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"Mr.Trump received the equivalent of at least $413 million from his father"


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https://www.nytimes.com/interactive/2018/10/02/us/politics/donald-trump-tax-schemes-fred-trump.html

 

But The Times’s investigation, based on a vast trove of confidential tax returns and financial records, reveals that Mr. Trump received the equivalent today of at least $413 million from his father’s real estate empire, starting when he was a toddler and continuing to this day.

 

Much of this money came to Mr. Trump because he helped his parents dodge taxes. He and his siblings set up a sham corporation to disguise millions of dollars in gifts from their parents, records and interviews show. Records indicate that Mr. Trump helped his father take improper tax deductions worth millions more. He also helped formulate a strategy to undervalue his parents’ real estate holdings by hundreds of millions of dollars on tax returns, sharply reducing the tax bill when those properties were transferred to him and his siblings. [...]

 

The president’s parents, Fred and Mary Trump, transferred well over $1 billion in wealth to their children, which could have produced a tax bill of at least $550 million under the 55 percent tax rate then imposed on gifts and inheritances. [...]

 

By age 3, Mr. Trump was earning $200,000 a year in today’s dollars from his father’s empire. He was a millionaire by age 8. By the time he was 17, his father had given him part ownership of a 52-unit apartment building. Soon after Mr. Trump graduated from college, he was receiving the equivalent of $1 million a year from his father. The money increased with the years, to more than $5 million annually in his 40s and 50s. [...]

 

Fred Trump was relentless and creative in finding ways to channel this wealth to his children. He made Donald not just his salaried employee but also his property manager, landlord, banker and consultant. He gave him loan after loan, many never repaid. He provided money for his car, money for his employees, money to buy stocks, money for his first Manhattan offices and money to renovate those offices. He gave him three trust funds. He gave him shares in multiple partnerships. He gave him $10,000 Christmas checks. He gave him laundry revenue from his buildings. [...]

 

All told, The Times documented 295 streams of revenue that Fred Trump created over five decades to enrich his son. In most cases his four other children benefited equally. But over time, as Donald Trump careened from one financial disaster to the next, his father found ways to give him substantially more money, records show.

 

https://www.nytimes.com/interactive/2018/10/02/us/politics/donald-trump-tax-schemes-fred-trump.html

 

"Do you know how high the bar is for the NYT to directly accuse someone, let alone a sitting president, of tax fraud, which is a federal crime? It's very, very high. And here we are."

 

https://twitter.com/BCAppelbaum/status/1047205512012546048

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Liberty I'll point out, you, Dougie, and the liberal mob spam stuff like this all the time. Then I spam the same type of rhetoric, from the conservative side, and you guys cry foul, cry the typical "racist, homophobic, sexist" identity politics drivel, and generally speaking have temper tantrums. Dish it out but can't take it. Stop being such a snowflake.

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Liberty I'll point out, you, Dougie, and the liberal mob spam stuff like this all the time. Then I spam the same type of rhetoric, from the conservative side, and you guys cry foul, cry the typical "racist, homophobic, sexist" identity politics drivel, and generally speaking have temper tantrums. Dish it out but can't take it. Stop being such a snowflake.

 

 

Hold on Greg!  We may cry foul, but nobody stops you from posting...it's the personal attacks that get removed...like why are you calling Liberty a snowflake?  Do you think that is appropriate?

 

 

Cheers!

 

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Liberty I'll point out, you, Dougie, and the liberal mob spam stuff like this all the time. Then I spam the same type of rhetoric, from the conservative side, and you guys cry foul, cry the typical "racist, homophobic, sexist" identity politics drivel, and generally speaking have temper tantrums. Dish it out but can't take it. Stop being such a snowflake.

 

 

Hold on Greg!  We may cry foul, but nobody stops you from posting...it's the personal attacks that get removed...like why are you calling Liberty a snowflake?  Do you think that is appropriate?

 

 

Cheers!

