Trump Owes His Entire Fortune to His Father
There's not a single person alive who believes Trump's claim that the only help he ever got from his father, Fred Trump, was a "small loan" of $1 million. What is surprising, however, is how vast and sprawling the real figure is. He didn't get $2 million. Or three. Or ten. Trump got much, much more ... including every single success he's ever experienced.
As The New York Times revealed in October 2018, Fred bequeathed his son a total of $413 million -- the culmination of a series of payouts that began the moment Donald was born. By the age of three, Donald was being paid an annual salary of $200,000 by his father as part of a massive tax avoidance scheme, an arrangement which made Donald a millionaire by the age of eight.
The vast majority of this windfall came to Donald after he and his siblings helped Fred and Mary (his mother) dodge millions in taxes through various shady means:
[Donald] set up a sham corporation to disguise millions of dollars in gifts from their parents ... helped his father take improper tax deductions worth millions more ... helped formulate a strategy to undervalue his parents' real estate holdings by hundreds of millions of dollars on tax returns.
This helps explain why Fred (uh ... "possibly") went through so much trouble to get Donald declared medically exempt from service in Vietnam. It wasn't out of fatherly love; it was because he didn't want his tax loophole to be filled full of actual holes outside Khe Sanh.
Brooklyn EagleWe wouldn't have believed the tax-dodging, profiteering racist could have anything less than sterling intentions either, but there you are.
In 1990, Trump Castle was in dire need of a quick cash infusion. How could a casino not have stacks of cash laying around, you ask? Because Donald's other casino, the Taj Mahal, had defaulted on its debt and was monopolizing the family's coffers. Donald asked his dad to bail him out, which he did, to the tune of $3.3 million. In order to avoid having his money get scooped up by the Taj Mahal, however, Fred sent one of his guys to buy up $3.3 million in casino chips down at the Castle. This payout would -- assuming no one ever spent those chips -- provide the Castle with some cash to see off its interest payments. If you think that this sounds a little shady, good news! The New Jersey Casino Control Commission did too, calling it an illegal loan that needed to be repaid. (Donald and the NJCCC eventually settled on a repayment of $65,000.)