Mr. Trump won the presidency proclaiming himself a self-made billionaire, and he has long insisted that his father, the legendary New York City builder Fred C. Trump, provided almost no financial help.

But The Times’s investigation, based on a vast trove of confidential tax returns and financial records, reveals that Mr. Trump received the equivalent today of at least $413 million from his father’s real estate empire, starting when he was a toddler and continuing to this day.

Much of this money came to Mr. Trump because he helped his parents dodge taxes. He and his siblings set up a sham corporation to disguise millions of dollars in gifts from their parents, records and interviews show. Records indicate that Mr. Trump helped his father take improper tax deductions worth millions more. 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 when those properties were transferred to him and his siblings.

These maneuvers met with little resistance from the Internal Revenue Service, The Times found. The president’s parents, Fred and Mary Trump, transferred well over $1 billion in wealth to their children, which could have produced a tax bill of at least $550 million under the 55 percent tax rate then imposed on gifts and inheritances.

Ray posted:

Mr. Trump won the presidency proclaiming himself a self-made billionaire, and he has long insisted that his father, the legendary New York City builder Fred C. Trump, provided almost no financial help.

Self-made ??? ... Naaaaaaah.

This adds to his tally of untrue statements.

So the NYT is better tax examiner than the IRS.

Alyuh funny!  Nothing here.  The IRS had their chance, and likely they did, to challenge the basis and assumptions of all these transactions.  None of these were not declared, they were part of tax filings.

Unless the NYT can unearth something never declared and the IRS had no way of knowing, water under the bridge.  Statute of limitations have long passed.

Hillary losers don't know when to fold!

Richard Nixon - "I'm not a crook"

https://www.youtube.com/watch?v=sh163n1lJ4M

November 17, 1973

Trump taxes: New York authorities examine president's tax affairs

2 hours ago, Tuesday, October 02, 2018, BBC News, https://www.bbc.com/news/world-us-canada-45727617

A lawyer for the president said claims he was involved in tax evasion are "100% false"

The New York State Tax Department has confirmed it is investigating claims by the New York Times that President Trump helped his parents dodge millions of dollars in taxes.

The paper has alleged that the president was involved in "dubious tax schemes during the 1990s, including instances of outright fraud".

White House spokeswoman Sarah Sanders called the story a "misleading attack".

She said the transactions were signed off by the IRS "many decades ago".

The president himself has not commented, but his lawyer Charles Harder said in a statement: "There was no fraud or tax evasion by anyone. The facts upon which The Times bases its false allegations are extremely inaccurate."

What does the paper allege about the president?

Mr Trump has repeatedly styled himself as a self-made billionaire who got little help from his wealthy father's property empire.

But in a special investigation based on more than 100,000 pages of documents, the New York Times alleges that the president actually received the equivalent of $413m (£318m).

"By age 3, Mr Trump was earning $200,000 a year in today's dollars from his father's empire," it states. "He was a millionaire by age 8."

Donald Trump's father Fred Trump (R) amassed a fortune as a New York real estate developer

The report claims Mr Trump was getting the equivalent of $1m a year from his father shortly after he graduated from college.

That figure had risen to more than $5m by the time he was in his forties and fifties, it states.

• How did Donald Trump make his fortune?
• Trump's life story: From hotel developer to president
• Donald Trump 2005 tax return leaked

The Times reports: "Much of this money came to Mr Trump because he helped his parents dodge taxes. He and his siblings set up a sham corporation to disguise millions of dollars in gifts from their parents."

The paper also alleges that the president "helped his father take improper tax deductions worth millions more". It says he helped cut his parents' tax bill through a strategy that undervalued their property assets by hundreds of millions of dollars.

Addressing the tax evasion claims, the president's lawyer said: "President Trump had virtually no involvement whatsoever with these matters." He said the affairs "were handled by other Trump family members who were not experts themselves", and who had relied on tax professionals.

The biggest claims in the report include:

• That the president's deceased parents Fred and Mary Trump transferred more than $1bn to their children. Tax records show they paid $52.2m of tax on this - around 5% - rather than the $550m it could have produced, the paper states. The president's brother, Robert Trump, said in a family statement that "All appropriate gift and estate tax returns were filed, and the required taxes were paid."

