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Trump Family Finance Schemes


New York Times Special Investigation

Trump Engaged in Suspect Tax Schemes
as He Reaped Riches From His Father


The president has long sold himself as a self-made billionaire, but a Times investigation found that he received at least $413 million in today’s dollars from his father’s real estate empire, much of it through tax dodges in the 1990s.

By DAVID BARSTOW, SUSANNE CRAIG and RUSS BUETTNER | Oct. 2, 2018


President Trump participated in dubious tax schemes during the 1990s, including instances of outright fraud, that greatly increased the fortune he received from his parents, an investigation by The New York Times has found.

Mr. Trump won the presidency proclaiming himself a self-made billionaire, and he has long insisted that his father, the legendary New York City builder Fred C. Trump, provided almost no financial help.

But The Times’s investigation, based on a vast trove of confidential tax returns and financial records, reveals that Mr. Trump received the equivalent today of at least $413 million from his father’s real estate empire, starting when he was a toddler and continuing to this day.

Much of this money came to Mr. Trump because he helped his parents dodge taxes. He and his siblings set up a sham corporation to disguise millions of dollars in gifts from their parents, records and interviews show. Records indicate that Mr. Trump helped his father take improper tax deductions worth millions more. He also helped formulate a strategy to undervalue his parents’ real estate holdings by hundreds of millions of dollars on tax returns, sharply reducing the tax bill when those properties were transferred to him and his siblings.

These maneuvers met with little resistance from the Internal Revenue Service, The Times found. The president’s parents, Fred and Mary Trump, transferred well over $1 billion in wealth to their children, which could have produced a tax bill of at least $550 million under the 55 percent tax rate then imposed on gifts and inheritances.

The Trumps paid a total of $52.2 million, or about 5 percent, tax records show.

The president declined repeated requests over several weeks to comment for this article. But a lawyer for Mr. Trump, Charles J. Harder, provided a written statement on Monday, one day after The Times sent a detailed description of its findings. “The New York Times’s allegations of fraud and tax evasion are 100 percent false, and highly defamatory,” Mr. Harder said. “There was no fraud or tax evasion by anyone. The facts upon which The Times bases its false allegations are extremely inaccurate.”

An enormous amount more at: https://www.nytimes.com/interactive/2018/10/02/us/politics/donald-trump-tax-schemes-fred-trump.html

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10/3/2018, 9:43 pm Link to this post PM Miz Robbie
 
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Re: Trump Family Finance Schemes


That Bombshell Report on Trump's Taxes May Spark an Investigation by New York Tax Authorities

By David Meyer | October 3, 2018

On Tuesday the New York Times dropped an investigative bombshell: President Donald Trump got at least $413 million from his father’s real estate empire, much of it through “dubious tax schemes…including instances of outright fraud.”

If true, the allegations not only belie Trump’s assertion that his father, Fred Trump, provided only minimal assistance in his rise to billionaire-dom—they also raise legal questions. And those questions have caught the attention of the New York State Tax Department.

“The Tax Department is reviewing the allegations in the New York Times article and is vigorously pursuing all appropriate avenues of investigation,” department spokesman James Gazzale told Bloomberg.

Trump lawyer Charles Harder said the allegations were “100% false and highly defamatory.”

http://fortune.com/2018/10/03/nyt-trump-tax-fraud-investigation/

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10/3/2018, 9:52 pm Link to this post PM Miz Robbie
 
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Re: Trump Family Finance Schemes


A financial disclosure from Donald Trump's sister led to The New York Times report on his taxes

By Elizabeth Hartfield, CNN Updated 10:27 PM ET, Wed October 3, 2018

(CNN) -- President Donald Trump's older sister, Judge Maryanne Trump Barry, has kept a very low profile since he ran for office. But it appears as though she inadvertently had a central role in The New York Times blockbuster report on her brother's alleged tax schemes.

