Donald Trump and Hilary Clinton may be a million miles apart in their ideologies, but both share a common point in being filthy rich. While, it is well know that hard work is the key to success, people like Donald Trump are born with a silver spoon.
It was during the presidential debate between Hilary Clinton and Donald Trump that the heated conversations turned to the then G.O.P candidate’s wealth, which qualified him to be the President, despite the lack of experience. Therefore, in his response to Clinton’s claim that he started the business with $14 million from his father, Fred Trump, Donald mocked that the mortgage under $1 million, was a very small amount for such a huge scale of business.
However, as it later turned out, it was alleged that the so-called self made billionaire received more than just a formal help of well over $1 million from his father. Besides, working intelligently to hide the details and save the tax, the trump duo vehemently accomplished the so called mission of tax-evasion.
The second side of the story though has now been publicized, after a year-long investigation by The New York Times. According to an account published by NYT, not only did Donald Trump receive hundreds of millions of dollars from his father, but the flow of funds came to Mr trump through doubtful tax schemes he participated in during the 1990s.
During this phase of transfer, Fred and Mary and his wife, transferred more than $1 billion to their children as gift. Interestingly,this gift should have produced a tax bill of at least $550 million based upon the taxation policies at that time. However, he ended up paying a mere $ 52.2 million.
Money and Donald Trump are two inseparable bonds and, baby Trump was born to play with money. At an age of 3 years, Donald was earning $200,000 a year. He was a millionaire by age 8 and in his 40s and 50s, he was receiving more than $5 million a year.
Daddy Trump has always held his son’s back, and towards the end of 1980s, when many of Mr. Art of the deals began to blow up in his not-so successful radioactive face, and the Atlantic City casinos, Trump Shuttle and the Plaza Hotel became the financial disasters, Daddy Trump was always there for a helping hand. He loaned his son with what would be $8.3 million today between 1989 and 1992.
The tax records also reveal that during the peak times, in 1990, his father extracted an extraordinary sum- nearly $50 million- from his business. However, the NYT failed to find any proofs that Fred Trump made any significant debt pavements, charitable donations or personal expenditures, there are some signs that he wanted a plenty of cash to bail out his son.
The theory of fraud is also related to creating a company called All Country Building Supply & Maintenance. The so called company was designated to act as an agent for Fred Trump’s purchasing agent. However, in reality the company was opened only on papers, and a vehicle was used to siphon cash from Fred Trump’s empire by simply marking up purchases already made by his employees.The cash worth millions of dollars was then cordially distributed by owners, who were Donald Trump, his siblings and a cousin.
Trump and the theory of frauds has thus invited a lot of criticism. However, it has ensured one thing for Mr president that he remains filthy rich even to this day.