 

Sanjeev, snowflake is mild mannered compared to "rapist", "racist", "bigot", misogynist", "disgusting person", etc... I agree though, you do a good job of moderating when they(and myself) cross the line. I just thought it worth pointing out how quick they jump to the fake outrage, or childish "I'm gonna ignore you, this is offensive!" rhetoric simply because they hear or read something they don't like, even though they do the exact same thing themselves. Well, I at least say what I think. Many of them hide behind a Twitter post or article that says it for them... It's the same thing though

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Liberty I'll point out, you, Dougie, and the liberal mob spam stuff like this all the time. Then I spam the same type of rhetoric, from the conservative side, and you guys cry foul, cry the typical "racist, homophobic, sexist" identity politics drivel, and generally speaking have temper tantrums. Dish it out but can't take it. Stop being such a snowflake.

 

 

Hold on Greg!  We may cry foul, but nobody stops you from posting...it's the personal attacks that get removed...like why are you calling Liberty a snowflake?  Do you think that is appropriate?

 

 

Cheers!

 

Sanjeev, snowflake is mild mannered compared to "rapist", "racist", "bigot", misogynist", "disgusting person", etc... I agree though, you do a good job of moderating when they(and myself) cross the line. I just thought it worth pointing out how quick they jump to the fake outrage, or childish "I'm gonna ignore you, this is offensive!" rhetoric simply because they hear or read something they don't like, even though they do the exact same thing themselves. Well, I at least say what I think. Many of them hide behind a Twitter post or article that says it for them... It's the same thing though

 

 

On a public forum, it isn't always appropriate to say exactly what you think.  I'm on them too if they make it personal. 

 

I think if everyone kept the discussions to points of view rather than personal attacks, the board would work a whole lot better.  Who knows, each side may actually learn something from the other!  Cheers!

 

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Liberty I'll point out, you, Dougie, and the liberal mob spam stuff like this all the time. Then I spam the same type of rhetoric, from the conservative side, and you guys cry foul, cry the typical "racist, homophobic, sexist" identity politics drivel, and generally speaking have temper tantrums. Dish it out but can't take it. Stop being such a snowflake.

 

 

Hold on Greg!  We may cry foul, but nobody stops you from posting...it's the personal attacks that get removed...like why are you calling Liberty a snowflake?  Do you think that is appropriate?

 

It's projection. The biggest snowflakes, like Trump, always call others snowflakes (Trump's so thin skinned he spent years obsessing over a journalist who once said he had small hands, mailing him magazine covers with his hands circled. There are countless examples of him taking offense at the pettiest things...). Greg can't even bear to see something that contradicts his views or paints in a negative light his "team", so he immediately jumps to trolling and attacks that are unrelated to the topic at hand.

 

I post a newsworthy piece about Trump's lies about the source of his fortune and fraud committed by him and his family with him benefiting tremendously (I know some here don't care about integrity and following the law, but others might) and immediately the sophomoric off-topic trolling begins. That's not adding much value.

 

I don't care if his father was wealthy and left him money. This is about lying about it for decades including during the presidential race and the fact that a lot of the money apparently came from fraud at the taxpayers' expenses (a pretty hypocritical crime for a head of state).

 

It's really weird how people can compartmentalize and act like none of what Trump does is a big deal. Imagine if your father, or brother, or a business partner acted like him. Constantly bragging, including about many things you find out aren't true, known to treat women badly and bragging about that, lying about the source of his money or how good he is a businessman, spending huge amounts of time watching TV and playing golf rather than working at his important job, etc. People would never stand for it, yet because Trump is the leader of a polical party, suddenly a large fraction of the country can just turn a blind eye to all this. Munger was so right that ideology turns brains to cabbage.

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Sanjeev, snowflake is mild mannered compared to "rapist", "racist", "bigot", misogynist", "disgusting person", etc... I agree though, you do a good job of moderating when they(and myself) cross the line. I just thought it worth pointing out how quick they jump to the fake outrage, or childish "I'm gonna ignore you, this is offensive!" rhetoric simply because they hear or read something they don't like, even though they do the exact same thing themselves. Well, I at least say what I think. Many of them hide behind a Twitter post or article that says it for them... It's the same thing though

 

Trump has just as much evidence and accusers as Harvey Weinstein, probably more since he's on tape bragging about it on top of it all, and it's come out he has also cheated on his wives a lot and had to pay women hush money to keep quiet. Should we not call Harvey Weinstein a disgusting rapist and a misogynist and a garbage person? I apply the same standard to Trump as anyone else. He's just worse than most people, which is to be expected from a narcissistic con man fraudster who's defending the KKK and Putin on TV.