According to the Times, one of their key findings was a financial disclosure form from Barry's Senate confirmation proceedings in 1999 to be a federal appellate judge. This financial form was not redacted, and Times reporter Susanne Craig, one of the three reporters who broke the story, noticed an oddity in the filing -- a $1 million contribution from a Trump family-owned company called All County Building Supply & Maintenance.

Craig, along with reporters David Barstow and Russ Buettner, began to investigate the company. People familiar with family patriarch Fred Trump told them that All County was a "middleman entity created by President Trump and his siblings essentially to move cash from Fred Trump's companies to his children," the Times said.

After the company purchased items for Trump buildings such as cleaning supplies, the Times notes that a secretary would bill these "items to Fred Trump's buildings with a 20% to 50% markup," and the siblings would "pocket the difference." The siblings received millions in untaxed gifts from their father, skirting a 55% tax on gifts over a certain value that would have cut the total significantly, the Times reported.

According to Tuesday's report by the Times, the President helped "his parents dodge taxes" in the 1990s, including "instances of outright fraud" that allowed him to amass a fortune from them. The President and his siblings helped his parents build their wealth by hiding millions of dollars in gifts in a "sham corporation," according to the Times.

Barry, along with President Trump and their younger brother, Robert, were the executors of their father's estate, and in that capacity filed his tax returns 15 months after his death in 1999, the Times notes.

The judge's involvement in the practices outlined in the Times story is unclear. However, as one of the executors of her late father's estate, she and her brothers were responsible for verifying the accuracy of his estate tax return, which the Times notes "vividly illustrates the effectiveness of the tax strategies devised by the Trumps in the early 1990s."

"She signed the estate tax return. She is required to submit accurate information to be truthful. She was a lawyer at the time," professor Lee-Ford Tritt, a law professor and the director of the Center for Estate Planning at the University of Florida Law School, told CNN on Wednesday. Barry also was a sitting federal judge at the time her late father's tax returns were filed.

Though the statute of limitations for pursuing possible criminal action against the Trumps for the alleged schemes exposed in the report has long passed, there could be civil penalties if tax fraud is found to have occurred.

Barry could not be reached for comment by CNN. She declined to comment to the Times. It's unclear how aware she might have been of any tax schemes.

In a statement, President Trump's lawyer Charles Harder said there was no fraud or tax evasion. The White House released a statement on Tuesday night calling the story a "misleading attack" and criticizing the New York Times and other media outlets.

Robert Trump said in a statement to The Times that "all appropriate gift and estate tax returns were filed, and the required taxes were paid."

The New York State Department of Taxation and Finance said it would "vigorously pursue" avenues of investigation in light of the report. And, on Wednesday, New York City Mayor Bill de Blasio told reporters that the city will work with the state and "look under every stone" to recoup any unpaid Trump taxes.

Additionally, the Internal Revenue Service does not have a statute of limitations on civil tax fraud.

Tritt, the law professor, said, "If the IRS determines Fred Trump owes more money, they can look through to the recipients of his estate and try to claw back and ask for the money back. It would be a complicated process."

Barry, at 81 the eldest Trump sibling, was appointed to the federal bench in New Jersey in 1983 by President Ronald Reagan. Prior to that, she spent nine years as a federal prosecutor in New Jersey, rising to the position of first assistant US Attorney.

"I was at that time one of the highest-ranking women attorneys in any United States Attorney's Office in the country," she wrote in a 1999 questionnaire submitted to the Senate Judiciary Committee when she was nominated to the US Court of Appeals for the Third Circuit, a position to which she was nominated by President Bill Clinton. In 2017, she became an inactive judge.

https://www.cnn.com/2018/10/03/politics/donald-trump-older-sister-family-finances/index.html

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Robbie
10/3/2018, 10:09 pm Link to this post PM Miz Robbie
 
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Re: Trump Family Finance Schemes


He'll squirrel out of this one somehow. No wonder he won't release his tax returns. Worst they can do to him is fine him.

