Trump & Siblings Could Face $400 Million State Tax Bill, If ‘New York Times’ Is Right About Family’s Tax Scheme
The Times report from Oct. 2 said Trump received at least $413 million in today’s dollars from his father Fred’s real estate empire after accumulating this money from an early age. Much of this, the newspaper found after a year-long investigation, came as a result of tax evasion during the 1990s. Donald Trump became a millionaire by the age of 8, according to this report.
According to Crains New York, accountant Fred Slater said the Trump siblings could owe New York state up to $210 million in unpaid gift or estate taxes, and approximately the same amount in unpaid interest and other penalties. However, Trump or his siblings could ultimately reach a settlement for less than this amount. The president’s sister, Judge Maryanne Trump Barry, could potentially be impeached over her tax practices if the allegations of fraud against her prove to be true. The New York tax rate on large gifts and estates is 16 %.
A lawyer for the president has denied Trump ever committed any type of tax fraud. Trump had long sold himself as a self-made billionaire, even though he once said in an interview that his father “gave him a small loan of $1 million.” He has yet to release his tax returns, something he has been criticized for not doing since the 2016 election.