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Trump ‘participated in outright fraud and dubious tax schemes in 1990s’

Trump ‘participated in outright fraud and dubious tax schemes in 1990s’

Donald Trump engaged in tax schemes that included cases of fraud in which he and his siblings helped their parents dodge taxes, the New York Times reported on Tuesday, citing more than 200 tax returns it has obtained.

Tax experts cited in the report say Trump is unlikely to face criminal prosecution in helping his parents evade taxes because the manoeuvres occurred long ago and are past the statute of limitation.

But in a special investigation based on more than 100,000 pages of documents, the New York Times alleges that the president actually received the equivalent of $413m (£318m).

But the newspaper said its exhaustive investigation of a vast trove of tax returns and confidential records found this was not true.

Starting in childhood, Donald Trump received at least $413 million (€357 million) from his father's real estate wealth, not the $1 million loan that the president has touted he got from his father as start-up capital. The Times' documentation and reporting has not been corroborated by CBS News.

The report claims Mr Trump was getting the equivalent of $1m a year from his father shortly after he graduated from college.

That increased to more than $US5 million annually when Donald Trump was in his 40s and 50s.

"He and his siblings set up a sham corporation to disguise millions of dollars in gifts from their parents", it said.




It also renews questions about what may be lurking in the tax returns Trump kept private as he ran for and assumed the presidency in January 2017.

Fred Trump gave millions to his kids in a way that was structured to sidestep taxes on gifts and inheritances. However, the dollar amount could have required at least $550 million in taxes, according to the Times analysis.

"There was no fraud or tax evasion by anyone", Harder told the newspaper. "The facts upon which The Times bases its false allegations are extremely inaccurate", the statement continued.

"President Trump had virtually no involvement whatsoever with these matters", Harder added.

The Times said Trump's tax-hating father used "relentless and creative" ways to funnel his wealth to his children and shield it from the Internal Revenue Service. Experts told The Times the methods were suspect, possibly even illegal.

The four children, including Donald Trump, each owned 20 percent of the company, which would pay contractors and suppliers for building maintenance as an intermediary, according to the Times. Methods detailed by the paper included setting up sham corporations, taking improper tax deductions and undervaluing real estate holdings to United States tax authorities.

The records did not include Trump's personal tax returns, which he has refused to release, breaking with decades of precedent.

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