Here’s What Stood Out About the Trump Family’s Taxes, According to 2 Former Federal Tax Lawyers | News Sponsored by TrumpShop.net

Oct 04, 18
Here’s What Stood Out About the Trump Family’s Taxes, According to 2 Former Federal Tax Lawyers | News Sponsored by TrumpShop.net

President Donald Trump’s business dealings and tax history are in the spotlight again after an extensive New York Times report pulled back the curtain on his father’s family businesses. In response to the bombshell report — which Trump dismissed as “very old, boring” and a “hit piece” — the New York State Department of Taxation and Finance announced it was looking into claims that the President’s father, Fred Trump, used unreported gifts and a series of other maneuvers to avoid hundreds of millions of dollars in taxes. Legal experts tell TIME a criminal prosecution against the President and his family is highly unlikely, as the statute of limitations on the allegations raised in the Times story has passed. Civil penalties for tax fraud, however, have no statute of limitations. The findings in the Times report contradict the mythology Trump created about himself: that he’s a self-made billionaire who became a real estate mogul through a $1 million loan from his father. According to the Times, Trump received $413 million from his father across the decades. The report found that in all, the Trump parents transferred more than $1 billion of wealth to their children. Under the 55% tax rate of the time, that amount could have produced $550 million in taxes. The Trumps paid $52.2 million in taxes, about 5%, according to the Times.

Click Read More to go to where the original article came from which helped to generate this article preview for commentary unto which we give FULL credit to the original author. See disclaimer:

We post the latest and greatest in liberty-themed news, debate, and commentary! Our goal is to have an open discussion regarding current events going on in the world. FAIR USE NOTICE: The use of media materials featured on this channel is protected by the Fair Use Clause of the U.S. Copyright Act of 1976, which allows for the rebroadcast of copyrighted materials for the purposes of commentary, criticism, or education. If any copyright owner has an issue or concern with a specific article or the statutory 25%-of-article rule, please send us an e-mail to request prompt removal or other arrangements.

Click here to go to TrumpShop.net and get the latest political clothing, accessories, and more!

Click here to go to Seek Liberty Youtube Channel and watch the latest liberty loving videos out there!

Leave a Comment


Exclusive 10% Discount

Join our Email List and get 10% OFF on your first order.