A crushing New York Times exposé into the family wealth of Donald Trump recently brought to light the possibility that the US president’s family used shady methods to dodge tax – some of which might have been illegal. Now, a tax expert has weighed in on the matter. And he suspects that the allegations, if true, could lead to legal proceedings.
Tax avoidance and possible fraud
On 3 October, The Canary reported on a New York Times in-depth investigation into the transfer of wealth from Fred Trump to his son Donald and other children. The article reports that Donald received hundreds of millions of dollars from his father beginning when he was a toddler – exploding his claim to be a ‘self-made man’. It also alleges that, in doing so, the Trump family used various tax-avoidance methods to minimize their tax bill and maximize the payout to the next generation. And while some of the alleged methods may be basic and above-board ‘estate planning‘, others could constitute fraud of various varieties.