases its false allegations are extremely inaccurate.”
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