 

I picked this screen-name because I care a lot about liberty. Authoritarians like him aren't my thing to begin with, but when you add in everything else, it's hard to just ignore...

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It's really weird how people can compartmentalize and act like none of what Trump does is a big deal.

 

spending huge amounts of time watching TV and playing golf rather than working at his important job, etc. People would never stand for it, yet because Trump is the leader of a polical party, suddenly a large fraction of the country can just turn a blind eye to all this.

 

You will never admit the good Trump is doing for this country - never - you just can't bring yourself to acknowledge any of it.

 

And where the hell do you come up with this other garbage?  Trump's the hardest working President we've ever seen - he's constant motion - the way he is driving his cabinet and Congress to get things done is making past administrations look sick.

 

The proof is in the economy, the tax cuts, the job creation happening.  These are the reasons he was elected - and has delivered. 

 

All Americans really care about is that he keeps his campaign promises. So far, so good.

 

You just hate the guy! Why don't you just admit it?

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I picked this screen-name because I care a lot about liberty. Authoritarians like him aren't my thing

 

I love that screen name, but geez, you've got no sense of fairness at all.  You're just a "never Trumper" masquerading around.

 

There is no such thing as an "Authoritarian" in American government. What a joke. Get over it already.

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It's really weird how people can compartmentalize and act like none of what Trump does is a big deal.

 

spending huge amounts of time watching TV and playing golf rather than working at his important job, etc. People would never stand for it, yet because Trump is the leader of a polical party, suddenly a large fraction of the country can just turn a blind eye to all this.

 

You will never admit the good Trump is doing for this country - never - you just can't bring yourself to acknowledge any of it.

 

And where the hell do you come up with this other garbage?  Trump's the hardest working President we've ever seen - he's constant motion - the way he is driving his cabinet and Congress to get things done is making past administrations look sick.

 

The proof is in the economy, the tax cuts, the job creation happening.  These are the reasons he was elected - and has delivered. 

 

All Americans really care about is that he keeps his campaign promises. So far, so good.

 

You just hate the guy! Why don't you just admit it?

 

Hi Cubsfan,

 

Hardest working...let's be real!  I'm not sure I've ever seen anyone golf more than him while in office.  And don't tell me it's meetings, because half the time, he's golfing by himself!

 

He's does work hard on pushing his agenda, but not being President.  Now that may not be any different to some people, but I think as President he has duties to his constituents that voted for him, and those that didn't.  He's succeeding on one, but utterly failing in the other.  Not that past President's were necessarily successful in both either, but he has pretty much abandoned any responsibility to those that didn't vote for him.  In fact, he's just pitting one against the other!

 

Cheers!

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It's really weird how people can compartmentalize and act like none of what Trump does is a big deal.

 

spending huge amounts of time watching TV and playing golf rather than working at his important job, etc. People would never stand for it, yet because Trump is the leader of a polical party, suddenly a large fraction of the country can just turn a blind eye to all this.

 

You will never admit the good Trump is doing for this country - never - you just can't bring yourself to acknowledge any of it.

 

And where the hell do you come up with this other garbage?  Trump's the hardest working President we've ever seen - he's constant motion - the way he is driving his cabinet and Congress to get things done is making past administrations look sick.

 

The proof is in the economy, the tax cuts, the job creation happening.  These are the reasons he was elected - and has delivered. 

 

All Americans really care about is that he keeps his campaign promises. So far, so good.

 

You just hate the guy! Why don't you just admit it?

 

Even if he does some good, then it still never warrants the risk of having a totally amoral person run this country. People said the same thing about Hitler by the way - he’d did some good (and many bad things) up to about 1938 (includes  successes with foreign politics) but people looked the other way, until they couldn’t. I would never vote for an amoral politician even if he/she might do some good. The tail risk (in investment terminalolgy) is just too large.

