President Donald Trump could be facing tens of millions of dollars in fines if authorities act on a recent New York Times report about how he made his made. The NYT revealed that the Trump family avoided tax and engaged in ‘outright fraud’ to protect their wealth.
While the statute of limitations for criminal charges has expired, Trump could still be facing civil suits that could cost him vasts amounts of money. Fines could include up to 75% of unpaid federal taxes and twice the amount of unpaid state taxes. The state of New York is reportedly looking closely at the NYT‘s reporting.
The newspaper gained access to a vast trove of financial documents and revealed how the Trump family carefully and methodically protected their wealth from taxation. Donald Trump’s father, property developer Fred Trump, paid his son vast amounts of money from a young age, making him a millionaire by age 8.
The Trumps also operated a dummy company that allowed Fred Trump to pay his children large amounts of money while avoiding the usual taxes. This may have been a form of money laundering. In total, Trump received around $413 million from his father before he died.
While the White House has denied the New York Times’ report, there appear to be thousands, if not tens of thousands, of documents proving the newspaper’s allegations. Avoiding tax, understating the value of property and misleading the press about the nature of his earnings are just some of the accusations.
It remains to be seen whether Trump will suffer any adverse effects from the story. He has so far weathered every controversy, including investigations into misuse of funds at his charitable foundation and fraud at his university. But the NYT piece also implicates Trump’s sister, Maryanne Trump Barry, who may not enjoy the same protection as the President.