A New York Times report says that U.S. President Donald Trump and his siblings disguised millions of dollars as gifts from their parents in a ‘sham corporation’.
The White House has fired back at a New York Times report that U.S. President Donald Trump helped his parents shield millions of dollars from taxes.
The Times investigation released Tuesday (October 2) cited a quote ‘vast’ trove of more than 200 confidential tax returns and records and said Trump and his siblings pulled off tax dodges.
The report says they set up a fake corporation to disguise millions in gifts from their parents.
Much of it reportedly happened in the 1990s, the Times says it included cases of fraud.
In a statement, Press Secretary Sarah Sanders called it a ‘misleading attack’ and said the IRS reviewed and signed off on the transactions decades ago.
Donald Trump’s lawyer Charles Farder told the Times- quote “President Trump had virtually no involvement whatsoever with these matters.”
Reuters has not been able to verify the report.
The Times also says it found Trump has received the equivalent today of at least $413 million dollars from the real estate business run by his father Fred Trump.
The Times says the records did not include Trump’s personal tax returns.
Unlike other recent U.S. presidents, he has declined to release them.
During his presidential campaign, Trump promoted himself as a self-made real estate mogul who began with only a quote ‘very small’ loan from his father.
The Times cited tax experts in reporting Trump would not likely face criminal prosecution because the acts in question were past the statute of limitations.
However, it also said there is no time limit on civil fines for tax fraud.
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