As a toddler, Trump was already apparently rich.
U.S. President Donald Trump was earning a whopping $200,000 a year as a 3-year-old and was a millionaire by the age of 8, according to a wealth of tax, loan, and corporation documents which recently fell into the hands of the New York Times
The great bard William Shakespeare once wrote, “Some are born great, some achieve greatness, and some have greatness thrust upon them.”
And some it seems are just allegedly rich from day one.
It would appear that Donald Trump is a lot of things but a self-made man may not be one of them
The bumper treasure trove of documents unearthed by the New York Times appears to suggest that Trump’s incredible accumulation of wealth was only possible because Trump’s father was busy pulling a lot of strings which had a lot of cash on the end of them.
According to the bombshell investigation which goes into eye-popping detail about the Trump family’s finances, Fred Trump was reportedly avoiding taxes and vastly undervaluing real estate values to enrich Donald from an early age.
Thereby ensuring young Donald had a firm financial platform from which he could launch himself from in later years and become pretty much anything he wanted, such as the president for example.
The New York Times even brands Fred Trump’s years of tax avoidance as “dubious” and in some cases “instances of outright fraud.”
According to the report, the merry bedfellows of vast wealth and questionable accounting had conspired to give a 3-year-old Donald Trump a yearly salary of $200,000. That’s a lot of dollar for a toddler. It gets better. By the age of 8, Trump was likely a millionaire.
Of course, the New York Times isn’t implying President Trump is guilty of any dubious financial practices.
As Trump’s lawyer Charles Harder stated, “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. 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.”
The newspaper is merely pointing out that Trump’s father Fred was involved in some questionable financial practices which may have indirectly served to benefit his son.
Here are just some of the reported revelations.
When he graduated college, Trump was getting $1 million a year in today’s dollars from his dad. By the time he hit 40, this would jump to $5 million a year.
In 2004 when the Fred Trump empire was sold, Donald’s share was $177 million.
The Times reported that Fred and Mary Trump transferred over $1 billion in current value of wealth to their kids. If they had paid the full 55 percent gift and inheritance tax at the time, they would be liable for $550 million in taxes. They didn’t, instead, according to the Times story, paid a total tax of just $52.2 million.
Source: Read Full Article