Bombshell Report Details Tax Evasion and ‘Outright Fraud’ Through Which Trump Accumulated His Wealth From Daddy
Contrary to Trump’s preferred origin story, the Times revealed that Fred Trump lent his son at least $60.7 million to help him fund his business ventures—equivalent to $140 million in today’s dollars. While Trump has claimed he had to pay the initial loan back “with interest,” tax returns show most of money was not repaid.
By setting up a fraudulent corporation through which Trump and his four siblings passed huge monetary gifts from their parents, they were able to avoid paying millions of dollars in taxes—just one of several tax schemes Trump helped orchestrate in order to enrich himself, as the Times reports:
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.