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By age 3, Mr. Trump was earning $200,000 a year in today’s dollars from his father’s empire.
In breathtaking detail and with exacting precision, The New York Times has confirmed that for much of his life, though he claimed to be a brilliant businessman, Trump was benefiting from a rigged system, which his family manipulated to transfer enormous wealth from his father to him. This truth, long suspected by those who have peered into Trump's finances, included questionable and potentially fraudulent practices that were used so the Trump clan could avoid paying the kind of taxes ordinary people pay every day.
And yet, the Times story is quite persuasive. According to the Times, by age 3, Trump was receiving $200,000 per year in today's dollars from his father's operations. By 8, he was a millionaire. And his wealth only grew from there.
Overall, the picture the Times paints comports with much that could be surmised about the family over the years. By the 1960s, his father, Fred, was one of the wealthiest men in New York. His financial prowess backed his son's first big project, a hotel renovation at Grand Central Terminal, and his signature Trump Tower on Fifth Avenue. Although the back story about the hotel project and Trump Tower were well established, the facts assembled by the Times show Donald Trump used deception, not just in carrying out those projects, but throughout the course of his career.
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.
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. Fred Trump’s real estate empire was not just scores of apartment buildings. It was also a mountain of cash, tens of millions of dollars in profits building up inside his businesses, banking records show. In one six-year span, from 1988 through 1993, Fred Trump reported $109.7 million in total income, now equivalent to $210.7 million. It was not unusual for tens of millions in Treasury bills and certificates of deposit to flow through his personal bank accounts each month.
The most overt fraud was All County Building Supply & Maintenance, a company formed by the Trump family in 1992. All County’s ostensible purpose was to be the purchasing agent for Fred Trump’s buildings, buying everything from boilers to cleaning supplies. It did no such thing, records and interviews show. Instead All County siphoned millions of dollars from Fred Trump’s empire by simply marking up purchases already made by his employees. Those millions, effectively untaxed gifts, then flowed to All County’s owners — Donald Trump, his siblings and a cousin. Fred Trump then used the padded All County receipts to justify bigger rent increases for thousands of tenants.
originally posted by: Phage
a reply to: UKTruth
Indications seem to be leaning in that direction. I suppose it depends upon if the loans were paid. At prevailing interest rates. That should show up. Somewhere. Hundreds of millions.
Some people wondered why Trump was so sensitive about the tax thing. Some thought it was because it might show he lied about his wealth. Big deal.
Of course, there's that invoicing thing...
originally posted by: Kharron
a reply to: EdumakatedYou accepted that very easily.
The whole premise behind this imaginary persona DJT has created is that he is a genius,