• That Mr Trump's claim that he launched himself in business with "a small loan of $1m" that he had to pay back with interest is inaccurate. The paper says it found that Fred Trump loaned his son the equivalent to $140m in today's money - much of which was not repaid.

What is the paper basing its allegations on?

The Times said its sources include public documents such as financial disclosure reports, as well as confidential records like bank statements.

It said "more than 200 tax returns from Fred Trump, his companies and various Trump partnerships and trusts" were among them.

Does this relate to Trump's tax returns?

The Times has not seen Donald Trump's personal tax returns, which he has so far refused to release - unlike past US presidents.

Its cache of papers gives little insight into his most recent business affairs.

However, the paper says the records it has seen - including trust tax returns - build up a picture of how the family's dealings enriched him over decades.

• What's in Donald Trump's tax returns?

The New York State Tax Department of Taxation and Finance told the BBC it is "reviewing the allegations in the New York Times article and is vigorously pursuing all appropriate avenues of investigation".

The New York Times reported that the president is unlikely to face criminal investigation as the alleged events happened too long ago. However, it said there is no time limit on fines for tax fraud.

I heard Trump Grandfather was a Pimp during the Klondike gold rush. That is how he made his money.

All dem Trump's were crooks and now look what became President.

Baseman posted:

So the NYT is better tax examiner than the IRS.

Alyuh funny!  Nothing here.  The IRS had their chance, and likely they did, to challenge the basis and assumptions of all these transactions.  None of these were not declared, they were part of tax filings.

Unless the NYT can unearth something never declared and the IRS had no way of knowing, water under the bridge.  Statute of limitations have long passed.

Hillary losers don't know when to fold!

You are part of that nutter group living in a fact free zone. The NY times is a corporation with an entire law firm at its disposal and they include financial analysts and tax attorneys of substantial pedigree as any IRS grunt. If trump scammed the government; they are better equipped to ferret it out as any. You can live in your dream world and embrace this odium. The rest of the world hopes good people can salvage what soul will of america will be left when this netherworld creature leaves.

Trump is not FIT to be President of Zimbabwe, Uganda  or Nigeria much less the USA. This shameless, disgusting sexual assaulter and P12234 grabbing Moron is a disgrace to humanity!!!

Nehru posted:

Trump is not FIT to be President of Zimbabwe, Uganda  or Nigeria much less the USA. This shameless, disgusting sexual assaulter and P12234 grabbing Moron is a disgrace to humanity!!!

Why are you dissing your fellow New Yorker? You think JFK and Bill Clinton were angels?  

Demerara_Guy posted:

DONALD TRUMP - "I'm not a crook"

https://www.youtube.com/watch?v=sh163n1lJ4M

November 17, 1973

Max Power

Published on Jul 15, 2009

He fooled America, he cheated IRS, he had Russia rigged the election. All you Trump followers are condoning a fraudster, a CHEAT. LOCK HIM UP!!!

Trump is a maverick.  The swamp things hate him so they come out of the woodwork to throw mud. 

Trump is here to stay till 2024. Alyuh get used to it!

D2 posted:

Baseman posted:

So the NYT is better tax examiner than the IRS.

Alyuh funny!  Nothing here.  The IRS had their chance, and likely they did, to challenge the basis and assumptions of all these transactions.  None of these were not declared, they were part of tax filings.

Unless the NYT can unearth something never declared and the IRS had no way of knowing, water under the bridge.  Statute of limitations have long passed.

Hillary losers don't know when to fold!

You are part of that nutter group living in a fact free zone. The NY times is a corporation with an entire law firm at its disposal and they include financial analysts and tax attorneys of substantial pedigree as any IRS grunt. If trump scammed the government; they are better equipped to ferret it out as any. You can live in your dream world and embrace this odium. The rest of the world hopes good people can salvage what soul will of america will be left when this netherworld creature leaves.

Get this, the IRS has more data, more powers, more insights, more databases to check, cross check and the power to audit.  The NYT coming decades later with some facts and many assumptions.  

Its the irs to have questioned and settle the tax issues decades ago.  

As long as these were declared, if they did not question, too bad.  

Base, 60% of the Tax Forms are not Audited. The REAl American way is to be Patriotic and Honest NOT to be a slave of Putin.

