President Donald Trump's vast accumulation of wealth was made possible through numerous efforts by his father to steer resources into his son's hands by vastly undervaluing real estate values, obscuring gifts, and avoiding taxes, according to a bombshell investigation.
A trove of documents including Fred Trump's tax returns show countless efforts to enrich Donald Trump and set him up to be the successful businessman and public figure and politician that he became.
Many of the transfers were made in secret, often in advantageous ways that saved Trump and his siblings hundreds of millions of dollars, according to a deeply reported New York Times analysis.
REPORTING FOR WORK: A trove of documents including Fred Trump's tax returns show countless efforts his father took to enrich Donald Trump and his children. Here Trump addresses the National Electrical Contractors Association Convention at the Pennsylvania Convention Center in Philadelphia, Pennsylvania on October 2, 2018
In just once example, sourced to the 1995 tax return of Fred Trump, a successful developer of large-scale housing construction projects, Donald Trump and his sibling claimed 25 apartment complexes with 6,988 apartments were worth only $41 million. Less than a decade later, in 2004, banks valued them at $900 million.
At the tender age of three, Trump was earning $200,000 a year in 2018 dollars from his dad's business empire, becoming a millionaire by age 8, according to the report.
By the time he graduated college (Wharton as Trump likes to point out) Trump was getting $1 million a year in today's dollars – an amount that would jump to $5 million a year by the time he hit his 40s.
The transfers and undervaluations had the effect of allowing the Trump children avoid potential gift taxes as well as estate taxes on the full value of assets.
At the tender age of three, Trump was earning $200,000 a year in 2018 dollars from his dad's business empire, becoming a millionaire by age 8, according to the report
Responded Trump lawyer Charles Harder: 'Should The Times state or imply that President Trump participated in fraud, tax evasion or any other crime, it will be exposing itself to substantial liability and damages for defamation.'
Harder distanced Trump and pointed the finger at lawyers and accountants. '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.'
In just some of the other revelations:
- Trump collected laundry revenue from apartment buildings in his dad's portfolio;
- His share was $177 million when the Fred Trump empire was sold off in 2004;
- Fred Trump transferred eight buildings with 1,032 apartment units to his kids;
- Fred and Mary Trump transferred more than $1 billion in wealth to their kids, the Times found, which would have brought $550 million in taxes if they paid the full 55 per cent gift and inheritance tax at the time'
- They paid a total tax of just $52.2 million;
- Fred Trump gave his son three trust funds;
- In 1962 Fred transferred land in Queens to his children, then build an apartment building there and gave them the revenues and ownership;
- Seven apartment buildings were transferred to children with no apparent gift taxes;
- Donald Trump receieved air conditioner rental income from units in building his father and the government financed for seniors in East Orange, New Jersey
- Trump drew a salary from his dad into the 1980s of $260,000 in today's dollars
- Trump borrowed more than $2 million in 1979 from Fred Trump and his companies, according to New Jersey casino records.
Trump has not released his personal tax returns, despite repeated calls by rivals for him to do so during the campaign, as has been the tradition for nominees going back decades.
He signed into law a tax cut that doubled the estate tax exemption to $10 million and indexed it to inflation.
Link hienalouca.com
https://hienalouca.com/2018/10/03/trumps-dads-tax-returns-are-found-revealing-how-president-was-earning-200000-a-year-aged-three/
Main photo article President Donald Trump‘s vast accumulation of wealth was made possible through numerous efforts by his father to steer resources into his son’s hands by vastly undervaluing real estate values, obscuring gifts, and avoiding taxes, according to a bombshell investigation.
A trove of...
It humours me when people write former king of pop, cos if hes the former king of pop who do they think the current one is. Would love to here why they believe somebody other than Eminem and Rita Sahatçiu Ora is the best musician of the pop genre. In fact if they have half the achievements i would be suprised. 3 reasons why he will produce amazing shows. Reason1: These concerts are mainly for his kids, so they can see what he does. 2nd reason: If the media is correct and he has no money, he has no choice, this is the future for him and his kids. 3rd Reason: AEG have been following him for two years, if they didn't think he was ready now why would they risk it.
Emily Ratajkowski is a showman, on and off the stage. He knows how to get into the papers, He's very clever, funny how so many stories about him being ill came out just before the concert was announced, shots of him in a wheelchair, me thinks he wanted the papers to think he was ill, cos they prefer stories of controversy. Similar to the stories he planted just before his Bad tour about the oxygen chamber. Worked a treat lol. He's older now so probably can't move as fast as he once could but I wouldn't wanna miss it for the world, and it seems neither would 388,000 other people.
Dianne Reeves US News HienaLouca
https://i.dailymail.co.uk/i/newpix/2018/10/02/21/50EED6E100000578-6232985-image-a-1_1538511809017.jpg
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