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Self-made billionaire? Trump got $413 mn from dad’s real estate empire, says report

October 04, 2018 06:27 AM


Self-made billionaire?
Trump got $413 mn from dad’s real estate empire, says report
NYT report punches holes in US prez’s claim that he started out with $1 mn

US President Donald Trump engaged in tax schemes that included cases of fraud in which he and his siblings helped their parents dodge millions of dollars in taxes, the New York Times reported on Tuesday.

The Times investigation, which the White House said was “misleading”, showed Trump received the equivalent today of at least $413 million from his father’s real estate business. The Times, citing a “vast trove” of confidential tax returns and financial records, reported that much of that fortune came to Trump because he helped his parents evade taxes, setting up a fake corporation with his siblings to disguise millions of dollars in gifts from their parents.

Trump promoted himself during his presidential campaign as a selfmade real estate mogul who started out with only a “very small” loan from his businessman father, Fred Trump. White House spokeswoman Sarah Sanders called the story “misleading” and said in a statement “many decades ago the IRS reviewed and signed off on these transactions.”

New York City Mayor Bill de Blasio said on Twitter late on Tuesday: “I’ve directed NYC’s Department of Finance to immediately investigate tax and housing violations.”

Trump expressed outrage over the NYT report, accusing the newspaper of “doing a very old, boring and often told hit piece on me”. “Added up, this means that 97% of their stories on me are bad. Never recovered from bad election call!” he tweeted.

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