His alleged charitable foundation may be another story. If that investigation hits the news sites again, I'll bring it up.
10/4/2018, 9:18 am Link to this post PM CooterBrown44
 
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Re: Trump Family Finance Schemes


Are you sure, Cooter? I think they can confiscate everything he owns for decades sof back taxes and penalties.
10/4/2018, 3:01 pm Link to this post PM Bellelettres
 
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Re: Trump Family Finance Schemes


quote:

Bellelettres wrote:

Are you sure, Cooter? I think they can confiscate everything he owns for decades sof back taxes and penalties.



Of course if it's found that he does owe back taxes and penalties, he can either pay them.......borrow more from the Russians and Saudis......or they will start grabbing stuff. Of course they may not be worth much.

Hotels losing money. Golf courses losing.
10/4/2018, 4:07 pm Link to this post PM CooterBrown44
 
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Re: Trump Family Finance Schemes


Let me see. Trump lied about being a self made billionaire, having inherited $413 million from his father. And then he concocted a tax scam against that inheritance. To which i can simply quote the imortal Gomer Pyle - “Surprise, Surprise, Surprise”!!!



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------------------------------------------------------------------------------
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10/5/2018, 4:15 am Link to this post PM GoHawk
 
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Re: Trump Family Finance Schemes


Judge orders Trump to pay $2 million for misusing his foundation

The money raised "was used for Mr. Trump’s political campaign and disbursed by Mr. Trump’s campaign staff," the judge noted.

Nov. 7, 2019, 11:03 AM PST | By Dareh Gregorian

President Donald Trump must pay a $2 million judgment for improperly using his Trump Foundation charity to further his 2016 presidential campaign, a New York state judge ruled Thursday.

The order appears to bring to an end the New York attorney general's lawsuit against the president and three of his oldest children over the now-shuttered foundation, which the attorney general said had engaged in repeated wrongdoing.

“Our petition detailed a shocking pattern of illegality involving the Trump Foundation — including unlawful coordination with the Trump presidential campaign, repeated and willful self-dealing, and much more," then-Attorney General Barbara Underwood alleged in a statement late last year.

In her seven-page ruling, New York Supreme Court Justice Salliann Scarpulla wrote, "Mr. Trump’s fiduciary duty breaches included allowing his campaign to orchestrate the Fundraiser, allowing his campaign, instead of the Foundation, to direct distribution of the Funds, and using the Fundraiser and distribution of the Funds to further Mr. Trump’s political campaign."

https://www.nbcnews.com/politics/donald-trump/judge-orders-trump-pay-2-million-misusing-his-foundation-n1078306

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11/7/2019, 2:31 pm Link to this post PM Miz Robbie
 
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Re: Trump Family Finance Schemes


They just read a statement from the Trump Foundation (now defunct) on MSNBC, talking about how PLEASED they are to be distributing $2 million to worthy charities.

I hope someone is watching to make sure he's not using campaign funds or leftover inaugural funds to pay it.

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Lis

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11/7/2019, 2:38 pm Link to this post PM JustLis
 
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Re: Trump Family Finance Schemes


I have faith in The Donald. He'll figure out a way to scam this or not pay it at all.

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11/7/2019, 2:42 pm Link to this post PM Miz Robbie
 
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Re: Trump Family Finance Schemes


This should go on YAP. It's your find.
11/7/2019, 7:23 pm Link to this post PM CooterBrown44
 
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Re: Trump Family Finance Schemes


quote:

CooterBrown44 wrote:

This should go on YAP. It's your find.



Mosto got it, but thanks.

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Robbie
11/7/2019, 7:55 pm Link to this post PM Miz Robbie
 
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Re: Trump Family Finance Schemes


quote:

Miz Robbie wrote:

quote:

CooterBrown44 wrote:

This should go on YAP. It's your find.



Mosto got it, but thanks.



