The New York state tax department is investigating reports that President Donald Trump assisted his parents dodge millions of dollars in taxes.
The department is also probing if the president did receive more money from his father’s real estate empire than he has claimed in the past.
Prominent newspaper in the United States The New York Times had reported that Trump had engaged in “outright fraud” that greatly inflated the funds he received from his parents.
But Trump has stated many times that he got little help from his father, New York property developer Fred Trump, in building his fortune.
“The Tax Department is reviewing the allegations in the NYT article and is vigorously pursuing all appropriate avenues of investigation,” New York state Taxation and Financing spokesman James Gazzale told AFP.
The Times said Trump received the equivalent of $413 million in today’s dollars from his father’s real estate activities — having earned $200,000 a year in today’s dollars by age three. By age eight, he was already a millionaire.
Trump was receiving the equivalent of $1 million a year from his father shortly after his college graduation, it added, noting that the funds grew to more than $5 million per year when he was in his 40s and 50s.