- How Donald Trump Got His Money
- NY Times: Trump got $413M from his dad, much from tax dodges
- Decades of Trumpís inheritance fail to explain how heís funding mysterious cash purchases
How Donald Trump Got His Money
Trump claims he has spend hundreds of millions in cash. Between the ages of 3 and 58, president Donald Trump inherited at least $and season episode what
Does the president owe it all to his father, and a lot to the taxman? An investigation by the New York Times NYT , published this week, concludes that he actually received fifty times that amount, that it was not repaid, and that many of the transfers were dodgy. The NYT counted revenue streams from Fred to Donald and his siblings, which began flowing when they were children. Some of the financial contortions described look like the exploitation of loopholes: sneaky but legal. Others appeared to cross the line into tax fraud, the NYT alleges.
President Donald J. That makes him the th-richest person in the country. It was at his father's real estate company that Trump got his start in business. After the hotel chain had failed to obtain a gaming license, Trump renamed this latest purchase, Trump Castle. These two failures pale in comparison to the setbacks that would soon befall the Trump organization. The banks also agreed to defer, for five years, the interest and principal payments on Trump's outstanding loans.
Find out how Donald Trump got his start, where he made his fortunes in , with as much as $1 billion guaranteed by Donald Trump personally. While the specific amount Trump inherited from his father has not been.
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Two of the conclusions that are apparent from their investigation:. I have two major quibbles with what is otherwise a thorough and enlightening piece of investigative journalism:. The New York Times details multiple transfers of wealth from Fred Trump to Donald Trump in many different ways in numerous transactions over many years. Fred Trump also helped bail Donald Trump out of his financial difficulties in the early s. This is an incredible amount of wealth to inherit.
Trump has often stated higher values for his wealth than organizations estimating it. Trump also gives away his entire presidential salary. As a result of a May 20, , ruling, Trump must disclose tax records which would describe his wealth. Trump is the beneficiary of several trust funds set up by his father and paternal grandmother beginning in when he was 3 years old. The paper also described a number of purportedly fraudulent tax schemes, for example when Fred Trump sold shares in Trump Palace condos to his son well below their purchase price, thus masking what could be considered a hidden donation, and benefiting from a tax write-off. A spokesman for the New York State tax department said the agency was "vigorously pursuing all appropriate areas of investigation".
NY Times: Trump got $413M from his dad, much from tax dodges
How Fred Trump Built Donald Trumpís Financial Empire - NYT News
Decades of Trumpís inheritance fail to explain how heís funding mysterious cash purchases