Thanks. I guess I missed it.
11/7/2019, 11:52 pm Link to this post PM CooterBrown44
 
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Re: Trump Family Finance Schemes


Visit to Arlington Cemetery reminded Donald Trump Jr. of all his family’s ‘sacrifices,’ he writes

By Reis Thebault
November 7, 2019

It was the day before his father was inaugurated president of the United States when the weight of the office first washed over Donald Trump Jr.
President-elect Trump and the new first family were at Arlington National Cemetery, where Trump was to lay a wreath on the Tomb of the Unknowns.

“I rarely get emotional, if ever,” Trump Jr. wrote in his new book, “Triggered: How the Left Thrives on Hate and Wants to Silence Us.” “Yet, as we drove past the rows of white grave markers, in the gravity of the moment, I had a deep sense of the importance of the presidency and a love of our country.”

He also had another revelation as he watched his father standing in front of the tomb, surrounded by more than 400,000 graves, listening to the Army Band bugler playing taps: The Trump family had already suffered, he recalled thinking, and this was only the beginning.

“In that moment, I also thought of all the attacks we’d already suffered as a family, and about all the sacrifices we’d have to make to help my father succeed — voluntarily giving up a huge chunk of our business and all international deals to avoid the appearance that we were ‘profiting off the office,’” Trump Jr. wrote.

The book bills itself as a 300-page evisceration of PC culture — “the book that leftist elites don’t want you to read,” its Amazon page twice crows. In it, Trump Jr. writes, “A victimhood complex has taken root in the American left.” Yet, in his telling, the real victim is often him, his father or another Trump family member.

His framing of the Arlington Cemetery anecdote, in particular, has provoked fervent criticism and accusations of callousness.

“Eight men I served with are buried in Section 60 of Arlington. I visit them monthly,” tweeted Rep. Ruben Gallego (D-Ariz.), who served in the Iraq War. “Even if Donald JR. lived a 1,000 years he will never even get close to being as good and honorable as they were. Sacrifice is only a word to the Trumps.”

The author Matt Gallagher, also an Iraq War veteran, said on Twitter: “Imagine going to Arlington … and being moved to think about money. You are a soup sandwich, @DonaldJTrumpJr, and my friends buried there would tell you the same thing.”

In the book, Trump Jr. contends that his father’s assumption of the most powerful political position on the planet “was a big sacrifice, costing us millions and millions of dollars annually.”

“But it was a sacrifice we were more than happy and willing to make,” he wrote.
“Of course, we didn’t get any credit whatsoever from the mainstream media, which now does not surprise me at all.”

Trump Jr. and his brother Eric both made similar statements last month, claiming that “We literally stopped” and “We got out of all international business,” respectively. Both claims, The Washington Post’s Fact Checker found, were false and worthy of four Pinocchios, the highest possible ranking for single statements.

Trump refused to divest from his private business holdings before taking office, instead choosing to place them in a trust controlled by Eric, Trump Jr. and Trump Organization executive Allen Weisselberg. The company continues to operate nearly a dozen hotels and about 20 golf courses worldwide.

The alleged conflicts of interest have led to three lawsuits arguing that Trump is in violation of the Constitution’s foreign emoluments clause when those businesses receive payments from foreign governments.

“While comparing himself to soldiers who died fighting for their country, Don Jr. lies saying that they would be ‘giving up … all international deals to avoid the appearance that we were ‘profiting off of the office.’ They’ve done no such thing,” tweeted Robert Maguire, the research director for the Citizens for Responsibility and Ethics in Washington, one of the plaintiffs suing Trump.

“It’s barely been a week since the company that Don Jr runs, and his father still profits from, made this announcement,” Maguire added, linking to the Trump Organization’s announcement that it would expand its Doonbeg, Ireland, golf course. “Last I checked, Doonbeg is not in the United States.”


Trump Jr.’s book has also received a pair of valuable endorsements: one from the Republican National Committee, which emailed supporters with an offer of a hand-signed copy in exchange for a contribution of $50 or more, and one from his father.

