What a lucky break for Trump.
First there was all the business with Brett Kavanaugh. Then Nicky Haley announced her resignation as the U.N. ambassador just in time to be available when Lindsey Graham moves into Jeff Sessions’s Attorney General position and she can fill in for him as senator. And then the hurricane hits the Gulf Coast and all eyes are on what that means while wondering, with all his boasting that the response to Maria hitting Puerto Rico was an overwhelming success, will Trump imitate that and recreate the best ever in the history of the world Puerto Rico-like response there.
While these things have become the popular topics, even pushing Flint, Michigan further out of our minds, the one big elephant in the room is all the information that, in spite of his having presented himself to his supporters as a person who pulled himself up by his boot-straps and created the businessman and millionaire they know and love, giving them the hope that they could be just like him if other people would just not get in their way, shows his tale is a false story and a false promise.
His origin story of having begun his rise on a paltry loan of $1 million from his father is beginning to show it has some cracks.
His claim, “I built what I built myself,” might have fooled people, but the facts should enlighten them, provided they choose to look.
That $1 million loan was actually $60.7 million that did not have to be paid back which became a $413 million flow from his father’s real estate empire coming from dubious tax schemes that included instances of fraud, and the clever transferring of over $1 billion in wealth to Trump and his siblings, which enabled his family to avoid having to pay $550 million in taxes owed under the 55 percent tax rate on gifts and inheritances and only pay $52.2 million.
Just as his bone spurs meant other kids had to take his place in Viet Nam, the loss of that tax money had to be replaced by the people who consider him the hero of the common man.
And, although he claimed to have escaped from under his father’s control in Queens to become the real estate tycoon he became in Manhattan, his finances were dependent on his father’s wealth, getting hundreds of thousands of dollars annually staring when he was 3 years old (by 8, he was a millionaire), and in his 40s and 50s receiving more than $5 million a year from his father in the form of “loans”.
One time daddy had an agent buy $3.5 million in casino chips at one of sonny’s failing casinos, but since he never used the chips and no winning payout could have possibly happened, that was an illegal loan.
When Trump found himself in debt to his father for $11 million, rather than just forgive the debt, which would have made it a taxable gift, they avoided the multi-million tax owed when his father spent $15.5 million to buy a 7.5 percent stake in Trump Palace, and then selling the stake back to Trump for only $10,000 declaring it a $14,990,000 loss using that as an enormous tax write-off to avoid the real tax.
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Mommy and daddy Trump dodged hundreds of millions of dollars in gift taxes by submitting tax returns that grossly undervalued their assets. Trump did that recently with a golf course boasting how expensive it was in order to look good, but then claiming it was worth less than the boastful figure when filing taxes to avoid paying taxes on the larger amount.
He learned this trick from his father who had claimed that the 25 apartment complexes and other properties in the empire’s trusts were worth just $41.4 million when banks valued that same real estate at $900 million.
Although he had created a huge real estate empire worth billions, when Fred Trump died the single largest item included in his estate tax return was a $10.3 million IOU from Donald Trump, money he had supposedly borrowed. The rest consisted in properties that were listed far below their actual value to avoid the inheritance taxes.
Desperate for cash in 2003, Trump sold the Fred Trump empire in 2004 and claimed his cut from what he and his siblings got was $177.3 million. However banks at the time valued the empire at hundreds of millions more than the sale price, so he either lied about the sale price or the Artiste of the Deal made an extremely bad one.
All of Trump’s stories of being a self-made man are part of the self-created myth he used to convince his supporters he was just like them and knew what they should do and who was keeping them from doing what he had done.
When the New York Times released all this information, Trump’s lawyers issued this warning:
“Should The Times state or imply that President Trump participated in fraud, tax evasion or any other crime, it will be exposing itself to substantial liability and damages for defamation.”
But in order to counter the Times and file suit, Trumps tax returns and all relevant paperwork would have to be released, and that won’t happen.
The alternate is to make sure people forget about all of this.
That strategy seems to be working.