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The Trump Family Tax Fraud


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#1 LFC

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Posted 02 October 2018 - 05:29 PM

I've only had a chance to get into a little of this New York Times bombshell but the members of the Trump family including (and maybe especially) Donald were heavily involved in illegal tax fraud that allowed them to avoid gift and estate taxes to the tune of hundreds of millions of dollars.

Quote

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.


Remind me again, how big of a supposed (not) scam was Whitewater? If the blue wave hits and the Dems take the House I expect a massive investigation into all of Trump's finances, and rightly so.
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#2 golden_valley

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Posted 02 October 2018 - 05:52 PM

This just means the Trumps were smart. And anyway, only the little people pay taxes.

ETA Why the h*%# didn't the NYT dig this stuff up 3 years ago?

#3 indy

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Posted 02 October 2018 - 06:50 PM

Hmmm...if I recall, NY has a pretty good inheritance tax on estates this large. Even if the feds are uninterested, NY might be.

#4 Traveler

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Posted 03 October 2018 - 08:35 AM

Half a billion in unpaid taxes? US uninterested? Is there a statute of limitations on tax evasion?

Quote

The Times’s findings raise new questions about Mr. Trump’s refusal to release his income tax returns, breaking with decades of practice by past presidents. According to tax experts, it is unlikely that Mr. Trump would be vulnerable to criminal prosecution for helping his parents evade taxes, because the acts happened too long ago and are past the statute of limitations. There is no time limit, however, on civil fines for tax fraud.

Well that clarifies things a bit. So nothing criminal, but some major fines from the looks of it if found to be fraudulent?

Quote

The investigation also draws on tens of thousands of pages of confidential records — bank statements, financial audits, accounting ledgers, cash disbursement reports, invoices and canceled checks. Most notably, the documents include more than 200 tax returns from Fred Trump, his companies and various Trump partnerships and trusts. While the records do not include the president’s personal tax returns and reveal little about his recent business dealings at home and abroad, dozens of corporate, partnership and trust tax returns offer the first public accounting of the income he received for decades from various family enterprises.

How did they get access? I can see slogging through deeds and mortgages, but bank statements, audits, ledgers and tax returns?
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#5 Traveler

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Posted 03 October 2018 - 08:48 AM

Here is a condensed version of the NYT investigation. That is TL/DR for now. Amazing deceptions.
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#6 indy

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Posted 03 October 2018 - 08:55 AM

Bold mine.

Quote

What’s more, much of this money came to Mr. Trump through dubious tax schemes he participated in during the 1990s, including instances of outright fraud, The Times found.

I've never seen the NYT make claims as strong as this in the absence of a conviction. They are very, very, very certain of their sources.

#7 pnwguy

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Posted 03 October 2018 - 09:07 AM

There is no one better to run the crime family that the GOP has become but an EXPERIENCED crime family boss. It's probably only the amount of killing that differs between the Dumpsters and the Gambinos.
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#8 Traveler

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Posted 03 October 2018 - 09:11 AM

 indy, on 03 October 2018 - 08:55 AM, said:

Bold mine.



I've never seen the NYT make claims as strong as this in the absence of a conviction. They are very, very, very certain of their sources.

Like how did they get those gift returns? Southern District NY might find this stuff very interesting.
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#9 Traveler

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Posted 03 October 2018 - 09:16 AM

Well the state is not wasting any time.

Quote

New York state tax authorities have opened an investigation into allegations reported in the New York Times that President Donald Trump and his family created their real estate empire through “instances of outright fraud,” evading taxes on hundreds of millions of dollars.

“The Tax Department is reviewing the allegations in the New York Times article and is vigorously pursuing all appropriate avenues of investigation,” said James Gazzale, spokesman for Department of Taxation and Finance.

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#10 LFC

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Posted 03 October 2018 - 09:37 AM

ABC reported this AM that New York is already looking into it. If the Trumps illegally dodged income, gift, and/or estate taxes it doesn't matter if the returns were approved (current Trump defense). They are potentially on the hook for the money plus interest plus fines through civil action. The statute of limitations has expired for criminal proceedings but apparently recovery of ill gotten gains plus fines through a civil action never expires.
" 'Individual conscience' means that women only get contraceptives if their employers, their physicians, their pharmacists, their husbands and/or fathers, pastors, and possibly their mayors, Governors, State Secretaries of Health, Congressmen, Senators, and President all agree that in that particular case they're justifiable." --D.C. Sessions

"That's the problem with being implacable foes - no one has any incentive to treat you as anything more than an obstacle to be overcome."

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""The GOP ... where every accusation is also a confession." --Progressive Whisperer

#11 Traveler

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Posted 03 October 2018 - 09:51 AM

And O'Brien weighs in. Not much additional info though.
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#12 LFC

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Posted 03 October 2018 - 12:29 PM

Isn't it ironic that the desire for a Trump to become a judge looks like the reason the NY Times reporter figured out the family scam?

