Trump helped parents shield millions from taxes: New York Times

[webfact]

Trump helped parents shield millions from taxes: New York Times

 

U.S. President Donald Trump talks to reporters on his way to the Marine One helicopter on the South Lawn as he departs for travel to Pennsylvania and Tennessee from the White House in Washington, U.S. October 2, 2018. REUTERS/Leah Millis

 

WASHINGTON (Reuters) - U.S. President Donald Trump engaged in tax schemes that included cases of fraud in which he and his siblings helped their parents dodge taxes, the New York Times reported on Tuesday.

 

The Times investigation, which a Trump lawyer said was inaccurate, showed Trump received the equivalent today of at least $413 million from his father's real estate business. The newspaper cited a "vast trove" of confidential tax return and financial records.

 

The Times reported that much of that fortune came to Trump because he helped his parents evade taxes, setting up a fake corporation with his siblings to disguise millions of dollars in gifts from their parents.

 

During his presidential campaign, Trump promoted himself as a self-made real estate mogul who started out with only a "very small" loan from his businessman father, Fred Trump.

 

The White House did not immediately respond to a request for comment on the report. Reuters has not been able to verify the report.

Trump lawyer Charles Harder told the Times: "President Trump had virtually no involvement whatsoever with these matters."

 

Harder added: "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."

 

James Gazzale, a spokesman for the New York State Department of Taxation and Finance, said the department "is reviewing the allegations in the New York Times article and is vigorously pursuing all appropriate avenues of investigation."

 

The U.S. Internal Revenue Service did not immediately reply to a request for comment.

 

Citing tax experts, the Times reported it was unlikely Trump would face criminal prosecution because the acts were past the statute of limitations. There is no time limit, however, on civil fines for tax fraud, according to the paper.

 

The Times reported that its findings were based on more than 200 tax returns from Fred Trump, his companies and various Trump partnerships and trusts. The records did not include Donald Trump's personal tax returns. Unlike other White House candidates and presidents in recent decades, Trump has declined to release his tax returns.

 

According to the newspaper, the report was also based on interviews with Fred Trump’s former employees and advisers and more than 100,000 pages of documents describing the inner workings of his business empire.

 

"The investigation also draws on tens of thousands of pages of confidential records - bank statements, financial audits, accounting ledgers, cash disbursement reports, invoices and canceled checks," according to the Times.

 

(Reporting by Doina Chiacu; Additional reporting by Karen Freifeld in New York; Editing by Peter Cooney)

 

-- © Copyright Reuters 2018-10-03

[Basil B]

This will lead to DT's own tax affairs being more scrutinized...

[YetAnother]

31 minutes ago, webfact said:

Trump lawyer Charles Harder told the Times: "President Trump had virtually no involvement whatsoever with these matters."

 

Harder added: "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."

bunch of tax lawyers , hired by people who can afford it, to end-run the USA tax law; doubt there are Any other rich families in USA that do not do this

[lannarebirth]

I've known very rich people who have scuttled their racing yachts for the insurance money once they were no longer competitive. I've known one's who electricuted their thoroughbred horses for the same reason. Tax evasion is like Ultra Rich Person 101.

[NaamGin]

This story has already been refuted by Trump, stating that the IRS signed off on these types of transactions long ago. Just another attempt by the NY Southern District to "trump" up something to keep the NYT fed with crap.

 

I'm waiting for the NYT to report that there is an eye witness to Trump pulling a train on a group of Midget wrestlers from Mexico and that the alleged victims have engaged the services of Michael Avenatti to represent them. Oh the horror. 

[Credo]

11 minutes ago, NaamGin said:

This story has already been refuted by Trump, stating that the IRS signed off on these types of transactions long ago. Just another attempt by the NY Southern District to "trump" up something to keep the NYT fed with crap.

 

I'm waiting for the NYT to report that there is an eye witness to Trump pulling a train on a group of Midget wrestlers from Mexico and that the alleged victims have engaged the services of Michael Avenatti to represent them. Oh the horror. 

Oh well, if Trump said so then it must be so.   He has no history of lying, does he?

 

[riclag]

25 minutes ago, NaamGin said:

This story has already been refuted by Trump, stating that the IRS signed off on these types of transactions long ago. Just another attempt by the NY Southern District to "trump" up something to keep the NYT fed with crap.

 

I'm waiting for the NYT to report that there is an eye witness to Trump pulling a train on a group of Midget wrestlers from Mexico and that the alleged victims have engaged the services of Michael Avenatti to represent them. Oh the horror. 

Yes, just more Trump bashing .This is all so familiar. But like he said ,He's so familiar with this crap.And so is the American people who voted for change

Edited October 3, 2018 by riclag

[bristolboy]

1 minute ago, NaamGin said:

 

Trump was referring to IRS rulings on the matter. What, you calling the IRS liars? 

