As per an investigation carried out by The New York Times, US President Donald Trump helped “his parents dodge taxes” in the 1990s that included “instances of outright fraud” which allowed him to earn a fortune from them. The report states that he and his siblings hid millions of dollars in gifts in a “sham corporation” to help his parents build their wealth.
He helped his father in formulating a strategy so as to undervalue their real estate holdings on their tax returns to reduce their tax bill. He earned a total of, at least, $413 million in today’s dollars from his father’s real estate empire. The investigations further reveal that Trump isn’t vulnerable to criminal prosecution if found guilty because the transactions occurred in the 1990s, which is past the statute of limitations. But, there’s no time limit on civil fines for proven tax fraud.
On Monday, Trump’s lawyer, Charles Harder, replied to the Times story with a statement, “The New York Times’ allegations of fraud and tax evasion are 100 per cent false, and highly defamatory. There was no fraud or tax evasion by anyone. The facts upon which the Times bases its false allegations are extremely inaccurate.”
Trump’s brother Robert Trump revealed in a statement to the Times, “Our dear father, Fred C. Trump, passed away in June 1999. Our beloved mother, Mary Anne Trump, passed away in August 2000. All appropriate gift and estate tax returns were filed, and the required taxes were paid. Our father’s estate was closed in 2001 by both the Internal Revenue Service and the New York State tax authorities, and our mother’s estate was closed in 2004. Our family has no other comment on these matters that happened some 20 years ago, and would appreciate your respecting the privacy of our deceased parents, may God rest their souls.”
The records didn’t include his personal tax returns or his recent business dealings. The report by Times also pictures a different portrayal of how the President amassed his wealth, long after decades of depicting himself to be a self-made man.