Anna Sheffer
October 03, 2018 10:17 am

When he was on the campaign trail—and even before—President Donald Trump often bragged that his wealth was the result of his own business acumen. CNN notes that he claimed he only received a “small loan” of $1 million when he began his business empire. Trump’s finances have otherwise remained a mystery, thanks to his refusal to release his tax returns. But an October 2nd report from The New York Times has revealed some major truths about Trump’s wealth, and here are the biggest revelations:

1 Trump’s loan from his father was not “small” at all.

According to The Times, the “small” loan of $1 million that Trump’s father reportedly gave him to start his own business was actually about $60.7 million (that would be $140 million today). Trump also never repaid the loan “with interest” as he has claimed. In fact, the Times notes that most of the money was never repaid at all.

2 And the help from Trump’s dad didn’t stop there.

Apparently, Trump received the equivalent of $413 million in today’s money from his dad’s business. He started benefiting from his father’s work at the tender age of three, and the Times reports that Trump was already a millionaire by the time he was eight.

3 Trump’s father continuously bailed him out.

The Times reports that in the late ’80s and early ’90s, when Trump was facing financial difficulties, his father often helped him. In one instance in 1990, Trump’s father reportedly helped purchase $3.5 million in poker chips to help his son avoid defaulting on bonds. The Times notes that this constitutes an illegal loan in the state of New Jersey.

4 The Trump family could be guilty of tax fraud.

Trump’s father, Fred Trump, reportedly used a fake company, called All County Building Supply & Maintenance, to give his children monetary gifts without paying taxes. Lee-Ford Tritt, a law professor at the University of Florida, told the Times that this behavior could be considered criminal tax fraud.

Trump’s lawyer, Charles Harder, wrote in a statement to the Times, “There was no fraud or tax evasion by anyone.” Trump himself, meanwhile, tweeted that the exposé constituted a “very old, boring and often told hit piece,” although he did not mention the accusations of tax fraud.

New York City Mayor Bill de Blasio tweeted that he had directed the city’s Finance Department to investigate the information put forward in the report.

Overall, the New York Times report on Trump’s finances paints the picture of a man who has spent his entire life profiting from his family’s wealth and privilege. Although Trump has claimed time and time again to be good at making deals, these new findings prove that Trump’s biggest asset was, in fact, his father’s money. And it’s a reminder of just how important it is to make your voice heard by voting in the upcoming midterm elections.

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