New York State Investigating Tax Fraud Allegations against Trump

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The New York State Department Taxation and Finance is investigating the tax fraud allegations against President Donald Trump and his family in the 1990s, which was detailed in a New York Times report.

On Tuesday, the Times reported that Trump “participated in dubious tax schemes” and in some instances “outright fraud.” The wealth he received from his parents increased significantly through his schemes.

Trump received around $413 million (in today’s dollar equivalent) from his father’s real estate empire, starting when he was just a toddler. He and his siblings set up a “sham corporation” to hide millions of dollars in gifts.  In addition, he helped his parents avoid taxes and formulate a strategy to undervalue their real estate holdings on their tax returns to reduce their tax payments,” according to Times.

Trump lawyer denied the accusations as “100 percent false”

Trump’s lawyer, Charles J. Harder denied the allegations in a statement to the newspaper. According to him, “The New York Times’s allegations of fraud and tax evasion are 100 percent false, and highly defamatory. “The New York Times’s allegations of fraud and tax evasion are 100 percent false, and highly defamatory.”