Donald Trump helped his parents evade millions in taxes

Trump's lawyer said the report was inaccurate

Well, that's B.S. According to a BOMBSHELL New York Times report Tuesday on the finances of Fred Trump, culled from "tens of thousands of pages of confidential records" including legal documents and over 200 tax returns.

According to the Times, which cited confidential tax returns and financial records, Trump received today's equivalent of $413 million from the real estate holdings of his father, Fred Trump, who died in 1999.

The Times investigation contradicts the image Trump has projected of himself for decades, as a self-made billionaire who inherited a small sum and amassed his own fortune through smarts and grit.

The Times reported that much of that fortune came to Trump because he helped his parents evade taxes, setting up a fake corporation with his siblings to disguise millions of dollars in gifts from their parents.

The New York Times claimed that Mr Trump helped his parents "dodge" taxes and undervalue property which reduced the tax bill.

Trump has stated on numerous occasions that he received little help from his father, NY property developer Fred Trump, in building his fortune.

The New York State taxation department said Tuesday night that it is reviewing the fraud allegations.

Trump's attorney, Charles Harder, vehemently denied the allegations in the Times, calling them "100 percent false and highly defamatory". What's more, Trump and his family boosted their wealth through tax evasion and fraud, according to the Times.

Trump court nominee's former classmate says he lied about his drinking
Democrats have been alarmed at reports in USA media the White House was limiting who could be interviewed under the investigation. Republicans have 51 seats in the closely divided 100-member Senate and can not afford to lose more than one vote on confirmation.

Trump's taxes have been largely a mystery since he first ran for office.

Addressing the tax evasion claims, the president's lawyer said: "President Trump had virtually no involvement whatsoever with these matters". Instead, the newspaper said, the Trumps paid just north of $US50 million in taxes.

"Our father's estate was closed in 2001 by both the Internal Revenue Service and the New York State tax authorities, and our mother's estate was closed in 2004", he continued.

Tax experts told The Times it was unlikely these findings would open Trump up to criminal prosecution, because the actions happened too long ago.

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. But records show they apparently only ended up paying about $52.2 million.

For almost all his life, Trump has been accruing payments from his father's business in a trust fund that's still growing to this day, the Times' analysis of tax returns and financial records indicates.

On Capitol Hill, some Democrats renewed calls for Trump to release his tax returns - which he has repeatedly declined to do, unlike his predecessors.

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