Tuesday, 20 November, 2018

NYT Alleges "Outright" Financial Fraud By Trump

Trump's lawyer said the report was inaccurate Trump's lawyer said the report was inaccurate
Faye Gross | 03 October, 2018, 08:13

WASHINGTON - US President Donald Trump allegedly engaged in tax schemes, including fraud, wherein his siblings and himself aided their parents in avoiding tax payment, the New York Times reported on Tuesday.

President Trump's infamous $1 million loan may have sparked his real estate business, but the $413 million he reportedly received from his father's own empire probably helped too.

During his presidential campaign, Trump promoted himself as a self-made real estate mogul who started out with only a "very small" loan from his father.

Another "overt fraud", in the Times' surprisingly blunt language, involved a Trump company established to purchase supplies for the empire, but which in reality "simply mark [ed] up purchases already made by his employees", leading to millions in untaxed revenue.

The White House, meanwhile said that "Many decades ago, the IRS reviewed and signed off on these transactions".

"What emerges from this body of evidence is a financial biography of the 45th president fundamentally at odds with the story Mr. Trump has sold in his books, his TV shows and his political life", the report says. But the newspaper said its exhaustive investigation of tax returns and confidential records found this was not true.

The Times said its analysis drew on tax returns of Trump's father, among other documents, but not Trump's personal tax returns. Ultimately, only 5 percent, or $52.2 million, was paid in total tax on the amount.

The codicil left Trump Sr, then 83 and with declining health, angry and anxious that Donald Trump could cost him his life's fortune, according to statements made by unnamed family members during a legal dispute and obtained by the New York Times.

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"There was no fraud or tax evasion by anyone".

Mr. Harder told the newspaper, "President Trump had virtually no involvement whatsoever with these matters. The facts upon which The Times bases its false allegations are extremely inaccurate", the statement continued.

Harder insisted the matter was mostly handled by other relatives who relied "entirely" upon licensed professionals to "ensure full compliance with the law".

When the elder Trump transferred his business to his children, the Trump kids valued a collection of buildings they'd received at $41.4 million.

Citing tax experts, the Times reported it was unlikely Trump would face criminal prosecution because the acts were past the statute of limitations.

Robert Trump, the president's brother, also issued a statement to The Times, saying that "all appropriate gift and estate tax returns were filed, and the required taxes were paid" following their parents' deaths.

"I'm the most successful person ever to run for the presidency, by far", Trump told the Des Moines Register in 2015. So on Tuesday afternoon, at the same time that it published the investigation that was a year in the making, it also aggregated itself - publishing "11 takeaways from the Times's investigation into Trump's wealth".

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