President Trump participated in “questionable” tax strategies in the 1990s that allowed him to accrue millions of dollars in additional wealth from his father’s real estate empire, The New York Times reported Tuesday.
The newspaper reported that Trump and his siblings set up a “sham” corporation to help disguise otherwise taxable income that came from gifts from their parents. The president is also reported to have helped his father take improper tax deductions that amounted to millions of dollars, according to the outlet.
The Internal Revenue Service (IRS) reportedly provided little pushback against the Trumps’ reported tactics.
In total, The New York Times found that Trump received the equivalent of $413 million based on his questionable tax dealings. The newspaper wrote that Trump’s behavior amounted to fraud in some cases.
The Times interviewed former employees and advisers to Trump’s father and reviewed more than 100,000 pages of documents related to the Trump family business, including bank statements, financial audits and invoices.
Trump declined to comment to the Times for the story, and the White House did not immediately respond to a request for comment from The Hill.
Charles Harder, an attorney for the president, said in a statement to The New York Times that allegations of tax evasion are “100 percent false,” adding that Trump “had virtually no involvement” with the tax strategies used by his family, and instead delegated those tasks to others.
Harder went on to imply the newspaper could face a defamation lawsuit if it suggested Trump participated in a fraudulent tax scheme.
Trump drew criticism during the 2016 presidential campaign for his refusal to release his tax returns. The decision marked a break with tradition from previous presidential candidates.
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