New Questions Arise Over President Trump’s Taxes

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New Questions Arise Over President Trump’s Taxes

US President Donald Trump in the Oval Office on May 17, 2018. (SAUL LOEB/AFP/Getty Images)

US President Donald Trump in the Oval Office on May 17, 2018. (SAUL LOEB/AFP/Getty Images)

SAUL LOEB

US President Donald Trump in the Oval Office on May 17, 2018. (SAUL LOEB/AFP/Getty Images)

SAUL LOEB

SAUL LOEB

US President Donald Trump in the Oval Office on May 17, 2018. (SAUL LOEB/AFP/Getty Images)

By Jenna Sundel, Senior Editor

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¨My dad gave me a small loan of a million dollars¨ was arguably one of the most memorable lines from President Trump’s campaign. People were fascinated by the thought of a million dollar loan, and shocked that President Trump considered that to be small. It was a statement that was meant to make President Trump seem like his fortune was completely his own and resulting from hard work, but many did not think that the statement was evidence of that. Now, people are even more suspicious after an investigation by the New York Times revealed that the loan was actually about $60 million, or about $140 million in today’s dollars.

¨He lied about the money to make him look better, but now he just looks like a liar,¨ says senior Sophia Esheileh.

The New York Times found this out and more by investigating hundreds of thousands of documents from Fred Trump’s, President Trump´s father’s, real estate business. The report also revealed that over his lifetime, President Trump has received $413 million in today’s dollars from his father’s business, most of which he acquired because he helped his parents dodge taxes. However, his father started to give him this money when he was only a toddler. At 3 years old, he was receiving $200,000 a year in today’s dollars. At 17, he received partial ownership of a 52-unit apartment building.

President Trump had several plans to pay millions less in taxes. The first involved setting up a fake corporation to help hide their money. He also had a system for making his family properties seem to have less worth than they actually do. The tax bracket that the Trumps were in required 55% of their income to go to taxes, but the report estimates that they paid about 5% or less.

President Trump’s lawyer, Charles J. Harder, released a statement saying that the report is completely false and Press Secretary Sarah Huckabee Sanders echoed those sentiments at a press conference. In order to know the full truth, President Trump would have to release his tax returns, which he has declined to do in the past.

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