IDIOT....
"NEW YORK (AP) — The New York Times reported Tuesday that President Donald Trump received at least $413 million from his father over the decades, much of that through dubious tax dodges, including outright fraud.
The 15,000-word Times report contradicts Trump’s portrayal of himself as a self-made billionaire who started with just a $1 million loan from his father.
The Times says Trump and his father, Fred, avoided gift and inheritance taxes by setting up a sham corporation and undervaluing assets to tax authorities. The Times says its report is based on more than 100,000 pages of financial documents, including confidential tax returns from the father and his companies.
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The Times says the Trump family hid millions of dollars of transfers from the father to his children through a sham company owned by the children called All County Building Supply & Maintenance. Set up in 1992 ostensibly as a purchasing agent to supply Fred Trump’s buildings with boilers, cleaning supplies and other goods, the father would pad invoices with markups of 20 percent or even 50 percent, thereby avoiding gift taxes, the newspaper reports.
The Times says that before Fred Trump died in the late 1990s, he transferred ownership of most of his real estate empire to his four living children. The value of the properties in tax returns summed up to $41.4 million, vastly less than the Times says they were worth.
The same properties would be sold off over the next decade for more than 16 times that amount.
In total, the president’s father and mother transferred over $1 billion to their children, according to the Times tally. That should have produced a tax bill of at least $550 million, based on a 55 percent tax on gifts and inheritance at the time.
Instead, the children paid $52.2 million, or about 5 percent...."
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