A New York Times Investigation claims his father’s empire provided the vast majority of Donald Trump’s wealth
Trump has claimed to be a self-made man over the years
The NYT investigation claims Trump was a millionaire at 8-years-old
Experts say some of the tax practices of the Trump family were illegal
White House Press Secretary Sarah Huckabee Sanders dismissed the claims on Tuesday
It is no secret that President Donald Trump does not like a majority of mainstream media outlets. However, out of all the media outlets Trump often insults in public, it is typical for the New York Times to take the brunt of the President’s verbal assaults.
Trump has publicly stated that he once “loved” the NYT, but his love ended during their coverage of his presidential campaign and presidency up to this point. Some may say the NYT is the Batman to Trump’s Joker, which is why it is believed the investigation they conducted on how Trump got his financial start stung that much more. Trump often refers to the outlet as the “failing New York Times.”
On Tuesday, the NYT released three articles, “Trump Engaged in Suspect Tax Schemes as He Reaped Riches From His Father,” “4 WAYS FRED TRUMP MADE DONALD TRUMP AND HIS SIBLINGS RICH,“ and “11 Takeaways From The Times’s Investigation Into Trump’s Wealth.“
Trump has always claimed to be a self-made man, a claim the NYT investigation completely decimates. Trump has said his father Fred C. Trump “was simply a cheerleader” as “The Donald” made his career. The NYT investigation claims that at 3-years-old Trump was making $200,000 a year from his father’s empire. At the age of 8, he became a millionaire and at the age of 17 his father gave him a 52-unit apartment building.
Shortly after Trump graduated college, he was making over a million dollars a year, which only increased with his age. The financial records examined in the NYT investigation claim in total Trump received $413 million from his father’s empire.
Fred Trump provided money for Donald Trump’s car, money for his employees, money to buy stocks, money for his first Manhattan offices and money to renovate those offices. He gave him shares in multiple partnerships. He gave him $10,000 Christmas checks. He gave him laundry revenue from his buildings. He also gave him trust funds that were used to transfer a majority of Fred Trump’s empire to Donald Trump and his living siblings.
Fred C. Trump had planned for his empire to stay in the family but his family had different plans. On May 4, 2004, Trump and his siblings quietly sold off the empire their father had spent the previous 70 years creating. Trump’s cut from the sale was reported to be $177.73 million, or $236.2 million today.
The investigation accuses Trump of using “dubious” tax schemes to make millions off of his father’s empire throughout the 90’s. While Trump did not comment on the NYT investigation, White House Press Secretary Sarah Huckabee Sanders dismissed the investigation in a statement on Tuesday calling it a “misleading attack” on the president and his family.
Fred Trump has been gone for nearly twenty years and it’s sad to witness this misleading attack against the Trump family by the failing New York Times. Many decades ago the IRS reviewed and signed off on these transactions.
The NYT claims in total Trump’s parents left him and his siblings over $1 billion, which would have carried a tax bill of roughly $550 million. According to the NYT investigation, the Trumps paid a total of $52.2 million. Tax experts have said some of the practices in the investigation broke the law.
One of Trump’s attorneys, Charles Harder, told NYT that the claims were “100 percent false.” Harder went on to say that Trump “had virtually no involvement” with the tax practices, and pushed the blame on to the family. These questionable practices were said to have been performed by “professional tax advisers.”