Donald Trump has received more than $ 400 million from his parents, in part through “illicit” tax evasion, the New York Times said Tuesday in an investigation into the fortune of the US president.
The Trump family is under investigation after discovering a plethora of documents, including Fred Trump’s tax returns, which demonstrate countless efforts to enrich Donald Trump, and prepare him to become the businessman, the character public and the politician he became.
According to a New York Times survey, many transfers were made in secret, often fraudulently, allowing Donald Trump and his brothers and sisters to save hundreds of millions of dollars.
It was the New York State Tax Department that opened an investigation. And according to New York Timesrevelations , Donald Trump has received more than $ 400 million from his parents, thanks in part to tax evasion tactics. The daily’s information was denied by a US president’s lawyer and by the White House spokesman.
At the age of three, Donald Trump earned $ 200,000 a year from his father’s business empire, becoming a millionaire at age 8, according to the report.
By the time he finished his internship and graduated from university in Wharton, Trump was getting $ 1 million a year in current dollars, which would rise to $ 5 million a year by the age of 40. Transfers and under-valuations of properties have had the effect of allowing Trump children to avoid potential gift taxes and inheritance taxes on the total value of assets.
They paint a picture of the immense wealth associated with equally questionable accounting, all in the interest of Fred Trump and his family.
In a single copy of Fred Trump’s 1995 tax return, a burgeoning developer of large-scale housing projects, Donald Trump and his brother said 25 complexes comprising 6,988 apartments were worth $ 41 million. Less than ten years later, in 2004, banks valued them at $ 900 million.
Donald Trump was able to exclude a total of $ 413 million from the father’s empire, thanks in part to “tax evasion,” according to the revelations.