Trump

Oliver Contreras/SIPA USA

Trump engaged in fraud, shady tax schemes in 1990s: Report

October 02, 2018 - 4:50 pm
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NEW YORK (1010 WINS) --  The New York State Taxation Department is reviewing fraud allegations against President Donald Trump, reported Tuesday by The New York Times

"The Tax Department is reviewing the allegations in the NYT article and is vigorously pursuing all appropriate avenues of investigation," a spokesman from the department said, according to CNBC.

The Times report cited cases of fraud in which Trump and his siblings help their parents escape paying taxes in the 1990s. The Times obtained more than 200 tax returns from Trump's father, Fred Trump, his companies and various Trump partnerships and financial records. It did not include Trump's personal tax returns. 

During his presidential campaign, Trump claimed he was a self-made millionaire who started out with only a "very small" loan from his gather. 

But the Times says Trump's fortune comes in part from helping his parents avoid paying taxes, and from setting up a sham corporation with his siblings to hide millions of dollars in gifts from his parents. 

According to the report, Trump received the equivalent of at least $413 million from his father's real estate business.

A lawyer for Trump said the report is inaccurate. 

White House press secretary Sarah Sanders issued a lengthy statement Tuesday night:

“Fred Trump has been gone for nearly twenty years and it’s sad to witness this misleading attack against the Trump family by the failing New York Times. Many decades ago the IRS reviewed and signed off on these transactions. The New York Times’ and other media outlets‘ credibility with the American people is at an all time low because they are consumed with attacking the president and his family 24/7 instead of reporting the news. The truth is the market is at an all-time high, unemployment is at a fifty year low, taxes for families and businesses have been cut, wages are up, farmers and workers are empowered from better trade deals, and America’s military is stronger than ever, yet the New York Times can rarely find anything positive about the President and his tremendous record of success to report. Perhaps another apology from the New York Times, like the one they had to issue after they got the 2016 election so embarrassingly wrong, is in order.”