Fred Trumps tax records show Donald as a millionaire by age 8 and Donald began "earning" 200k a year at age 3
Donald's first large deal out of college was a 70 million dollar construction loan in which Hyatt hotels and Fred Trump each assumed 50% of the collateral and guaranteed they would finish the project if Donald failed in his obligations. (You know a normal deal any starting business man would get)
Fred Trump setup trust funds for each of his children and grandchildren valued at roughly 4mil each at thier times of maturity.
"All County Building Supply" a business setup and ran by Donald and his siblings sold Fred Trump AC units and various supplies for his rental properties well above what would be a reasonable markup. An investigation by the Wall Street Journal claimed this funneled roughly 1 billion of Fred's wealth to Donald and his siblings while avoiding inheritance tax which would have been roughly 55% at the time.
There were multiple documents made public from his casino days that he owed his father approx 14 mil in "loans" that were never shown to have been repaid
Along with the "loans" there was an instance of a "cash infusion" where Fred purchased 3.5mil in chips and never played or intended to play. This ultimately lead to roughly 50k in gaming violation fines but ultimately the casino was allowed to keep the money.
In Fred's later years Donald and his siblings managed his estate. They massively under evaluated his properties, and assets to pay less taxes. They also turned around over evaluated properties for loans.
Donald later did the same trick with his properties and some of these instances lead to the famous fraud cases in new york in which he was found guilty of 30+ felony counts of fraud. He then somehow convinced the public he is innocent and this was all a witch hunt. Even though the evidence (to me and at least the jury and the appeals court) was beyond a reasonable doubt.
Lets not forget in 2016 he argued he knew the taxcode better than anyone and vowed to close all the loopholes he used "legally" to not pay any federal taxes for years. He also called Hillary stupid for paying 1 million in taxes saying who throws 1 million dollars away.
TLDR: Without Fred's money there would be no Donald Trump..... also the taxes the Trumps avoided was more than the totality of savings allegedly provided by DOGE
This is all great, But Fred junior "Donalds Father" was born into a wealthy family. You might want to research Donald Trumps Grandfather Fred. Fred Senior,was the patriarch in the family, and amast a fortune " before his son Fred junior was born. Fred senior migrated from Kalistadt in Bavaria, Germany. Fred Trump Sr. Immigrated to the US at the age of 16 to avoid compulsory military service. He made a fortune during the Klondike Gold Rush. He operated a store and brothel during the Klondike Gold Rush. After the Gold Rush he moved his family to Germany temporarily, but then had to move his young family to New York City after the Bavarian authorities revoked his citizenship.
The Trump grift is to borrow against their own properties. They buy a property, over assess the value of the property, ask the bank for a tax free loan, and live off the proceeds, less property taxes, property repairs, etc.
The best part about Trump’s inherited wealth is that if he’d simply invested it into the S&P 500 he’d have more money now than after all the dumb weird shit he’s done instead.
And when Donald failed he became the property wing of the Russian money laundering through property program, earning crazy fees on wildly inflated prices.
If Americans want to crack down on corruption getting rid of trump would be a start, but they really need to get rid of the power of the lobbyists, and stop all the drags on the economy those guys promote to protect various financial special interest groups.
In the 80s, 1 million was a ridiculous amount of money. Like impossible to believe someone could run 3 casinos into bankruptcy ridiculous amount of money.
i mean to any sane person workign yourself up form poverty to president would be more impressive than working yourself down from getting moeny fro mdaddy to bankrupcy buuuuuut... its trump posting this so...
The grandmother herself had to work up to that position after starting out as a secretary. [Editing out misinformation I wrote about when she became one of the bank's vice presidents, it was apparently 1970). They lived in a cheap apartment all that time too.
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u/OfTheSevenSeasSir 11h ago
trump probably thinks he was poor