The Real Deal New York

New York State to investigate Trump family for possible tax evasion

NYT report details evidence of massive tax avoidance scheme
October 03, 2018 03:00PM

Andrew Cuomo, Trump Palace at 200 East 69th Street, and Donald Trump (Credit: Wikipedia and Getty Images)

The New York State Department of Taxation and Finance is launching an investigation into the Trump family for possible tax evasion following an explosive New York Times report.

“The Tax Department is reviewing the allegations in the New York Times article and is vigorously pursuing all appropriate avenues of investigation,” a department spokesperson told Bloomberg.

Although the statute of limitations prevents authorities from filing a criminal case over the allegations, the agency can still file a civil case that could result in large penalties.

The Times investigation, published Tuesday, includes detailed evidence that President Trump, his siblings and father Fred Trump were part of a sophisticated scheme to create sham companies and artificially lower the valuations of its properties to save hundreds of millions of dollars in gift and estate taxes.

“The New York Times’ allegations of fraud and tax evasion are 100 percent false,” said President Trump’s attorney Charles Harder. “There was no fraud or tax evasion by anyone. The facts upon which the Times bases its false allegations are extremely inaccurate.” [Bloomberg] — Konrad Putzier