The President's brother, Robert, also issued a statement denying any wrongdoing.
President Trump received at least $413 million in today’s money from his father’s New York real estate business, with much of the money coming through questionable tax schemes in the 1990s, the New York Times reported on Tuesday.
The president declined the New York Times request for comment, but a lawyer representing Trump, Charles J. Harder, provided a statement to Fox News on Tuesday that blasted the paper’s reporting as “highly defamatory” and “extremely inaccurate.”
According to confidential tax returns and financial records obtained by the newspaper, Trump and his siblings set up a phony corporation in an effort to disguise millions of dollars in gifts from their parents. Records examined by the Times also indicate that Trump helped his father take millions of dollar in improper tax deductions and formulated a strategy to undervalue his parents’ real estate holdings in order to reduce the tax bill when the properties were transferred.
In total, Trump’s parents, Fred and Mary Trump, transferred over $1 billion to their children. The money would have created tax bill of at least $550 million given the 55 percent tax rate then imposed on gifts and inheritances, but the family only paid $52.2 million, tax records indicate.