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

by TrumpShop.Net on Oct 04, 2018

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.

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