Trump shrugs off report revealing tax dodges, calls it old and boring

In a statement released Tuesday night, White House Press Secretary Sarah Huckabee Sanders said "Fred Trump has been gone for almost twenty years and it's sad to witness this misleading attack against the Trump family by the failing New York Times".

Slater based his estimate on the fact that NY charged a 21% tax on large gifts and estates when developer Fred Trump bequeathed his business to his children.

The state Finance Department said Tuesday that it would open an investigation into the allegations.

According to the report, Donald was also key in creating a scheme to undervalue his parents' real estate holdings on their tax returns so as to lessen the taxes they would have to pay on them when they were transferred to the Trump children in the form of gifts. "And honestly, if a lot of people in NY state had done their jobs he would never have been president of the United States".

The president's brother, Robert Trump, said in a family statement that "All appropriate gift and estate tax returns were filed, and the required taxes were paid".

Donald Trump's "dubious" tax dealings were unwittingly revealed by his sister when she filed papers to the Senate to become a federal judge.

According to Tuesday's report by the Times, the President helped "his parents dodge taxes" in the 1990s, including "instances of outright fraud" that allowed him to amass a fortune from them. Most of the events described by the Times took place decades ago, prior to Fred Trump's death in 1999.

The newspaper said its findings show that Trump's claims that he's a self-made billionaire, who had received US$1 million from his father, are false.

In a statement, President Trump's lawyer Charles Harder said there was no fraud or tax evasion.

In its investigative lead story, The New York Times said that Trump won the presidency proclaiming himself as a self-made billionaire, and he has long insisted that his father, Fred Trump, provided nearly no financial help.

NY could seek civil penalties if it can prove the Trumps actively avoided paying their full tax bill.

Trump tweeted that the newspaper did "a very old, boring and often told hit piece on me".

"Added up, this means that 97% of their stories on me are bad", Trump snarked, adding that NYT "n$3 ever recovered from bad election call!" "The facts upon which The New York Times bases its false allegations are extremely inaccurate".

Forbes magazine, meanwhile, estimated Trump's fortune at $3.1 billion - the same as previous year, but a third smaller than it was in 2015.

It is not the first time Trump voters have come under scorn. "He was a millionaire by age eight", the report said. To bring criminal charges, investigators would have to find a continuing tax fraud conspiracy that stretched into recent years, they said.

Not everything, however, was a laughing matter: The Times said Trump's tax-hating father used various methods to funnel his wealth to his children and shield it from the Internal Revenue Service, some of which tax experts said were improper or possibly illegal.

"President Trump had virtually no involvement whatsoever with these matters".

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