The newspaper said the report was based on interviews with Fred Trump's former employees and advisers and more than 100,000 pages of documents describing the inner workings of his business empire.
Although Democrats are likely wishing this surfaced in 2016, it's here now, and will likely be used as a means to advocate for the release of Trump's tax returns and to poke a hole in Trump's fabricated self-made persona. And in one case, Fred Trump reportedly used All County invoices to make it seem as if he'd made improvements on a rent-stabilized apartment complex he owned.
White House Press Secretary Sarah Huckabee Sanders said in a statement reported by Bloomberg that the Internal Revenue Service "reviewed and signed off on these transactions" many decades ago. Over the years, Fred Trump loaned his son at least $60.7 million, and little of that debt was repaid.
The Times said it based its allegations - that Trump helped his father defraud the federal government and avoid paying taxes - on "interviews with Fred Trump's former employees and advisers and more than 100,000 pages of documents describing the inner workings and huge profitability of his empire".
The Times report noted that most, if not all, of the alleged financial crimes would have already passed the statute of limitations.
The president has previously said he parlayed a $1 million loan from his dad, Fred Trump, into his billion-dollar real estate business.
FILE - President Donald Trump's Mar-a-Lago estate is seen in Palm Beach, Fla., Dec. 24, 2017.
These videos teach that the whole objective of the tax code is to punish wage earners and reward investors who borrow money and put it into things like real estate. As a result, the Trump parents' transfer of over $1 billion in wealth to their children came to $52.2 million in taxes - a fraction of the $550 million they would have paid under the tax rate on gifts and inherences. Still, he said he was shocked by the breadth of information revealed by the Times report.
The influential American newspaper the New York Times published on Tuesday an investigation based on copies of tax records that showed the involvement of the family trump the fraud with the payment of taxes, which is a serious violation of the United States.
President Donald Trump committed "instances of outright fraud" with tax schemes that pumped up the fortune he received from his parents, The New York Times reported Tuesday.
The Times story accuses Trump of accumulating at least $413 million from his father's real estate company using tax fraud and evasion.
There were also millions of dollars in improper tax deductions and Trump helped further reduce his parents' tax bill by undervaluing their real estate holdings by hundreds of millions of dollars on tax returns, according to the Times. President Trump was on his father's payroll for multiple positions. The implausibility of this claim would be made plain in 2004, when banks valued that same real estate at almost $900 million.
The properties were valued at just United States dollars 41.4 million although they were sold off over the next decade for more than 16 times that amount, it said.
Four years later, Fred Trump sold the stake for just $10,000, according to financial statements.
The President's share was $177.3 million, or $236.2 million in today's dollars.