Trump has been able evade paying hundreds of millions of dollar in taxes….
Trump has fought efforts to find out about his personal finances for the entire time he has been President, something NO OTHER modern day President has ever done…
The effort has reached the nation’s highest court which recently sided WITH Trump against Congress obtaining that information, which it CAN obtain for anyone else….
It was going to be a matter of time before this information became public…
The Manhattan DA’s office is also before the Supreme Court with it’s effort to obtain the information …
As of today … Which was in 2018….
The New York Times is out with bombshell piece that sheds some more light on the President of the United States , who as a New York Real Estate guy , with the help of his father , was able to duck paying taxes of probably 1/2 a BILLION dollars….
The story linked below gives peek at why Donald Trump might NOT be a guy who likes the government looking over his shoulder even if he’s supposed to be running it….
Most of this IS old news that ran during the 2016 campaign…
But will now get a second running going into Novembers election….
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 president declined repeated requests over several weeks to comment for this article. But a lawyer for Mr. Trump, Charles J. Harder, provided a written statement on Monday, one day after The Times sent a detailed description of its findings. “The New York Times’s allegations of fraud and tax evasion are 100 percent false, and highly defamatory,” Mr. Harder said. “There was no fraud or tax evasion by anyone. The facts upon which The Times bases its false allegations are extremely inaccurate.”
Mr. Harder sought to distance Mr. Trump from the tax strategies used by his family, saying the president had delegated those tasks to relatives and tax professionals. “President Trump had virtually no involvement whatsoever with these matters,” he said. “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 Times’s findings raise new questions about Mr. Trump’s refusal to release his income tax returns, breaking with decades of practice by past presidents. According to tax experts, it is unlikely that Mr. Trump would be vulnerable to criminal prosecution for helping his parents evade taxes, because the acts happened too long ago and are past the statute of limitations. There is no time limit, however, on civil fines for tax fraud….
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.
One could imagine that a post Donald Trump could be compeled to repay the US government and New York State a LOT of back taxes with a new admin overseeing the IRS and Justice Department….
The title of this piece was changed to reflect that the piece linked was from 2018....
image…Neal Boenzi/The New York Times