- A new pump New York Times report in President Donald Trump’s finances questions his claim that he is a billionaire.
- The report says Trump’s father lent him about $ 60 million, far more than the $ 1 million “small loan” he claimed during his presidential campaign he had received.
- The Times also found that if Trump had done nothing but invest the money his father gave him in an index fund that accompanies the S&P 500, he would still be worth about $ 2 billion today.
- Overall, Trump received about $ 413 million in dollars today from his father’s real estate empire, mainly because he helped his parents avoid taxes, says The Times report.
- Forbes estimates Trump’s net worth is about $ 3.1 billion.
AN new bombastic report from The New York Times in President Donald Trump’s finances he questions one of his fundamental claims: that he is a self-made billionaire.
According to the report, published Tuesday, Trump received much more money from his father, a real estate tycoon than he had previously recognized, and was a millionaire at the age of 8.
Trump once claimed that his father gave him a “small loan“of about $ 1 million to help him get started in real estate, but The Times analysis found that” Fred Trump lent him at least $ 60.7 million, or $ 140 million in today’s dollars . “Much of that loan has never been repaid, the report said.
The Times said that if Donald Trump had done nothing but invest the money his father gave him in an index fund that accompanies the S&P 500, he would still be worth about $ 2 billion today.
Forbes estimates that Trump’s net worth is about $ 3.1 billion.
The Times said its report was based on hundreds of thousands of documents in Fred Trump’s commercial empire, including mortgages and stocks, probate records, financial disclosure reports, regulatory records and civil court files.
The Times said it also interviewed former employees and consultants of Fred Trump and analyzed tens of thousands of confidential records, including bank statements, financial audits, ledgers, cash disbursement reports, invoices and canceled checks.
“Most notably, the documents include more than 200 tax returns from Fred Trump, his companies and various partnerships and trusts,” says the report.
The report found that the president throughout his life received $ 413 million in dollars today from his father’s real estate empire, much of which the Times said was acquired because Trump helped his parents avoid taxes.
In October 2015, during his presidential campaign, Trump said, “My whole life really was a ‘no’, and I fought it. It wasn’t easy for me. It wasn’t easy for me.”
– Hanna Herbst (@HHumorlos) October 30, 2015
Trump added: “I started in Brooklyn. My dad gave me a small $ 1 million loan. I came to Manhattan and had to pay it back, and I had to pay it back with interest. But I came to Manhattan, I started to buy property and I did very well. I did a good job. But I was always told it would never work. “