 

What about:

Obama = If you like your current health insurance, you can keep it

GWB = We must invade Iraq because they have WMD's

Bill Clinton = I did not have sexual relations with that woman

GWHB = If the people knew what we have done, they would chase us down the street and lynch us.

 

 

What about, if you Trump haters are so smart, how come you didn't have a rich daddy's money to bail you out after you destroyed the family's business? $413,000,000 (present day value) proofs of genius.

[klauskunkel]

3 hours ago, webfact said:

"President Trump had virtually no involvement whatsoever with these matters."

If only he was a virtual president

[bristolboy]

16 minutes ago, riclag said:

Yes, just more Trump bashing .This is all so familiar. But like he said ,He's so familiar with this crap.And so is the American people who voted for change

Apparently not so familiar to Trump supporters who continually salute him for being a business genius and a great negotiator. 

[quandow]

26 minutes ago, NaamGin said:

 

Trump was referring to IRS rulings on the matter. What, you calling the IRS liars? 

 

What about:

Obama = If you like your current health insurance, you can keep it

GWB = We must invade Iraq because they have WMD's

Bill Clinton = I did not have sexual relations with that woman

GWHB = If the people knew what we have done, they would chase us down the street and lynch us.

 

 

Again, until we drop the "They did it so why can't I?" defense, we can't focus on clearing up matters from here on out. Yes, they ALL lied, but let's call a spade a spade and take the ones to task that we can here and now.

[bristolboy]

18 minutes ago, quandow said:

Again, until we drop the "They did it so why can't I?" defense, we can't focus on clearing up matters from here on out. Yes, they ALL lied, but let's call a spade a spade and take the ones to task that we can here and now.

In addition to which, quantity matters. Nobody even comes close to Trump in the volume of lies and falsehoods that he tells. He is many hundreds of times ahead of his closest competition.

[attrayant]

1 hour ago, NaamGin said:

This story has already been refuted by Trump, stating that the IRS signed off on these types of transactions long ago.

 

You don't seem to know what the word 'refute' means.

[mtls2005]

The article seems well-reported, would be interesting to understand where all the documents came from?

 

Any criminal liability is probably off the table given the relevant statute of limitations? Civil liability remains as the City and State may choose to pursue restitution.

 

Fraudulently dodging taxes - not by legal schemes - should be enough to erode all but the dumbest of the base?

 

The article certainly casts doubt on the Trump origin story, and the particularly sleazy attempt to add a codicil benefiting himself to his aged, senile father's will is puke-inducing.

 

 

[Scott]

Off-topic posts removed.

 

[NaamGin]

47 minutes ago, attrayant said:

 

You don't seem to know what the word 'refute' means.

 

Is English your first language? 

refute (rĭ-fyo͞otˈ)

►

• v.
  To prove to be false or erroneous; overthrow by argument or proof: refute testimony.
• v.
  To deny the accuracy or truth of: refuted the results of the poll.

[attrayant]

And Trump has not proven anything merely by claiming innocence.

Edited October 3, 2018 by attrayant

[Tug]

Surprised no expected yes he is a crook pure and simple a golden spoon baby man bulley 400 million calls himself a self made man to say that’s true is laughable you trump lovers can have him I think he is a traitor and belongs in Leavenworth 

[Credo]

There is a long history of not avoiding taxes, but of fraud.   Some of these Trump or his father were caught at and fined, most of these are new.   

 

One is that Fred Trump had a bogus company that he used to make all his purchases.   If a building needed something, it would be purchased for maybe $10,000 but his bogus company would re-sell it to his building for $50,000.   The $40,000 profit would go to his children.   The company would show a $50,000 purchase, take it off taxes and ALSO use it in determining a rate increase for rent controlled buildings.   In that action you have two legally fraudulent actions.   

 

The documents obtained are legitimate documents which were obtained after the death of a relative involved in the Trump business.   So real documents dating way back.   

[vinegarbase]

4 hours ago, webfact said:

The Times reported that its findings were based on more than 200 tax returns from Fred Trump,

 

So this is all about Trump's father. Who cares. This is news? 35 year old alleged sexual abuse cases, decades old tax issues from someone's father. What's next dig up Thomas Jefferson's grave and hang his skeleton for owning slaves. The left now has proven there are no trains on the tracks anymore, no more screws left, complete full blown crazy town. 

[lannarebirth]

1 hour ago, klauskunkel said:

If only he was a virtual president

 

Well, he is; in a way.

[lannarebirth]

1 hour ago, bristolboy said:

In addition to which, quantity matters. Nobody even comes close to Trump in the volume of lies and falsehoods that he tells. He is many hundreds of times ahead of his closest competition.

 

The most effective lies come from those who don't lie very often. You have to have credibility to get a really good lie across. Trump has none. With Trump, one just assumes everything he says is a lie. The risk for Trump is that he may inadvertantly tell the truth and no one believes him.

