President Donald Trump’s father Fred Trump used shady tax dodges which could top $400 million New York state tax bill, according to an expert estimation.
Trump who proclaimed himself as a self-made billionaire has always insisted that his father Fred Trump considered as the legendary New York City builder, provided no financial help and the president repeatedly said on several occasions that “I built what I built myself.”
But, recently, the investigation by the New York Times has disclosed that Donald Trump received an equal of $413 million from his father real estate empire. Not only this, much of his money that he got is through dubious tax schemes he participated in during the 1990’s, which also indicates the instances of outright fraud.
In all, the president’s parent’s transferred over $1 billion in wealth to their kids, that could have produced the tax bill of at least $550 million under the 55 per cent tax charge on gifts and inheritances. Backed by a variety of tax dodges, the trumps paid $52.2 million, or approximately 5%, tax returns show.
The president declined requests over many weeks to give his remarks for this article.
On the other hand, Charles J. Harder, Mr Trump lawyer, provided a written statement which states that:
“President Trump had virtually no involvement whatsoever with these matters. 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.”
Whereas, the tax officials in New York State and city said that they are investigating the allegations put in the Tuesday New York Times story. A spokesperson of New York State Department of Taxation and Finance said to CNBC that:
“The Tax Department is reviewing the allegations in the NYT article and is vigorously pursuing all appropriate avenues of investigation.”
General Barbara Underwood, New York Attorney General and a Democrat, has declined to comment on this matter, though New York Mayor Bill de Blasio issued a warning in a press conference that the city will forcefully get back taxes that he might owe on money and on other assets he got from his father. He further stated:
‘There are real ramifications right now to what has disclosed,’ he said, either with ‘potential violations of law or in cases where the statute of limitations has ended that there may be severe civil penalties.’
However, the White House had said earlier in the day that the president has no plans in disclosing his income tax returns to refute the news.
Sanders declined any facts cited in the Times story and quoted Fred Trump saying of his son that everything he touched ‘turns to gold.’
The cache of paperwork includes a hidden tax and bank documents if leaked will pursue the intense security- and loyalty-breach investigation inside Trump world. Also, it will give leverage to Democrats demanding Trump to make his tax returns public.