Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
"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."
[quote=unit731;53263227]"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."
Statement to The Times from Charles J. Harder, a lawyer for President Trump
The New York Times’ allegations of fraud and tax evasion are 100% false, and highly defamatory. There was no fraud or tax evasion by anyone. The facts upon which the Times bases its false allegations are extremely inaccurate. All estate matters were handled by licensed attorneys, licensed CPAs and licensed real estate appraisers who followed all laws and rules strictly. All matters were filed with the IRS and New York taxing authorities. The returns and tax positions that the Times now attacks were examined in real time by the relevant taxing authorities. The taxing authorities requested a few minor adjustments, which were made, and then fully approved all of the tax filings. These matters have now been closed for more than a decade.
President Trump had virtually no involvement whatsoever with these matters. The affairs were handled by other Trump family members who were not experts themselves and therefore relied entirely upon the aforementioned licensed professionals to ensure full compliance with the law. Should the Times state or imply that President Trump participated in fraud, tax evasion, or any other crime, it will be exposing itself to substantial liability and damages for defamation.
The most damning, at least according to experts quoted in the story, was the creation of a company called All County Building Supply & Maintenance.
On paper, All County was Fred Trump’s purchasing agent, buying everything from boilers to cleaning supplies. But All County was, in fact, a company only on paper, records and interviews show — a vehicle to siphon cash from Fred Trump’s empire by simply marking up purchases already made by his employees. Those millions in markups, effectively untaxed gifts, then flowed to All County’s owners — Donald Trump, his siblings and a cousin.
Essentially, All County would buy various products for the buildings, like boilers, and then “a secretary would bill the items to Fred Trump’s buildings with a 20 to 50 percent markup.” Trump and his siblings pocketed that difference.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.