An 18-month investigation into President Trump and his financial dealings was released by the New York Times on Tuesday. It alleges decades of fraudulent tax schemes that the Trump family used to evade millions in taxes.
President Donald Trump has said for a long time that he is a self-made billionaire, only taking a small one million dollar loan from his father. But an extensive investigative piece done by the New York Times is claiming that this might not be the case.
The article reports that the president actually received today’s equivalent of $413 million from his father’s estate. Through a shell company and other ways, the article alleges that the Trumps were able to evade around $500 million in taxes.
These allegations are hard to prove, and while the article says they drew their information from tens of thousands of confidential records, none were provided as proof in the article.
“The article itself in my mind is not proof. The article to my mind is nothing but allegations. There may be proof behind the allegation but that’s yet to be seen,” Robert Rock, managing partner and lawyer at Tully Rinckey PLLC, said.
Rock explains how even though the article seems to imply that President Trump orchestrated some of these tax evasions, the fault wouldn’t necessarily lie with the President himself if these allegations turn out to be true.
“It could be simply his father, it could be simply taxed advisers that the Trump family had engaged at the time.”
The New York Tax Department said on Wednesday it will be investigating these new allegations brought up in the article. It would be very hard to bring anyone up on criminal charges for these allegations since the statute of limitations has already passed. There is no time limit on civil fines for tax fraud.
“A lot of the conduct that is alleged happened decades ago. Although in a civil instance, you have a lower burden of proof, it’s still going to be hard to find witnesses as to what did or did not happen, who did or did not do what, 30, 40, or 50 years ago.”
The state is already currently investigating the Trump organization for more recent tax crimes.
President Trump is denying all of the allegations in the New York Times article.