NY Times: Trump Engaged in Suspect Tax Schemes as He Reaped Riches From His Father

[Calminian]

So if the Independent Counsel returns with an indictment against the President, you will change your mind?...

I'm sure you and the left will organize a parade.

 

[InTheLight]

Here's a section that jumped out to me:

The line between legal tax avoidance and illegal tax evasion is often murky, and it is constantly being stretched by inventive tax lawyers. There is no shortage of clever tax avoidance tricks that have been blessed by either the courts or the I.R.S. itself. The richest Americans almost never pay anything close to full freight.

Gee, that's not biased, no sirree. That's good factual journalism, that there.

 

[HankD]

I'm sure you and the left will organize a parade.

It's one thing to suspect wrong doing especially if the smell test has failed, its another to accuse without any credible settled evidence.
If evidence is so, OK have the parade.

But you know it won't make any difference at all except to those who already hate him.

You know I think the DNC better start doing something a little more effective than Hate Trump!,, Get Trump!, Impeach Trump! Get Kavanaugh! Impeach Kavanaugh... ad naseum...

Let loose the only worthy candidate they have - Elizabeth Warren - with at least one real Issue NOT OBAMACARE.

I for one believe there is a climate change (aka global warming) crisis.
I have read several pieces, watched documentaries (videos on ROKU).

But IMO it is not a present threat to the ecosystem though it should be dealt with very soon.
Also, I don't believe mankind caused the problem but certainly exacerbates it by the millions of tons of pollutants we pour out into the atmosphere.

Set her loose on a global (not just American) climate change mission (to start with).
Think of all the jobs it will initiate!

 

[canadyjd]

That is not where the $413 million figure comes from. It comes from a lifetime of fund transfers to Donald Trump. He was "earning" $200,000/year as a toddler...

First of all, if it was illegal, (I don't think the allegation is that it was illegal) the toddler (Don* Tr*mp) can not be held accountable.

Secondly, $200,000 a year for 50 years is only $10 million, not $413 million.

Thirdly, the $413 million number was clearly identified as an adjusted number (meaning, this is what we think it would be in today's economy), not the real number.

It was a deceitful way to say that Mr. Tr*mp's claim that he is a self-made billionaire is false.

 

[Reynolds]

--
NY Times expose of Trump Family financial information demonstrating how the myth of Donald Trump was created.

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.

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.”

...

The findings are based on interviews with Fred Trump’s former employees and advisers and more than 100,000 pages of documents describing the inner workings and immense profitability of his empire. They include documents culled from public sources — mortgages and deeds, probate records, financial disclosure reports, regulatory records and civil court files.

The investigation also draws on tens of thousands of pages of confidential records — bank statements, financial audits, accounting ledgers, cash disbursement reports, invoices and canceled checks. Most notably, the documents include more than 200 tax returns from Fred Trump, his companies and various Trump partnerships and trusts. While the records do not include the president’s personal tax returns and reveal little about his recent business dealings at home and abroad, dozens of corporate, partnership and trust tax returns offer the first public accounting of the income he received for decades from various family enterprises.

--

It's a lengthy piece, but well worth your time.

NY Times expose of Trump Family financial information demonstrating how the myth of Donald Trump was created.

I don't care.

 

[kyredneck]

I don't care.

AGREE!

 

[kyredneck]

So if the Independent Counsel returns with an indictment against the President, you will change your mind?

Read between the lines:

Mueller shedding more attorneys in Russia investigation

Mueller's winding down.

 

[HankD]

This wont even be detectable on the political radar.

It will turn into another Robin Hood vs. Sheriff of Nottingham (DeBlasio) late night movie.

 

[kyredneck]

This wont even be detectable on the political radar.

Zactly. Not even a blip.

 

[kyredneck]

So if the Independent Counsel returns with an indictment against the President, you will change your mind?

Read between the lines and stop talking about other people living in denial:

"WASHINGTON, DC: Disgraced Justice Department official Bruce Ohr told the Senate Intelligence Committee last week that the Mueller inquisition into the Trump administration was what Peter Strzok was talking about when he texted about having an “insurance policy” against Trump.

Peter Strzok’s co-conspirator and lover Lisa Page, though still combative, was much more forthcoming in her testimony to the committee. She said that that Strzok’s emails and texts meant “exactly what they say they mean.” When he said he would try to stop Trump, he meant it.

When he said he had concocted an “insurance policy “with Andrew McCabe in “Andy’s office” he was referring to using the fake Russian dossier to knowingly frame Donald Trump and create the basis for the Mueller investigation...."

