Last week, The New York Times released a lengthy, detailed report about the wealth and fortune of President Trump.
The article reports that the president received at least $413 million from his father Fred Trump over the decades, and that much of it came by exploiting various tax loopholes or engaging in outright fraud.
The Times says its report is based on over 100,000 pages of financial documents, which show that the president and his father used a sham corporation to avoid paying estate and gift taxes.
One of President Trump’s lawyers, Charles J. Harder, has stated that there was no “fraud or tax evasion” and that the facts cited in the report are “extremely inaccurate.” The White House has similarly dismissed the report, calling it “a misleading attack against the Trump family.”
The New York state tax department has said that it is reviewing the allegations made in the report, although the tax experts cited in the story say statutes of limitation would likely prevent any criminal prosecution.
Food For Thought
What is the significance of the Times report on President Trump's wealth and taxes? Should there be consequences?