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Trump Engaged in Suspect Tax Schemes as He Reaped Riches From His Father

K1052

K1052

Elite Member
The NYT just conducted what I can only describe as a controlled demolition of Trump's decades fabricated image as a self made man. The reporting and details (backed by a huge trove of documents) are incredible.

Raises an extremely real possibility that Trump has continued to act illegally to the present day and probably has exposure.

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.
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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.
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All told, The Times documented 295 streams of revenue that Fred Trump created over five decades to enrich his son. In most cases his four other children benefited equally. But over time, as Donald Trump careened from one financial disaster to the next, his father found ways to give him substantially more money, records show. Even so, in 1990, according to previously secret depositions, Mr. Trump tried to have his father’s will rewritten in a way that Fred Trump, alarmed and angered, feared could result in his empire’s being used to bail out his son’s failing businesses.
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In the chauffeured Cadillac, Donald Trump took The Times’s reporter on a tour of what he called his “jobs.” He told her about the Manhattan hotel he planned to convert into a Grand Hyatt (his father guaranteed the construction loan), and the Hudson River railroad yards he planned to develop (the rights were purchased by his father’s company). He showed her “our philanthropic endeavor,” the high-rise for the elderly in East Orange (bankrolled by his father), and an apartment complex on Staten Island (owned by his father), and their “flagship,” Trump Village, in Brooklyn (owned by his father), and finally Beach Haven Apartments (owned by his father). Even the Cadillac was leased by his father.

“So far,” he boasted, “I’ve never made a bad deal.”
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https://www.nytimes.com/interactive/2018/10/02/us/politics/donald-trump-tax-schemes-fred-trump.html
 
In case anyone was still wondering why Trump is so desperate not to release his tax returns this should explain it pretty clearly.

It's really telling that his father attempted to change his will towards the end because Donald was such a bad businessman Fred was afraid he would lose his whole empire bailing out Donald's bad ideas. It also says a lot about what Fred Trump thought of his son. If you trust your child to be honorable and decent there's no need to protect your will from his greed.
 
Although the statute of limitations passed for those past crimes, he can still be sued civilly by the IRS. Also, he most certainly committed tax fraud in the years prior to winning the presidency.
 
K1052 said:
The NYT just conducted what I can only describe as a controlled demolition of Trump's decades fabricated image as a self made man. The reporting and details (backed by a huge trove of documents) are incredible.

Raises an extremely real possibility that Trump has continued to act illegally to the present day and probably has exposure.









https://www.nytimes.com/interactive/2018/10/02/us/politics/donald-trump-tax-schemes-fred-trump.html
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As a native New Yorker, I feel like I've read this article before. It almost feels like common knowledge type stuff.
 
NY Department of Taxation has started an investigation into the allegations made in the the Times piece.
 
K1052 said:
NY Department of Taxation has started an investigation into the allegations made in the the Times piece.
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Could this possibly be THE THING that brings Trump down? I kinda doubt it given the amount of time that has passed and surely the NY authorities had a idea what was going on. I know very little about tax law, statute of limitations, etc.
 
BlueWeasel said:
Could this possibly be THE THING that brings Trump down? I kinda doubt it given the amount of time that has passed and surely the NY authorities had a idea what was going on. I know very little about tax law, statute of limitations, etc.
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Capone was busted for tax evasion.
 
I almost posed the question if anyone thought he wasn’t doing this with his kids as well. Then I remembered how much of a selfish piece of this he is and realized, no, he probably isn’t doing anything like this for his kids. Only for himself.
 
So wait...Trump DIDN'T start with just $1 million from dad? It was more like $400+ million??

I'm shocked...SHOCKED that anyone would try to avoid a 55% inheritance tax through schemes like these. IRS didn't even bat an eye.

While I engage in Trump-bashing as often as anyone else, this is one of those scenarios when I have to ask, is it just Trump breaking the law here, or is it everyone who stands to inherit hundreds of millions from their parents? Is this one of those white-collar crimes that everyone with the right tax lawyers just gets away with?
 
UNCjigga said:
So wait...Trump DIDN'T start with just $1 million from dad? It was more like $400+ million??

I'm shocked...SHOCKED that anyone would try to avoid a 55% inheritance tax through schemes like these. IRS didn't even bat an eye.

While I engage in Trump-bashing as often as anyone else, this is one of those scenarios when I have to ask, is it just Trump breaking the law here, or is it everyone who stands to inherit hundreds of millions from their parents? Is this one of those white-collar crimes that everyone with the right tax lawyers just gets away with?
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Who knew, with the right lawyers, and lots of looking the other way, the wealthy continue to keep and expand their wealth pretty much unfettered. Contrary to the whining that the media so laps up, so we might feel sorry for all the burdens we put on them.
 
UNCjigga said:
So wait...Trump DIDN'T start with just $1 million from dad? It was more like $400+ million??

I'm shocked...SHOCKED that anyone would try to avoid a 55% inheritance tax through schemes like these. IRS didn't even bat an eye.

While I engage in Trump-bashing as often as anyone else, this is one of those scenarios when I have to ask, is it just Trump breaking the law here, or is it everyone who stands to inherit hundreds of millions from their parents? Is this one of those white-collar crimes that everyone with the right tax lawyers just gets away with?
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Legal or not, it is the central issue with the myth that is Trump: that he is wealthy, successful, and self-made. He has been at war with dozens of financial publications throughout his life, because he must maintain that his wealth is actually his, and that he isn't a complete failure as businessman, which he factually is.

He was essentially broke before NBC approached him with this idea and script for this thing called "The Apprentice," which wasn't written for him in any way, but the showrunner thought Trump would be a good villain-type to run the show.

NBC saved him, unfortunately for humanity, with an idea that was, of course, never Trump's.
 
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