“A great new book that I highly recommend for ALL to read,” Trump tweeted, beseeching his 66.6 million followers. “Go order it !”

https://tinyurl.com/y6x9ycn2
11/8/2019, 12:06 pm Link to this post PM Bellelettres
 
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Re: Trump Family Finance Schemes


quote:

Miz Robbie wrote:

quote:

CooterBrown44 wrote:

This should go on YAP. It's your find.



Mosto got it, but thanks.



I can't find Mosto's. Does it have a different title?
11/8/2019, 1:50 pm Link to this post PM CooterBrown44
 
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Re: Trump Family Finance Schemes


Trump Jr. and his brother Eric both made similar statements last month, claiming that “We literally stopped” and “We got out of all international business,” respectively. Both claims, The Washington Post’s Fact Checker found, were false and worthy of four Pinocchios, the highest possible ranking for single statements. Trump refused to divest from his private business holdings before taking office, instead choosing to place them in a trust controlled by Eric, Trump Jr. and Trump Organization executive Allen Weisselberg. The company continues to operate nearly a dozen hotels and about 20 golf courses worldwide.


Lie, lie, lie.... These Trumps, born with silver feet in their mouths, don't have a CLUE what sacrifice is.

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Lis

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11/8/2019, 2:08 pm Link to this post PM JustLis
 
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Re: Trump Family Finance Schemes


quote:

CooterBrown44 wrote:

quote:

Miz Robbie wrote:

quote:

CooterBrown44 wrote:

This should go on YAP. It's your find.



Mosto got it, but thanks.



I can't find Mosto's. Does it have a different title?



Donald Trump to pay $2 million to settle New York Attorney General civil lawsuit against Trump Foundation and his childr

https://www.tapatalk.com/groups/yetanotherpoliticsboard/donald-trump-to-pay-usd2-million-to-settle-new-yor-t117594.html

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Robbie
11/8/2019, 2:49 pm Link to this post PM Miz Robbie
 
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Re: Trump Family Finance Schemes


Appeals court orders Trump's banks to turn financial records over to Congress

The Second Circuit Court of Appeals ruled on Tuesday that Deutsche Bank and Capital One must comply with a congressional subpoena for President Trump, his children and his company's financial records.

The backdrop: Trump filed an appeal in August after a New York district judge declined to block the subpoenas, which were issued by the House Intelligence and Financial Services committees in April as part of an investigation into foreign influence. Deutsche Bank said in a letter in October that while it has some of the records sought by the House, it is not in possession of the president's tax returns.

The big picture: Trump is currently engaged in court battles with both House Democrats and the Manhattan district attorney over subpoenas ordering his longtime account firm Mazars USA to turn over his tax returns. He has appealed both cases to the Supreme Court, where the Deutsche Bank and Capital One case is likely to end up as well.

Trump's arguments that he is protected from criminal prosecution while president and that the House's investigations into his financial dealings "serve no legitimate legislative purpose" have both been struck down by judges and appeals courts.

The overarching theme from the judges who have presided over these cases is that Trump's tax returns are a matter of "public interest."

Source: Axios

You can read the ruling HERE.

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Peter

"When it comes to humility, I'm the greatest." - Bullwinkle Moose
12/3/2019, 11:05 am Link to this post PM streamline2001
 
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Re: Trump Family Finance Schemes


And now we'll see what Trump's Supreme Court says.

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Robbie
12/3/2019, 11:59 am Link to this post PM Miz Robbie
 
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Re: Trump Family Finance Schemes


I have to give credit where I think it's due.

I really believe that Roberts is a serious jurist. I think he comes by his beliefs using serious reason and doesn't play politics in the same measure the other four Republicans on the court do.

I suspect that he might be able to prevent the court from hearing the case at all.

It only takes four of the justices to grant certiorari, so the case COULD reach the Supreme Court on their demand alone. But if the case makes its way onto the Court, Roberts may be the serious jurist (who believes in rule of law) we need to make the right decision.

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Lis

Just one voice.... Singing in the darkness....
12/3/2019, 5:10 pm Link to this post PM JustLis
 


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