Edited October 3, 2018 by lannarebirth

[kamahele]

2 hours ago, riclag said:

Yes, just more Trump bashing .This is all so familiar. But like he said ,He's so familiar with this crap.And so is the American people who voted for change

Trump bashing? What this story lays out that Trump has lied about how he made his money. It is not so much about illegalities but that his father perhaps legally and sometimes not legally funneled money from his businesses to his children. Donald started receiving money and properties at the age of 3. it also lays out that his father also used Donald and his siblings it inflate prices for expenses and then request to raise pricing on affordable housing, so basically to rip off poor people and lower income people. Great family.

[Credo]

1 hour ago, vinegarbase said:

 

So this is all about Trump's father. Who cares. This is news? 35 year old alleged sexual abuse cases, decades old tax issues from someone's father. What's next dig up Thomas Jefferson's grave and hang his skeleton for owning slaves. The left now has proven there are no trains on the tracks anymore, no more screws left, complete full blown crazy town. 

Fred Trump's tax returns and other financial documents show that Donald received huge amounts of money from the age of 2 years old from his father.    By the time he was 8 he was a millionaire.   He received countless loans (not paid back).   He has very boldly and blatantly lied about how he made his wealth.   

 

To keep one of Donald's Casinos from defaulting on a debt, his father purchased $3.5 Million in Chips, but didn't gamble.   It was to give the income to keep it from going bankrupt.   What they did was illegal and an attempt to hide from the tax man, but it was caught.   

 

There are many other devious and fraudulent things done.   So no, it's not about Fred Trump.   It's about Donald.   He's not the good businessman he would like to have everyone believe he is and now they have the records to show it.

 

[lannarebirth]

17 minutes ago, kamahele said:

Trump bashing? What this story lays out that Trump has lied about how he made his money. It is not so much about illegalities but that his father perhaps legally and sometimes not legally funneled money from his businesses to his children. Donald started receiving money and properties at the age of 3. it also lays out that his father also used Donald and his siblings it inflate prices for expenses and then request to raise pricing on affordable housing, so basically to rip off poor people and lower income people. Great family.

 

Apparently you don't know much about "rent control".  Anyhow, I've been "funneling" money to my kids for several years now. The US IRS allows for the gifting of money to others with no tax consequences if certain limits are not surpassed. Currently it is $14k/yr. Next year $15k/yr.

[vinegarbase]

8 minutes ago, Credo said:

He's not the good businessman he would like to have everyone believe he is and now they have the records to show it.

 

So what if he was a millionaire as a child? 90% of big Asian businesses do the same for their children as well. If he wasn't a good businessman how did he go from millions to billions? Doesn't matter how many times he went bankrupt because most successful CEO's fail many times in their lives before they make it. Once again, the left is digging up ancient graves to try to find a story. It's 2018 last I checked. 

[Berkshire]

Pretty much everything about Trump is just a fraud, isn't it?  He was never a great businessman.  He simply took daddy's millions, conned and cheated his way to billions, and lost an even bigger bundle along the way.  There may be even more criminality (e.g., laundering Russian money) which Mueller will get to the bottom of.  But his brilliant conning of at least a part of the American electorate got him elected to POTUS.  Unfortunately for America, Trump is in way over his head in this job.  He will do some lasting damage the longer he stays.  The good thing is by being in this job, he put a microscope on himself and the press are going to dig up more and more dirt on this guy.  Impeachment is not enough.  Trump needs to go to jail. 

[lannarebirth]

3 hours ago, mtls2005 said:

The article seems well-reported, would be interesting to understand where all the documents came from?

 

Any criminal liability is probably off the table given the relevant statute of limitations? Civil liability remains as the City and State may choose to pursue restitution.

 

Fraudulently dodging taxes - not by legal schemes - should be enough to erode all but the dumbest of the base?

 

The article certainly casts doubt on the Trump origin story, and the particularly sleazy attempt to add a codicil benefiting himself to his aged, senile father's will is puke-inducing.

 

 

 

From my recollection, tax returns are subject to audit for a period of 6 years. I hope that's right because that's how long I keep the records my taxes are based upon.

 

However, it is my understanding that in the case of tax fraud, that ther is no staute of limitations.I'm willing to be corrected on that but that's my understanding.

 

" Origin story" would appear to be one of the latest "en vogue" terms. If you're over the age of fifty, you'd have to be a congenital idiot not to know everything there is to know about Trump already. He has never been anything different than what you see now. Every single thing he does is exactly what someone like him would do. That there are 10's of thousands of posts talking about him doing exactly what one would expect he would do is mind boggling to me. 

[wwest5829]

5 hours ago, bristolboy said:

What about, if you Trump haters are so smart, how come you didn't have a rich daddy's money to bail you out after you destroyed the family's business? $413,000,000 (present day value) proofs of genius.

What about? Well, if you want to start another discussion with a different topic, fine. The subject of the posting is The Donald. I do not “hate” Trump. He is not worth my time to “hate”. I do continue to oppose his words, policies, actions. Enough of his personal history was and is available to judge this beings character.

[irwinfc]

when did this actually happen?