Based on a New York Times breaking news report that is causing New York state’s tax office to look at the Trump family for alleged unpaid taxes, President Trump and his siblings could owe more than $400 million in back taxes.
We know Trump’s new worth is supposed to be in the billions, but that’s a lot of dough – potentially record-breaking.
President Trump is calling the claim by the Times dubious, and is even threatening to sue them – but so far the White House and the Trump Organization are being largely quiet. Right now Trump is sticking with the story that they “used the concept of time value of money.”
At today’s press conference, Press Secretary Sarah Sanders was asked for a response and she just issued a blanket denial, saying she was choosing not to answer any more questions on the matter.
Among one of the biggest claims the Times made in their 14,000 worded page report are a company called All County Building Supply that Trump’s dad, Fred Trump owned.
The New York Times’ Susanne Craig says that they looked into this company and found that in the early 90’s the Trump kids tried to find a way to avoid having their dad pay a 55% death tax, that would have kept a large percentage of their dad’s wealth from going to them, so they devised a scheme, previously unreported on all these years, even during Trump’s presidential run.
“So, Fred Trump, as part of this scheme to transfer money to his kids, had to buy a bunch of stuff, everything from boilers, plumbing supplies, etc. So they set this company up and sold stuff at really high prices to their dad, to transfer this wealth.”
Also – “overall in the estate they did other things to reduce the tax.”
It looks like the criminal statute of limitations have already passed but according to civil fines, there’s really no statute of limitations. That means Trump could even pay more than the back taxes he owes. Given the length of time with interest and penalties, it’s not crazy to suggest New York could confiscate all of their wealth.
This is certainly a huge story – and given that only a day has passed and New York State is still sifting through all the new documents, the end result could end up being pretty bad if only half of what the Times said in their story is true.