New York authorities investigate President Trump's Tax Affairs | WeForNews | Latest News, Blogs New York authorities investigate President Trump’s Tax Affairs – WeForNews | Latest News, Blogs
Connect with us

World

New York authorities investigate President Trump’s Tax Affairs

Published

on

trump call

Washington, Oct 3 : The New York State Tax Department has confirmed it is investigating claims by the New York Times that alleged that US President Donald Trump helped his parents dodge millions of dollars in taxes.

The newspaper has alleged that Trump was involved in “dubious tax schemes during the 1990s, including instances of outright fraud

White House spokeswoman Sarah Sanders has called the story a “misleading attack”. She said the transactions were signed off by the IRS “many decades ago”.

Trump, himself has not commented, but his lawyer Charles Harder said in a statement: “There was no fraud or tax evasion by anyone. The facts upon which The New York Times bases its false allegations are extremely inaccurate.”

The newspaper said its sources include public documents such as financial disclosure reports, as well as confidential records like bank statements.
It said “more than 200 tax returns from Fred Trump (the president’s father), his companies and various Trump partnerships and trusts” were among them.

Unlike past US presidents, Trump has so far refused to release his personal tax returns, so the NYT has not seen the former business tycoon’s tax details.

Trump has repeatedly styled himself as a self-made billionaire who got little help from his wealthy father’s property empire.

But in a special investigation based on more than 100,000 pages of documents, the New York Times alleged that the president actually received the equivalent of $413 million.

“By age three, Trump was earning $200,000 a year in today’s dollars from his father’s empire,” it states. “He was a millionaire by age eight,” the report said.

It also claimed Trump was getting the equivalent of $1 million a year from his father shortly after he graduated from college.

That figure had risen to more than $5 million by the time he was in his forties and fifties, it said.

The New york Times reported: “Much of this money came to Trump because he helped his parents dodge taxes. He and his siblings set up a sham corporation to disguise millions of dollars in gifts from their parents.”

The paper also alleged that the president “helped his father take improper tax deductions worth millions more”. It said he helped cut his parents’ tax bill through a strategy that undervalued their property assets by hundreds of millions of dollars.

Addressing the tax evasion claims, Harder said: “President Trump had virtually no involvement whatsoever with these matters.”

The lawyer said the affairs “were handled by other Trump family members who were not experts themselves”, and who had relied on tax professionals.

The biggest claims in the report include: The president’s deceased parents Fred and Mary Trump transferred more than $1 billion to their children.

Tax records show they paid $52.2 million of tax on this — around five per cent — rather than the $550m it could have produced, the paper stated.

The president’s brother, Robert Trump, said in a family statement that “All appropriate gift and estate tax returns were filed, and the required taxes were paid.”

That Trump’s claim that he launched himself in business with “a small loan of $1 million” that he had to pay back with interest is inaccurate, the NYT report said, adding that it found Fred Trump loaned his son the equivalent to $140m in today’s money — much of which was not repaid.

World

Families affected by Beirut blasts to be given $300 monthly

Published

on

By

Beirut Blast

The Lebanese Red Cross (LRC) announced on Saturday that it will provide $300 for seven months for 10,000 families affected by August 4 Port of Beirut explosions.

“We will also make assessments about the families that are very much in need for this amount after the first month,” Xinhua news agency quoted George Kettaneh, secretary general of the LRC, as saying.

Kettaneh said that LRC will cooperate with other associations and the Lebanese army to make sure that support is distributed fairly among all families, while it will continue to provide medicines for chronic diseases.

Two explosions rocked the port destroying a big part of the capital city.It killed around 190 people and wounding at least 6,000 others.

The explosions, caused by 2,750 tonnes of ammonium nitrate detonating at a warehouse in the port, also led to at least 300,000 people being homeless, while plunging more into poverty.

Continue Reading

World

Vietnam resumes int’l flights after 5 months

Published

on

By

plane-wefornews

Vietnam on Saturday resumed international flights after a five-month suspension due to the Covid-19 pandemic.

On Saturday morning, a Vietnam Airlines carrying 60 passengers on board took off for Tokyo from the Noi Bai International Airport in Hanoi, Xinhua News Agency reported.

Most of the passengers are Vietnamese students and workers going back to Japan to continue studying and working.

The flight also carried a number of Japanese nationals, according to state-media.Passengers exiting Vietnam must have a certificate of negative polymerase chain reaction (PCR) Covid-19 test result issued within 72 hours before departure.

In September, Vietnam Airlines is expected to carry out three more flights to Japan, while the reverse route from Tokyo to Hnaoi will be arranged later.Vietnam suspended all international flights in late March.

The country has recorded 1,068 Covid-19 cases and 35 deaths as of Saturday morning. No local transmission has been recorded nationwide in more than two weeks, according to the Ministry of Health.

Continue Reading

Tech

US judge declines to block Commerce Department WeChat order

Published

on

By

TikTok WeChat

NEW YORK : A United States judge in California declined to block the Commerce Department order issued on Friday that will prohibit U.S. app stores from offering Tencent Holding’s WeChat for download starting late Sunday.

Judge Laurel Beeler said the request for a preliminary injunction in a lawsuit brought by U.S. WeChat users appeared moot after the Commerce order but said in an written order “the court is available today for a hearing on any emergency motions.” A lawyer for the WeChat users did not immediately comment.

Beeler issued a follow-up order that said lawyers for the WeChat users “will file something by 10:45 a.m. (PDT) about why the motion is not moot.” She tentatively sets a Zoom hearing for 11:00 a.m. (PDT)(1700 GMT).

The Justice Department said Friday in a court filing that Beeler should reject the request, saying President Donald Trump “has invoked his emergency powers to address (the WeChat) threat, and plaintiffs have articulated no legal basis for the Court to take the extraordinary step of enjoining his exercise of that authority.”

Continue Reading
Advertisement

Most Popular

Corona Virus (COVID-19) Live Data

COVID-19 affects different people in different ways. Most infected people will develop mild to moderate illness and recover without hospitalization.