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It's really weird how people can compartmentalize and act like none of what Trump does is a big deal.

 

spending huge amounts of time watching TV and playing golf rather than working at his important job, etc. People would never stand for it, yet because Trump is the leader of a polical party, suddenly a large fraction of the country can just turn a blind eye to all this.

 

You will never admit the good Trump is doing for this country - never - you just can't bring yourself to acknowledge any of it.

 

And where the hell do you come up with this other garbage?  Trump's the hardest working President we've ever seen - he's constant motion - the way he is driving his cabinet and Congress to get things done is making past administrations look sick.

 

The proof is in the economy, the tax cuts, the job creation happening.  These are the reasons he was elected - and has delivered. 

 

All Americans really care about is that he keeps his campaign promises. So far, so good.

 

You just hate the guy! Why don't you just admit it?

 

Hi Cubsfan,

 

Hardest working...let's be real!  I'm not sure I've ever seen anyone golf more than him while in office.  And don't tell me it's meetings, because half the time, he's golfing by himself!

 

He's does work hard on pushing his agenda, but not being President.  Now that may not be any different to some people, but I think as President he has duties to his constituents that voted for him, and those that didn't.  He's succeeding on one, but utterly failing in the other.  Not that past President's were necessarily successful in both either, but he has pretty much abandoned any responsibility to those that didn't vote for him.  In fact, he's just pitting one against the other!

 

Cheers!

 

You guys really do live in a parallel universe.

 

The man was voted in to change things in Washington - and get government going.

 

His "agenda" was jobs, control immigration, respect for law enforcement, respect for military, recognize Jerusalem, tax cuts.

 

That was his "agenda" unlike Clinton, who had NO agenda, except "I'm not Trump".

 

Trump was voted in to take America back to the center of politics, much like a mid-90's Bill Clinton agenda.

 

He is doing exactly that.

 

The only thing he's abandoned is Transgender bathrooms, Obama care, job killing regulations and all the other nonsense Barrack Obama rolled out.

 

Cheers!

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It's really weird how people can compartmentalize and act like none of what Trump does is a big deal.

 

spending huge amounts of time watching TV and playing golf rather than working at his important job, etc. People would never stand for it, yet because Trump is the leader of a polical party, suddenly a large fraction of the country can just turn a blind eye to all this.

 

You will never admit the good Trump is doing for this country - never - you just can't bring yourself to acknowledge any of it.

 

And where the hell do you come up with this other garbage?  Trump's the hardest working President we've ever seen - he's constant motion - the way he is driving his cabinet and Congress to get things done is making past administrations look sick.

 

The proof is in the economy, the tax cuts, the job creation happening.  These are the reasons he was elected - and has delivered. 

 

All Americans really care about is that he keeps his campaign promises. So far, so good.

 

You just hate the guy! Why don't you just admit it?

 

Even if he does some good, then it still never warrants the risk of having a totally amoral person run this country. People said the same thing about Hitler by the way - he’d did some good (and many bad things) up to about 1938 (includes  successes with foreign politics) but people looked the other way, until they couldn’t. I would never vote for an amoral politician even if he/she might do some good. The tail risk (in investment terminalolgy) is just too large.

 

Here we go again with the Hitler nonsense..

 

Most Americans don't care about the guy's sex life, or his tough real estate deals, or his reality show - they could give a shit.

 

Americans are SO FED UP with American politicians that do NOTHING.  Why do you think Congress has a 10% approval rating? Why do you think Amerians

distrust the press by 3 to 1?

 

They want someone to come in and kick some ass and holding legislators and government accountable. 

 

They are getting exactly that.

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It's really weird how people can compartmentalize and act like none of what Trump does is a big deal.

 

spending huge amounts of time watching TV and playing golf rather than working at his important job, etc. People would never stand for it, yet because Trump is the leader of a polical party, suddenly a large fraction of the country can just turn a blind eye to all this.

 

You will never admit the good Trump is doing for this country - never - you just can't bring yourself to acknowledge any of it.

 

And where the hell do you come up with this other garbage?  Trump's the hardest working President we've ever seen - he's constant motion - the way he is driving his cabinet and Congress to get things done is making past administrations look sick.

