Donald Trump Helped His Parents Dodge Millions In Taxes

President Donald Trump

MANDEL NGAN AFP Getty Images President Donald Trump

The state on Tuesday launched an investigation into President Trump following an explosive report alleging that he and his family cooked up fraudulent financial schemes to help their parents dodge millions in taxes.

The Times said that Trump declined to comment for the story, but a lawyer representing him told the publication in a statement that the "allegations of fraud and tax evasion are 100 percent false, and highly defamatory".

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.

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While Cavuto may not see a "there, there", the NY state tax department launched an investigation today digging into the Times' reporting. The department typically refers findings to the state attorney general's office.

Trump also "helped his father take improper tax deductions worth millions more", the newspaper added.

But the newspaper said its exhaustive investigation of a vast trove of tax returns and confidential records found this was not true.

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The Times says the Trump family hid millions of dollars of transfers from the father to his children through a sham company owned by the children called All County Building Supply & Maintenance. Fred and his wife Mary "transferred well over $1 billion in wealth to their children, which could have produced a tax bill of at least $550 million", the Times says.

The properties were valued at just $41.4 million although they were sold off over the next decade for more than 16 times that amount, it said.

The Times report says documents it reviewed show that the future president was earning $200,000 a year in today's dollars at the age of 3.

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During his presidential campaign, Trump promoted himself as a self-made real estate mogul who started out with only a "very small" loan from his father.

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