President Donald Trump is not the self-made billionaire he claims to be, according to a bombshell New York Times investigation, and not only did he receive vast sums of money from his father — he also committed "instances of outright fraud" in order to increase his inheritance.
> The president received today's equivalent of $413 million from the real estate holdings of his father, Fred Trump, the newspaper reported, citing a "vast trove of confidential tax returns and financial records." The findings contrast with the story Trump has always told about himself – that he built up wealth and success after only getting a small loan from his father.
> Trump and his siblings in part "set up a sham corporation to disguise millions of dollars in gifts from their parents," according to the Times. The article notes that tax experts say the president would be unlikely to face criminal charges related to the conduct because of how much time has passed since much of it took place in the 1990s.
Trump lawyer Charles Harder told The Times in a statement that "the facts upon which The Times bases its allegations are extremely inaccurate,” and he denied allegations of fraud and tax evasion.
> White House press secretary Sarah Huckabee Sanders also backed up Trump's claims about his wealth to the newspaper. She said he took a $1 million loan from his father and paid it back.
CNBC notes one of the more incredible details included in The Times’ story: how much money Trump was making even as a toddler.
> By age 3, Mr. Trump was earning $200,000 a year in today's dollars from his father's empire. He was a millionaire by age 8. By the time he was 17, his father had given him part ownership of a 52-unit apartment building. Soon after Mr. Trump graduated from college, he was receiving the equivalent of $1 million a year from his father. The money increased with the years, to more than $5 million annually in his 40s and 50s.