Baseman posted:

Trump is a maverick.  The swamp things hate him so they come out of the woodwork to throw mud. 

Trump is here to stay till 2024. Alyuh get used to it!

Trump is that maverick swamp thing you mentioned and even the regular swamp things doan like him.

Nehru posted:

Base, 60% of the Tax Forms are not Audited. The REAl American way is to be Patriotic and Honest NOT to be a slave of Putin.

Do you know how many people fudge numbers?  A poll conducted says 60%.  

Now, I agree 60% are never audited as it’s not cost effective.  However, high income people, especially business people, the irs has agents dedicated to their filings as a small catch, even on an innocent mistake, is worth the cost of an agent. 

You can rest assure, trump and his family falls into that category. 

The tax courts have made rulings on these and that is why there is a 3-year rule.  

This is trial by media.   BTW, trump has tax accountants and attorneys who Manage these.   I doubt he thinks up these avoidance measures.  That’s why you pay them. 

Trump and theGgambino family are the same

Trump gets comfy in the Washington swamp

Baseman posted:

Nehru posted:

Base, 60% of the Tax Forms are not Audited. The REAl American way is to be Patriotic and Honest NOT to be a slave of Putin.

Do you know how many people fudge numbers?  A poll conducted says 60%.  

Now, I agree 60% are never audited as it’s not cost effective.  However, high income people, especially business people, the irs has agents dedicated to their filings as a small catch, even on an innocent mistake, is worth the cost of an agent. 

You can rest assure, trump and his family falls into that category. 

The tax courts have made rulings on these and that is why there is a 3-year rule.  

This is trial by media.   BTW, trump has tax accountants and attorneys who Manage these.   I doubt he thinks up these avoidance measures.  That’s why you pay them. 

The people who has surrounded (ing )Trump all seem to be crooked so when you speak about his accountants I have to laugh...some of those who worked with him are now either in or on the on their way to prison....laugh I shall...HAHAHAAAAA

I hope Trump put an end to the Canada China free trade talks. Because the China Chinaman will just take full advantage of them stupid for days Canadians.

Netflix has a nice documentary called Trump: An American Dream. 

It shows how the so-called Trump Empire was built and how he allegedly used the Mob to his advantage. This is a must watch documentary.

Overall, Base is speaking from a realistic point of view.

Full Disclosure: I no longer support the arrogant Trump.  I am also no friend of the Bleeding Liberal Left.

Prashad posted:

I hope Trump put an end to the Canada China free trade talks. Because the China Chinaman will just take full advantage of them stupid for days Canadians.

China allegedly dumps cheap steel into Canada which is then shipped into the USA as “Canadian Made” Steel. Canada better stop this nonsense.

Y’all got the President’s text at 2:18 pm EST today. 😀

Yes, I ignore the FOOL

yuji22 posted:

Prashad posted:

I hope Trump put an end to the Canada China free trade talks. Because the China Chinaman will just take full advantage of them stupid for days Canadians.

China allegedly dumps cheap steel into Canada which is then shipped into the USA as “Canadian Made” Steel. Canada better stop this nonsense.

The China Chinaman will start shipping milk and dumping it into Canada after the Canada China free trade deal.  Even Mcdonalds has foods like pickles and mushrooms being grown in China and shipped to them.  Every Chinese product imported means some North American worker is losing some monetary benefit somewhere while China gets richer to expand their land in Asia and around the world.  Trudeau is part Chinese so he does not get it.

The Chinese are now expanding their Chinese Blush.

PNC loves it very much, in so far that Moses sat on it and took a picture of himself riding on the Chinese Blush.

Ha Ha

Leonora posted:

Nehru posted:

Trump is not FIT to be President of Zimbabwe, Uganda  or Nigeria much less the USA. This shameless, disgusting sexual assaulter and P12234 grabbing Moron is a disgrace to humanity!!!

Why are you dissing your fellow New Yorker? You think JFK and Bill Clinton were angels?  

Gyal, every time Bill dropped his pants, the stock market went up.
As Michael Bloomberg said, " I am a New Yorker and I know a con when I see one". How true.

The man is a Con, a Skont, and according to the Scotts A  **** AND ACCORDING TO TRINIDADIANS A MUDDA kUNT