Trump helped parents dodge millions in taxes, says NYT

new york — Donald Trump helped his parents dodge millions of dollars in taxes and received far more money from his father’s real estate empire than he has claimed in the past, reported on Tuesday.

Trump “participated in dubious tax schemes during the 1990s, including instances of outright fraud, that greatly increased the fortune he received from his parents,” the newspaper said.

Trump has said on numerous occasions that he received little help from his father, New York property developer Fred Trump, in building his fortune. But the newspaper said its exhaustive investigation of a vast trove of tax returns and confidential records found this was not true. It said Trump received the equivalent of $413 million in today’s dollars from his father’s real estate activities.

“By age 3, Mr Trump was earning $200,000 a year in today’s dollars from his father’s empire,” the Times said. “He was a millionaire by age 8. “Soon after Mr. Trump graduated from college, he was receiving the equivalent of $1 million a year from his father,” it said. “The money increased with the years, to more than $5 million annually in his 40s and 50s.”

“Much of this money came to Mr Trump because he helped his parents dodge taxes,” the Times said. “He and his siblings set up a sham corporation to disguise millions of dollars in gifts from their parents,” it said.

Trump also “helped his father take improper tax deductions worth millions more,” the newspaper added. “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”. —

Much of this money came to Mr Trump because he helped his parents dodge taxes. The New York Times