 

The proof is in the economy, the tax cuts, the job creation happening.  These are the reasons he was elected - and has delivered. 

 

All Americans really care about is that he keeps his campaign promises. So far, so good.

 

You just hate the guy! Why don't you just admit it?

 

Even if he does some good, then it still never warrants the risk of having a totally amoral person run this country. People said the same thing about Hitler by the way - he’d did some good (and many bad things) up to about 1938 (includes  successes with foreign politics) but people looked the other way, until they couldn’t. I would never vote for an amoral politician even if he/she might do some good. The tail risk (in investment terminalolgy) is just too large.

 

If the bolded is accurate, nobody who's being 100% truthful with themselves would ever vote for ANY politician. At least not one running for any major position. By the time they've gotten to that point it's nearly impossible not to be corrupted by the process. Not to pick on you, but I hear this logic a lot, yet wonder how many of the people using it to detest Trump would vote for an Avenatti, or did vote for Clinton...

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https://www.nytimes.com/interactive/2018/10/02/us/politics/donald-trump-tax-schemes-fred-trump.html

 

But The Times’s investigation, based on a vast trove of confidential tax returns and financial records, reveals that Mr. Trump received the equivalent today of at least $413 million from his father’s real estate empire, starting when he was a toddler and continuing to this day.

 

Much of this money came to Mr. Trump because he helped his parents dodge taxes. He and his siblings set up a sham corporation to disguise millions of dollars in gifts from their parents, records and interviews show. Records indicate that Mr. Trump helped his father take improper tax deductions worth millions more. He also helped formulate a strategy to undervalue his parents’ real estate holdings by hundreds of millions of dollars on tax returns, sharply reducing the tax bill when those properties were transferred to him and his siblings. [...]

 

The president’s parents, Fred and Mary Trump, transferred well over $1 billion in wealth to their children, which could have produced a tax bill of at least $550 million under the 55 percent tax rate then imposed on gifts and inheritances. [...]

 

By age 3, Mr. Trump was earning $200,000 a year in today’s dollars from his father’s empire. He was a millionaire by age 8. By the time he was 17, his father had given him part ownership of a 52-unit apartment building. Soon after Mr. Trump graduated from college, he was receiving the equivalent of $1 million a year from his father. The money increased with the years, to more than $5 million annually in his 40s and 50s. [...]

 

Fred Trump was relentless and creative in finding ways to channel this wealth to his children. He made Donald not just his salaried employee but also his property manager, landlord, banker and consultant. He gave him loan after loan, many never repaid. He provided money for his car, money for his employees, money to buy stocks, money for his first Manhattan offices and money to renovate those offices. He gave him three trust funds. He gave him shares in multiple partnerships. He gave him $10,000 Christmas checks. He gave him laundry revenue from his buildings. [...]

 

All told, The Times documented 295 streams of revenue that Fred Trump created over five decades to enrich his son. In most cases his four other children benefited equally. But over time, as Donald Trump careened from one financial disaster to the next, his father found ways to give him substantially more money, records show.

 

https://www.nytimes.com/interactive/2018/10/02/us/politics/donald-trump-tax-schemes-fred-trump.html

 

"Do you know how high the bar is for the NYT to directly accuse someone, let alone a sitting president, of tax fraud, which is a federal crime? It's very, very high. And here we are."

 

https://twitter.com/BCAppelbaum/status/1047205512012546048

 

 

You know, what's really spectacular about this is that if Trump did not become POTUS, his own offenses and those of the people involved with him would probably go on unnoticed.  They would not be investigated simply because of the tremendous resources required to do it.

 

All the tax schemes, foreign agents, abuse of RE laws and just plain criminality would continue without anyone paying a price.

 

How common is this?  How much white color crime is there?

 

Rhetorical.

 

All these people would go on stage and declare themselves to be patriotic with various excuses of why the economy should be like this, and there should be no taxes and government should be smaller etc. but at the end of the day, they just abuse America because they can get away with it.

 

 

 

 

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The playbook of the Trump supporters is always the same.

