NY state launches probe into Trump's taxes after bombshell report

NY state launches probe into Trump's taxes after bombshell report

The New York State Tax Department is reviewing allegations that Donald Trump received millions of dollars from his father, Fred Trump, possibly including through tax fraud schemes.

The Times says its report is based on more than 100,000 pages of financial documents, including confidential tax returns from the father and his companies.

The New York Times claimed that Mr Trump helped his parents "dodge" taxes and undervalue property which reduced the tax bill.

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.

Charles Harder, a lawyer for Mr Trump, rejected the reports, saying: "The New York Times's allegations of fraud and tax evasion are 100 percent false, and highly defamatory".

Breaking with the practice of past presidents, Trump has refused so far to release his tax returns. "The facts upon which The Times bases its false allegations are extremely inaccurate", the statement continued. The returns and tax positions that the Times now attacks were examined in real time by the relevant taxing authorities. The Times' documentation and reporting has not been corroborated by CBS News.

The Times story could spark a new line of investigations from state authorities in NY and possibly from Congress, if Democrats take control of either chamber in November's elections.

The story also runs counter to Trump's narrative that he is a self-made billionaire.

Justin Reid "immensely proud" of brother signing with Panthers
I say 'during, ' because it's insane that the narrative changed to we were protesting the anthem, and that wasn't the case. The Panthers are in need of help at safety after Da'Norris Searcy was placed on injured reserve due to a concussion.

"Many decades ago the IRS (Internal Revenue Service) reviewed and signed off on these transactions", the White House statement said.

In 2004, the Trumps sold off Fred's empire.

Its goal was to be a purchasing agent for Fred Trump's buildings, but it did not function in that manner, The Times said.

Soon after graduating from college, Trump was receiving the equivalent in today's dollars of $US1 million annually from his father, Fred Trump.

"There probably is nothing more painful and upsetting to Donald Trump in the world than the suggestion that he is not as rich as he says he is and as responsible for being rich as he says he is", said Tony Schwartz, who co-authored Trump's mythmaking book, "The Art of the Deal", in 1987.

That the president's deceased parents Fred and Mary Trump transferred more than $1bn to their children.

This could have produced a tax bill of at least $550 million but the Trumps paid a total of just $52.2 million, the Times said, citing tax records.

"My father gave me a very small loan in 1975, and I built it into a company that's worth many, many billions of dollars", Trump said during a 2016 presidential debate.

Related News:

  • Lil Wayne’s ‘Tha Carter V’ Is Here

    Lil Wayne’s ‘Tha Carter V’ Is Here

    It's been almost 5 years since the project was first announced under Cash Money, and we all know how southward the situation went. In November, he released the fourth single from Tha Carter V and fans wondered why the entire album wasn't out yet.
    Ohio State Vs. Penn State Live Stream

    Ohio State Vs. Penn State Live Stream

    Linebacker Koa Farmer then stopped Haskins for no gain on fourth-and-1 at the Penn State 48, giving the Lions the football. He showed no signs of being caught up in the moment and seemed like an upgrade from Big Ten career touchdown leader, J.T.
    North Korea defector numbers 'drop' under Kim

    North Korea defector numbers 'drop' under Kim

    The foreign minister's statements, however, differ from the tone set by both North Korean leader Kim Jong Un and US President Donald Trump .
  • FBI contacts Kavanaugh Yale classmate in its investigation

    FBI contacts Kavanaugh Yale classmate in its investigation

    Committee spokesmen did not return a request for comment to elaborate on what specifically those allegations are. Ford continued, "He was just nervous and not really wanting to speak with me, and he looked a little bit ill".

    Trump orders Federal Bureau of Investigation probe of Brett Kavanaugh, Senate confirmation in doubt

    He was viewed as a possible "no" vote on the panel and in the closely-divided Senate - until his morning announcement Friday. But independent candidate and State Treasurer Terry Hayes said the decision on Kavanaugh was up to King and Collins to make.
    Record Audiences Get Set to Make the 2017 Grand National the Biggest To Date

    Record Audiences Get Set to Make the 2017 Grand National the Biggest To Date

    For some , it will be a case of asking which horses have been at their most impressive this season that will give them the clues as to which Grand National horses to bet on .
  • Hurricane Rosa weakening, expected to become tropical storm - U.S. NHC

    Hurricane Rosa weakening, expected to become tropical storm - U.S. NHC

    The center of the Category 3 storm was 625 miles southwest of the southern tip of Baja California, the NHC said in its 2 p.m. The National Weather Service's San Diego office said Rosa could bring 5 to 8 feet of surf, with highs of 9 to 10 feet.
    Adultery no more a crime | Timeline

    Adultery no more a crime | Timeline

    The petitioners want the adultery law to be gender-neutral, which now punishes only the man, and not the woman. The Supreme Court today struck down adultery as an offence and termed Section 497 as unconstitutional.
    Tropical Storm Kirk Revives

