White House smashes New York times for story on Fred Trump's taxes

[MindWars]

The White House criticized a story the New York Times published Tuesday about the president’s father, Fred Trump, and his tax filings when he was a real estate mogul.

White House Smashes New York Times for Story on Fred Trump’s Taxes
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He should this magazine is as ignorant rude, pathetic, as a ny Trump hating loser is oh taht's right Trump haters own the company. That explains it all. They have no cooth , they have no regard for anybody else other than themselves and their pathetic selfish greed. SICKENING

 

[Rambunctious]

The NY Times has been caught in too many lies about Trump to take them seriously....remember the $50,000 dollar drapes the Obama's ordered and the Times made it look like Nikki Haley ordered them....Fake news is real and starts in NY.....

 

[bodecea]

Watch trump explode!

 

[Pogo]

The White House criticized a story the New York Times published Tuesday about the president’s father, Fred Trump, and his tax filings when he was a real estate mogul.

White House Smashes New York Times for Story on Fred Trump’s Taxes
---------------------------------------------------------


He should this magazine is as ignorant rude, pathetic, as a ny Trump hating loser is oh taht's right Trump haters own the company. That explains it all. They have no cooth , they have no regard for anybody else other than themselves and their pathetic selfish greed. SICKENING

Funny that the OP or her Alex John Brinkley Jones link doesn't bother to link the actual NYTimes article, for fear that people might actually read it.

So here it is.

>> President Trump participated in dubious tax schemes during the 1990s, including instances of outright fraud, that greatly increased the fortune he received from his parents, an investigation by The New York Times has found.

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.

The Trumps paid a total of $52.2 million, or about 5 percent, tax records show.

.... By age 3, Mr. Trump was earning $200,000 a year in today’s dollars from his father’s empire. He was a millionaire by age 8. By the time he was 17, his father had given him part ownership of a 52-unit apartment building. Soon after Mr. Trump graduated from college, he was receiving the equivalent of $1 million a year from his father. The money increased with the years, to more than $5 million annually in his 40s and 50s.

The president declined repeated requests over several weeks to comment for this article. But a lawyer for Mr. Trump, Charles J. Harder, provided a written statement on Monday, one day after The Times sent a detailed description of its findings. “The New York Times’s allegations of fraud and tax evasion are 100 percent false, and highly defamatory,” Mr. Harder said. “There was no fraud or tax evasion by anyone. The facts upon which The Times bases its false allegations are extremely inaccurate.”

Mr. Harder sought to distance Mr. Trump from the tax strategies used by his family, saying the president had delegated those tasks to relatives and tax professionals. “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 therefore relied entirely upon the aforementioned licensed professionals to ensure full compliance with the law.” <<​

--- as usual, shirking responsibility as he's done all his life ("I never went bankrupt"; "I didn't run the company, I only licensed my name", etc) and of course the infamous Fraud University that he was forced to settle for 25 million before the Electoral College could consider an election for a candidate with an active fraud case.

Let alone Fred's history of scamming money off the government through the FHA to build that fortune in the first place, and getting called before Congress to answer for it.

>> The most overt fraud was All County Building Supply & Maintenance, a company formed by the Trump family in 1992. All County’s ostensible purpose was to be the purchasing agent for Fred Trump’s buildings, buying everything from boilers to cleaning supplies. It did no such thing, records and interviews show. Instead All County siphoned millions of dollars from Fred Trump’s empire by simply marking up purchases already made by his employees. Those millions, effectively untaxed gifts, then flowed to All County’s owners — Donald Trump, his siblings and a cousin. Fred Trump then used the padded All County receipts to justify bigger rent increases for thousands of tenants. <<​

All these warning signs have been there for literally decades. Thanks for drawing attention back to it, Alex John Brinkley Jones, even if you didn't have the balls to link the original article.

 

[AZGAL]

NYT is really angry!

 

[BULLDOG]

The White House criticized a story the New York Times published Tuesday about the president’s father, Fred Trump, and his tax filings when he was a real estate mogul.

White House Smashes New York Times for Story on Fred Trump’s Taxes
---------------------------------------------------------


He should this magazine is as ignorant rude, pathetic, as a ny Trump hating loser is oh taht's right Trump haters own the company. That explains it all. They have no cooth , they have no regard for anybody else other than themselves and their pathetic selfish greed. SICKENING

You used Infowars as a source. That's funny, since even Apple, Google and Facebook think it is too fake to support.

 

[Pogo]

Followup: 11 Takeaways from the Investigation

>> (4)
Fred Trump wove a safety net that rescued his son from one bad bet after another
As the 1980s ended, Donald Trump’s big bets began to go bust — Trump Shuttle, the Plaza Hotel, the Atlantic City casinos. But as he careened from one financial disaster to another, family partnerships and companies dramatically increased their payouts.

Between 1989 and 1992, four of the entities that Fred Trump created paid his son today’s equivalent of $8.3 million. And when Donald Trump pleaded with bankers for an emergency line of credit, he used as collateral the stake his father had given him in a group of apartment buildings.

Tax records also reveal that at the peak of Mr. Trump’s financial distress, in 1990, his father extracted an extraordinary sum — nearly $50 million — from his empire. While The Times could find no evidence that Fred Trump made any significant debt payments, charitable donations or personal expenditures, there are indications that he wanted plenty of cash on hand to bail out his son if need be.

That was what happened at Trump’s Castle casino, where an $18.4 million bond payment was due in December 1990. Fred Trump dispatched a trusted bookkeeper to Atlantic City with checks to buy $3.5 million in casino chips without placing a bet. With this ruse — an illegal loan under New Jersey gaming laws, resulting in a $65,000 civil penalty — Donald Trump narrowly avoided defaulting on his bonds.
​

 

[Biff_Poindexter]

I was thinking your OP was going to refute the reporting of the NYT.....but nope...