Trump helped parents hide money on tax returns

Trump helped parents hide money on tax returns

Donald Trump engaged in tax schemes that included cases of fraud in which he and his siblings helped their parents dodge taxes, the New York Times reported on Tuesday, citing more than 200 tax returns it has obtained.

"The Tax Department is reviewing the allegations in the NYT article and is vigorously pursuing all appropriate avenues of investigation", James Gazzale, a spokesperson for the New York State Department of Taxation and Finance, told TPM in a statement.

While Cavuto may not see a "there, there", the NY state tax department launched an investigation today digging into the Times' reporting.

This post has been updated.

But the newspaper said its exhaustive investigation of a vast trove of tax returns and confidential records found this was not true. 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.

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The Times said Trump's tax-hating father used "relentless and creative" ways to funnel his wealth to his children and shield it from the Internal Revenue Service. "They're going back many, many decades here", the anchor said during this afternoon's airing of Your World With Neil Cavuto.

This could have produced a tax bill of at least $550 million but the Trumps paid a total of just $52.2 million, the Times said, citing tax records.

The statute of limitations "makes any criminal prosecution all but impossible", a law enforcement source told ABC News. By the time Trump had graduated from college, the report says, he was getting the equivalent of $1 million a year from his father.

During his presidential campaign, Trump promoted himself as a self-made real estate mogul who started out with only a "very small" loan from his father.

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