    Tropical Storm Kirk Revives

    In addition, pockets of moderate to heavy showers, periods of rain and scattered thunderstorms are expected. A hurricane is a tropical cyclone that has maximum sustained surface winds of 74 miles per hour or greater.
  • Trump authorises expansion of Kavanaugh probe

    Trump authorises expansion of Kavanaugh probe

    She alleges that Mr Kavanaugh exposed himself to her at a party in the early 1980s when they were both students at Yale. They have suggested at least two dozen people they say should be interviewed before the FBI wraps up its investigation.
    XRP Market Cap Fell By over $9 Billion on Tuesday

    XRP Market Cap Fell By over $9 Billion on Tuesday

    Ripple's Sarbhai said that more than 120 banks are now partnered with Ripple , using the blockchain-based product xCurrent . By looking at the price of Bitcoin and altcoins, it is suggested that there is a possibility of another bull run.
    Trump says Republicans should have pushed through Kavanaugh sooner

    Trump says Republicans should have pushed through Kavanaugh sooner

    Ford said later that she had wanted the second door because of claustrophobia she believes was caused by Kavanaugh's attack . An attorney for Judge in an email to The Hill said Judge "vehemently denies " Swetnick's allegations.


Most liked

Cardi B gets summons but didn't hurt anyone: lawyer
She performed several hits on her latest album at the Global Citizen Festival on Saturday night in New York's Central Park. The " I Like It " songstress later took to Instagram to imply that the older Minaj had questioned her parenting skills.

Fury: The Only Reason Wilder Took Fight is He Thinks I'm Done
The victor of the Wilder-Fury fight could face Anthony Joshua at Wembley Stadium in London next April. Deontay Wilder and Tyson Fury inevitably clashed at their first official press conference in London .

Play Streaming Games Through Chrome Thanks to Google's Project Stream
You'll need to be 17 or over, in the USA , and have an internet connection capable of at least 25 megabits per second. If you're interested in participating in the Project Stream test, you can apply right here .

Some ‘care more than others’ about Man Utd crisis - Mourinho
What on earth was he doing tactically in the 3-1 defeat at West Ham? It's all of us, everybody has a role to play. French Soccer World Cup victor Zidane is hot favourite to replace under-fire Mourinho as Old Trafford manager.

US, Canada reach trilateral trade pact with Mexico to replace NAFTA
Trump threatened to go ahead with a bilateral deal with Mexico, but Mexican officials strongly advocated for Canada's inclusion. They may be willing to do that for political purposes", he said.

Grim reality dawns as Sulawesi counts cost of tsunami tragedy
Rescue efforts continue, as people work to dig out the dozens of others thought to be stuck under piles of rubble. More than 800 people were killed when the quake sent a tsunami barreling into the Indonesian island of Sulawesi.

Leganes vs. Barcelona - Football Match Report
Rodriguez will be hoping to deliver fine performances for Leganes and impress Lionel Messi and FC Barcelona even more. Visitors Athletic led through Oscar de Marcos' first-time finish at the back post from Markel Susaeta's cross.

Bernd Leno sends class message to injured Petr Cech
In the opposite dugout will be Javi Gracia, alongside whom Emery played for one season in 1995-96 at Real Sociedad. We competed well, we had many chances and their goalkeeper made some fantastic saves.

Boeing Wins $9.2B Contract for New Air Force Training Jet
Boeing said the project will support more than 17,000 jobs in 34 states, with much of the work done at Boeing's facilities in St. The first T-X aircraft and simulators are scheduled to arrive at Joint Base San Antonio-Randolph in Texas in 2023.

White House Not 'Micromanaging' Kavanaugh Probe
But the biggest concern in the White House is that with more time , more women, more accusations and more stories could emerge. Later that day, Trump ordered the investigation and that it be limited in scope and completed by next Friday.

Maurizio Sarri says Liverpool are still 'step ahead' of Chelsea after draw
The Reds were grateful to goalkeeper Alisson Becker for keeping them in the match before Sturridge's unforgettable intervention. Liverpool now have also become Hazard's second favourite team to score against, with seven goals in sixteen meetings.

New accuser says Kavanaugh was present at group sexual attacks
Four months worth of pages from the green and white 1982 calendar were released by the Senate Judiciary Committee . Kavanaugh has been the subject of multiple sexual misconduct allegations in recent weeks.

Ryder Cup -- United States trails Europe 10-6 heading into final day
That left the U.S. trailing by five points. "Playing Ryder Cups over here are extremely fun", said three-time major victor Spieth. From the later six, you either have a fourth solid pairing or two, along with ability to mix and match and give others rest.

Trump Says His Past Accusers Influence Thinking on Kavanaugh
When she learned Kavanaugh was picked for the Supreme Court, she contacted her local congresswoman and the Washington Post. Among GOP women, the drop was 19 points since last week, with 68 percent approving and 26 percent disapproving.

US warns Russia over missile defence for Syria
Moscow said relations with Israel had been "damaged" by the downing of the plane and the deaths of the 15 personnel aboard. Earlier in the war, Russian Federation suspended a supply of S-300s, which Israel feared Syria could use against it.