Bruce Ohr: Mueller Inquisition is Peter Strzok’s “Insurance Policy”

Undoubtedly Mueller's looking for a graceful way to back out of this witch hunt while saving his precious reputation.

 

[Rob_BW]

Estate taxes are horrible, I don't know how people can justify them.

Gifts from a parent to a son or daughter shouldn't be taxed, either. What business is it of the government's if I want to help out my kids?

 

[kyredneck]

So if the Independent Counsel returns with an indictment against the President, you will change your mind?

Tick tock, tick tock. Stop living in denial yourself and recognize what's transpiring before the eyes of the American people:

"WASHINGTON, DC: A Grand Jury has been empaneled in the District of Columbia in the case of disgraced Deputy Director of the FBI Andrew McCabe. McCabe was referred for prosecution by the Inspector General and was fired from the FBI for lying to investigators on multiple occasions.

The Grand Jury will investigate McCabe’s role as FBI Deputy Director in intentionally abusing the FISA process, and conspiring with Peter Strzok to use the phony Russian dossier as a basis for framing and destroying Donald Trump as President.

Attempted Coup: The depth of the Conspiracy
McCabe engaged in these activities as part of a larger conspiracy to subvert Justice and maliciously abuse the authority of the intelligence agencies and the Justice department by going after and destroying political adversaries.

McCabe’s co-conspirators include, but are not limited to, James Comey, Peter Strzok, Lisa Page, Bruce Ohr, Nellie Ohr, Christopher Steele, Glenn Simpson, John Brennan, Sally Yates, Loretta Lynch, James Clapper, Susan Rice, Ben Rhodes, Samantha Powers, Hillary Clinton, The DNC, Valerie Jarrett, and Barrack Obama…"

Andrew McCabe Grand Jury looking at FISA abuse

 

[kyredneck]

I don't care.

You gotta see this (give it time to load):

‘Looking for a cookie?’ MSNBC and Chris Hayes hyperventilate over this ‘BREAKING’ NYT Kavanaugh scoop [pic, gif]

NY Times? Pffft. We don't care, and, we ain't alone.

 

[Adonia]

--
NY Times expose of Trump Family financial information demonstrating how the myth of Donald Trump was created.

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.

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.”

...

The findings are based on interviews with Fred Trump’s former employees and advisers and more than 100,000 pages of documents describing the inner workings and immense profitability of his empire. They include documents culled from public sources — mortgages and deeds, probate records, financial disclosure reports, regulatory records and civil court files.

The investigation also draws on tens of thousands of pages of confidential records — bank statements, financial audits, accounting ledgers, cash disbursement reports, invoices and canceled checks. Most notably, the documents include more than 200 tax returns from Fred Trump, his companies and various Trump partnerships and trusts. While the records do not include the president’s personal tax returns and reveal little about his recent business dealings at home and abroad, dozens of corporate, partnership and trust tax returns offer the first public accounting of the income he received for decades from various family enterprises.

--

It's a lengthy piece, but well worth your time.

NY Times expose of Trump Family financial information demonstrating how the myth of Donald Trump was created.

I heard a tax lawyer on the radio today and she said that all the Trump family did was to work within the complicated structure of the tax laws. Surely the vaulted and very powerful Federal IRS would have gotten on to the Trump family way back then if they were indeed violating the tax laws. They (IRS) didn't, so we must assume the Trump family were adhering to all Federal income related laws.

 

[JPPT1974]

It makes it sound like father like son. Guess Fred rubbed off on his son the wrong way.

 

[Earth Wind and Fire]

Trump is not a crook

.... what !!!

Where is Elliot Ness when you need him.

 

[Earth Wind and Fire]

I heard a tax lawyer on the radio today and she said that all the Trump family did was to work within the complicated structure of the tax laws. Surely the vaulted and very powerful Federal IRS would have gotten on to the Trump family way back then if they were indeed violating the tax laws. They (IRS) didn't, so we must assume the Trump family were adhering to all Federal income related laws.

Ya know what happens when you ‘assume’ don’t you

 

[Earth Wind and Fire]

It makes it sound like father like son. Guess Fred rubbed off on his son the wrong way.

If you train a dog to bite, you now have a creature who is a ‘biter’

 

[Earth Wind and Fire]

Estate taxes are horrible, I don't know how people can justify them.

Gifts from a parent to a son or daughter shouldn't be taxed, either. What business is it of the government's if I want to help out my kids?

Revenue

 

[Earth Wind and Fire]

I'm sure you and the left will organize a parade.

Hmmmm, I wonder if it will rival trumps