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Trump engaged in tax fraud, dubious schemes in 1990s

Trump engaged in tax fraud, dubious schemes in 1990s

The New York Times reported Tuesday that U.S. President Donald Trump received at least $413 million USA from his father over the decades, much of that through dubious tax dodges, including outright fraud.

While The Times was not able to review Trump's personal tax returns - which he has refused to release, breaking with decades of precedent for presidential nominees - it examined "trove of confidential tax returns and financial records".

The 15,000-word Times report contradicts Trump's portrayal of himself as a self-made billionaire who started with just a $1 million loan from his father.

The Times report said 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 mom and dad.

Tony Schwartz, who as the co-author of 'The Art of the Deal, ' helped Donald Trump cement his reputation as a man of economic acumen and moxie, said in an interview Tuesday that a New York Times report documenting the financial assistance Trump received from his father obliterated for good the idea Trump is a self-made man.

She makes a point of saying their credibility is "at an all time low" and concludes by repeating a Trump claim in saying, "Perhaps another apology from the New York Times, like the one they had to issue after they got the 2016 election so embarrassingly wrong, is in order".

The Times reported that the president and his family engaged in "instances of outright fraud" to enhance their wealth.

'I Know You're Not Thinking, You Never Do'
Mr Trump immediately cut her off: "What does that have to do with trade? She's in a state a shock". "No, I'm not, thank you, Mr. He wagged his finger at CNN's Kaitlan Collins, shouting "Don't do that!" as she questioned him about Kavanaugh.

"I'm the most successful person ever to run for the presidency, by far", Trump told the Des Moines Register in 2015. What's more, Trump and his family boosted their wealth through tax evasion and fraud, according to the Times.

In 1992, the Trumps set up the company All County Building & Supply Maintenance in an apparent bid to funnel money from Fred Trump to his children without having to pay the 55-percent gift tax, according to the Times. "The facts upon which The Times bases its false allegations are extremely inaccurate", the statement continued.

By the time he was 8, Trump was a millionaire. Experts told The Times the methods were suspect, possibly even illegal.

The Times said it found 295 revenue streams Fred Trump created over 50 years to enrich his son.

"All appropriate gift and estate tax returns were filed, and the required taxes were paid", Donald Trump's brother Robert said in a statement included in the paper's report, adding that both national and state tax authorities closed his parents' estates.

Citing tax experts, the Times reported it was unlikely Trump would face criminal prosecution because the acts were past the statute of limitations.

NY state tax officials are investigating the allegations in the Times report, according to CNBC. The difference between the inflated bills it sent to Fred Trump and those it paid to suppliers were the equivalent of substantial cash gifts, according to the Times, but Fred Trump never paid gift taxes on them.