 

"Oh, you just hate Trump"

 

Yeah, maybe because of all the things he's done? Like there's never a reason to dislike someone. I also dislike Harvey Weinstein and Bill Cosby and Vladimir Putin. He's not doing that stuff because I dislike him, it's the other way around, your causality chain is the wrong way around.

 

"Oh, you'll never admit the good he's doing"

 

I do like the tax cuts. But any republican president with control of both houses would've done that. Apart from that, he hasn't done much except increase the level of corruption in the federal government (Scott Pruitt anyone?).

 

"Oh, but what about Clinton or Obama or whatever"

 

What does that change? We're talking about Trump. Even if they had done whatever, two wrongs don't make a right, and you don't know my position on any of these people because that's not who I'm talking about. If other people have done wrong things, they should be blamed for them, just like Trump should get the blame for the bad things he does.

 

A lot of you guys seem to think that after something is out of the news cycle, it's like it shouldn't exist anymore and it's unfair to bring it up. What? The guys has over a dozen women accusing him of sexual abuse and is bragging about it on tape. I have a functioning memory and I'm not a psychopath.

 

So what's your position on lying and fraud and sexual harassment and business incompetence?

 

Oh, you got a tax cut and a muslim ban and anti-abortion judges on benches or whatever, so none of that matters suddenly... Right, what great personal values you have.

 

There's a 100,000 pages of official tax filings by Fred Trump that shows that Trump isn't a self-made man, has been lying all his life, and defrauded the federal government for hundreds of millions. You have his personal lawyer testifying under oath that he's been directed by Trump to commit electoral fraud. The CFO of his own company has taken a plea deal and is cooperating with the FBI. You have the ex-head of the FBI, a guy who spent his life putting the mafia and serial killers in prison, saying that he's been directed to drop an investigation. Etc etc. That's pretty damning for the president of the US. But you guys will always find a way to contort your minds to show that nothing can ever matter when it's your guy in office, but any small thing is the end of the world when it's the other guy there. It's textbook brains to cabbage.

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Hi Liberty,

 

I have a couple of questions concerning your position:  First, you assert the NYT has a high bar to clear before they can accuse a sitting President of tax fraud.  Please explain.  My understanding is that the bar is actually pretty low. Second, Sarah Sanders has put out a statement that the IRS looked at and signed off on the tax returns years ago. If so, doesn't that undercut your position?  Finally, your claim that Trump committed election fraud is at best misleading.  Cohen is treated differently under the statute in question.

 

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I feel like Liberty is venturing under the liberal rhetoric umbrella.

 

"Why doesn't Christine Ford's testimony add up? How exactly do you think Swetnick is credible?"

 

Liberal: How dare you blame the victim!

 

"How is Trump any more corrupt than the Obamas, Clinton's, etc?"

 

Liberal: We're not talking about them!

 

"Don't you think there's better ways to protest than disrespecting the anthem?"

 

Liberal: You're racist. It takes courage to do that!

 

"Isn't it obvious the FBI abused it's power to go after Trump for political reasons?"

 

Liberal: Because he's guilty and evil!

 

"Aren't we innocent until proven guilty?"

 

Liberal: That doesn't apply here. Stop supporting a sexual predator! Obviously if multiple people have made allegations, it must be true!

 

On and on we go...

 

 

 

 

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So glad that we finally have a President, or any politician for that matter, honoring his promises made during an election.

 

Doing all he can to help his population with zero evidence that he is getting anything in return. There is no $0 to $100 million a la Clinton.

 

How refreshing is that?

 

Despite all the hatred and bs being pushed down our throat by a few posters on a daily basis, I am totally convinced that we have the right guy in place to do the right thing for the people.

 

6 more years! Then if the Democrats impeach him: 10 more years or until 2028 under Republican leadership with Mike Pence!

 

Cardboard

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6 more years! Then if the Democrats impeach him: 10 more years or until 2028 under Republican leadership with Mike Pence!

 

Cardboard

 

LOL !

Good to see that you are having fun  ;)

 

I have no strongly formed opinions about this, but since we are value investors, and we strive to be objective and rational, I thought this article was nice

 

https://jamesclear.com/why-facts-dont-change-minds

 

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