The New York Times is reporting that President Donald Trump received at least $413 million from his father over the decades, much of that through dubious tax dodges, including outright fraud.
The 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 says Trump and his father, Fred, avoided gift and inheritance taxes by setting up a sham corporation and undervaluing assets to tax authorities. 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.
A lawyer for President Trump tells the Times there was no “fraud or tax evasion” and the facts cited in the article are “extremely inaccurate.”