Quote

The next Trump family reunion might be a bit contentious. The New York Times has revealed that its bombshell story about Donald Trump engaging in “dubious” tax schemes and “outright” fraud to increase his inheritance from his parents’ wealth came about because of a filing made by his federal judge sister. Journalist Susanne Craig said she found the disclosure form Maryanne Trump Barry filed as part of her Senate confirmation hearing. It showed a $1 million contribution from an obscure family-owned company: All County Building Supply & Maintenance. “‘What the heck?’” Craig remembered thinking, leading her to talk to people who detailed Fred Trump’s dubious method of moving cash from his companies to his children. The Times describes Maryanne Trump Barry’s filing as a “central finding” of the story.


Even funnier is that the reporter said that her initial lead was the "leaked" Trump tax return. They had another return from years before and the sudden rush of income didn't make any sense, causing her to dig deeper. I guess leaking that particular return wasn't the smartest move, eh Donald?
" 'Individual conscience' means that women only get contraceptives if their employers, their physicians, their pharmacists, their husbands and/or fathers, pastors, and possibly their mayors, Governors, State Secretaries of Health, Congressmen, Senators, and President all agree that in that particular case they're justifiable." --D.C. Sessions

"That's the problem with being implacable foes - no one has any incentive to treat you as anything more than an obstacle to be overcome."

"The 'Road to Serfdom' is really all right turns." --Progressive Whisperer

""The GOP ... where every accusation is also a confession." --Progressive Whisperer

#13 AnBr

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Posted 03 October 2018 - 08:59 PM

 Traveler, on 03 October 2018 - 08:35 AM, said:

Half a billion in unpaid taxes? US uninterested?

He's just smart and after all, taxation is theft.
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#14 JackD

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Posted 03 October 2018 - 10:21 PM

"Half a billion in unpaid taxes? US uninterested?"
Who is the boss of the IRS again? Oh, yeah, right.

#15 D. C. Sessions

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Posted 04 October 2018 - 08:26 AM

 indy, on 02 October 2018 - 06:50 PM, said:

Hmmm...if I recall, NY has a pretty good inheritance tax on estates this large. Even if the feds are uninterested, NY might be.

Statute of limitations.
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#16 Sinan

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Posted 04 October 2018 - 08:29 AM

In many ways, this is like money laundering.
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#17 D. C. Sessions

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Posted 04 October 2018 - 08:32 AM

 LFC, on 03 October 2018 - 09:37 AM, said:

The statute of limitations has expired for criminal proceedings but apparently recovery of ill gotten gains plus fines through a civil action never expires.

And there's also still the possibility of RICO -- the civil part of RICO can be invoked by private parties or the State and it does a 3x on "ill gotten gains."
"Robots aren't the problem. Capitalism is." -- Last words of Stephen Hawking.
These days, "libertarian" is just a euphemism for a Nazi who's afraid to commit.
"If you're not outraged, you're not paying attention." -- Heather Heyer
"I'd rather have my child, but by golly, if I gotta give her up, we're gonna make it count." -- Her mother
"Your purpose, then, plainly stated, is that you will destroy the Government, unless you be allowed to construe and enforce the Constitution as you please, on all points in dispute between you and us. You will rule or ruin in all events." -- some RINO

#18 D. C. Sessions

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Posted 04 October 2018 - 08:39 AM

 Sinan, on 04 October 2018 - 08:29 AM, said:

In many ways, this is like money laundering.

Actually, the means they used are exactly the ones the Mob uses for money laundering.
"Robots aren't the problem. Capitalism is." -- Last words of Stephen Hawking.
These days, "libertarian" is just a euphemism for a Nazi who's afraid to commit.
"If you're not outraged, you're not paying attention." -- Heather Heyer
"I'd rather have my child, but by golly, if I gotta give her up, we're gonna make it count." -- Her mother
"Your purpose, then, plainly stated, is that you will destroy the Government, unless you be allowed to construe and enforce the Constitution as you please, on all points in dispute between you and us. You will rule or ruin in all events." -- some RINO

#19 pnwguy

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Posted 04 October 2018 - 08:42 AM

 D. C. Sessions, on 04 October 2018 - 08:32 AM, said:

And there's also still the possibility of RICO -- the civil part of RICO can be invoked by private parties or the State and it does a 3x on "ill gotten gains."
The entire GOP should be subject to RICO.

As for money laundering, what do you think the entire pipeline of wealthy donors and corporations is, to PACs and ideological think tanks, to GOP office holders is now?
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#20 Traveler

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Posted 04 October 2018 - 08:46 AM

 D. C. Sessions, on 04 October 2018 - 08:26 AM, said:

Statute of limitations.
None for civil suits to recapture the money.
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"Anyone who has the power to make you believe absurdities has the power to make you commit injustices" Voltaire





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