President Trump Received Hundreds Of Millions Of Dollars From Father’s Real Estate Empire, Much Of It “Through Tax Dodges”
President Trump has on more than one occasion claimed that he built his empire with a small loan of $1 million. However, according to information obtained by the New York Times, Donald Trump “received at least $413 million in today’s dollars from his father’s real estate empire, much of it through tax dodges in the 1990s.”
Some of the creative ways Donald’s father Fred channeled money to Donald and his other siblings include:
- Fred “made Donald not just his salaried employee but also his property manager, landlord, banker and consultant” with a salary of over $200k per year in today’s dollars
- Fred provided Donald with loans and lines of credit that were never repaid. For example in 1979 Donald “$1.5 million in January, $65,000 in February, $122,000 in March, $150,000 in April, $192,000 in May, $226,000 in June, $2.4 million in July and $40,000 in August, according to records filed with New Jersey casino regulators .” Records also show payments were often not made
- Donald’s expenses (cars, apartments, even things like renovations to offices) were often covered by Fred Trump
- Multiple trust funds were established for Donald
- Numerous other types of gifts of cash and other assets such as “$10,000 Christmas checks“
- A shell company called “All County Building Supply & Maintenance” was created seemingly only to be a middleman to markup building supply and maintenance purchases and to divert additional funds to the Trumps
- Fred provided shares of developments and companies to Donald at a very low rate: Fred sold his entire stake in Trump Palace (worth $15.5 million) to Donald for just $10,000
- The value of Fred’s property empire was grossly underestimated to be only $41 million when it was transferred to his children, but those same properties were then sold over the next few years for nearly $900 million
The New York Times reviewed a large number of documents and information to uncover the items listed above:
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.