The New York Times reported that President Donald Trump received at least $413 million from his father or his father’s estate over the course of his lifetime, much of that through dubious tax dodges. When he died in 1999, the New York Times estimated that Trump received more than $413 million in 2018 dollars from his New York City developer father, Fred, for years. However, an investigation by The New York Times shows that by age 3, Donald Trump was earning $200, 000 a year in today’s dollars from his father’s empire. He was a millionaire.
The Times’ investigation, based on a vast trove of confidential tax returns and financial records, reveals that Trump received the equivalent today of at least $413 million from his father over the decades, adjusted for inflation. Much of that money was received from his father’s empire, mostly from property transfers and a “flood” of loans, many never repaid. Had the Trump family’s wealth been assessed by Forbes, it is currently estimated at $5. 5 billion.
During Tuesday’s presidential debate, the inheritance former President Donald Trump received from his Kamala Harris was discussed. Trump has long sold himself as a self-made billionaire, but a Times investigation found that he received at least $413 million. Trump has always said he is a self-made billionaire, but a Times investigation found that he received at least $413 million in Trump.
Trump has always said he is a self-made billionaire, but his rough calculations suggest that if he simply took the money, leveraged it not imprudently, and passively invested it in Manhattan real estate, he would have received at least $413 million from his father over the course of his lifetime.
| Article | Description | Site |
|---|---|---|
| Wealth of Donald Trump | The net worth of President-elect Donald Trump is not publicly known. For decades, Forbes has assessed his wealth, currently estimating it at $5.5 billion as … | en.wikipedia.org |
| Fact check: Did Donald Trump start out with $400 million … | The claim: Vice President Kamala Harris has periodically needled her opponent in the presidential race, former President Donald Trump, … | houstonchronicle.com |
| Trump’s claim that he built his company with $1 million loan | Trump has suggested he got his start when he obtained a $1 million loan from his father. “My father gave me a small loan of a million dollars,” he told NBC in … | washingtonpost.com |
📹 How The Trumps Held On to Generational Wealth NYT News
By Nov. 22, 1997, Donald Trump and his siblings owned nearly all of Fred Trump’s empire free and clear of estate taxes. How did …
📹 The Real Story Behind Donald Trump’s Wealth
How did Donald Trump become so wealthy? In this short video, The Money Project explores Donald Trump’s successes, failures, …
That great American Supreme Court Justice and veteran of the Army of the Potomac, Oliver Wendell Holmes, Jr., set an inspiring example for us all, when, upon his death he donated his estate to the United States government as an expression of his devotion to his country, the United States of America. A combat veteran, he fought unflinchingly and heroically for the nation he loved. He nearly died for it from multiple wounds suffered in multiple battles during the Civil War — severe wounds far worse than ‘bone spurs’. How is this country worthy of his sacrifices and the sacrifices of his generation? When billionaires choose to go to great extremes to evade paying taxes, where does the money come from to defend America and pay America’s brave soldiers, sailors, marines, airmen and airwomen for their sacrifices? How will this country pay for catastrophic climate disasters, devastating wildfires, droughts, floods, heat waves and hurricanes’ like Florence, Irma, Harvey and Maria and all the rest of the extreme weather disasters ramping up to inevitably follow? Where will funding come from to pay for FEMA, emergency responders and the health care system needed to treat victims? How will we pay for the aging water pipelines and freeways that are taking a climate beating and are now brittle after decades of neglect, austerity and tax haven leakage? How is it that at least 30 profitable U.S. corporations — including Bank of America, Wells Fargo, GE, Verizon and Dupont — spend more money on lobbying than on taxes?
There’s nothing wrong with passing along generational wealth. The estate tax is double taxation. A taxed estate was taxed as property tax, or income tax, before death. The government keeps wanting seconds, thirds, more pieces of the pie. If Fred Trump found ways around it, good on him. I wish everyone could.
If you don’t pay your taxes, then you don’t deserve to use anything that taxes pay for. House on fire? Oh well, you don’t get services from the fire department. Need to drive somewhere? Too bad, you can’t use any roads or highways because you didn’t pay your fair share. Need the police? You get the idea.
If somebody gives you a gift, whether it be a giant diamond, or a hundred million dollars in cash, you do not owe taxes on that – because it is a gift – right? … That is why some women do not file income tax returns – because technically, those are not wages, but gifts, from admirers…. Have no idea what a Grat is. Is real estate treated by accountants as a level 3 asset, because you cannot know for certainty what it will sell for until it sells? This article creates more questions than it does answers.
Not a big deal. I suport anyone who tries to keep their money from the Government’s greedy, redistributive hands. Nobody has any right to my money but me. If you or anyone else you know owns a business then trust me, they have tried to find ways to pay less in taxes also. Perhaps if you were smart, you would find a way to save money too.