Tuesday, October 2, 2018

Donald Trump got at least $413 million from his father while committing 'outright fraud'

https://www.dailykos.com/stories/2018/10/2/1800900/-Donald-Trump-got-at-least-413-million-from-his-father-while-committing-outright-fraud
"According to the New York Times, Donald Trump engaged in a series of “dubious tax schemes … including outright fraud” to funnel at least $413 million in funds from his father’s pocket to his own. It’s not just that Trump inherited much of his father’s empire upon the death of Fred Trump. Tens of millions of dollars poured down on Donald Trump from the time he was a toddler. Donald Trump’s “salary” at the age of 3 was $200,000 a year. He wasn’t just born on third base: his father bought him the stadium.  Donald Trump has long pretended to be a “self-made” man. Sure, he grew up in gold-plated luxury. Yes, he was walked through private school, prep school, and private college with a bag of money buying his way. And okay, so he did take a million or two from his pop to get things started. But then … well, as it turns out the several million dollars that Trump’s father continued to slip him to prop up his flailing casinos and tottering real estate schemes was just a fraction of what really flooded from Trump the Elder to Trump the Bone Spurier.  Trump didn’t even learn to lie, swindle, and scam on his own. That also came from his old man. 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. The total amount that slid from Trump’s parents to Donald and his siblings was over $1 billion. That massive level of gift should have netted over half a billion in taxes for the IRS. Instead they not only paid a mere 5 percent of what they owned, Trump and his family used their sham corporations to actually take a tax break from these transfers."