1. Trump Family Finance (key excerpts from WSJ)
Being Fred Trump’s son was good for business. Being President, not so much.
Being Fred Trump’s son was good for business. Being President, not so much.
2. Last year MSNBC anchor Rachel Maddow revealed tax data suggesting that Donald Trump is not nearly as good as Warren Buffett when it comes to avoiding federal income taxes.
3. But what about Mr. Trump’s late father Fred? The New York Times is out with a story claiming that the Trump family patriarch went way too far to avoid taxes as he transferred significant wealth to his children, especially Donald.
4. Meanwhile, according to a new analysis in Forbes magazine, the frequently aired media speculation that the Trump businesses are benefiting from the Trump presidency has it exactly backwards. Trump has lost $1.4 billion in net worth since launching his presidential campaign.
5. No surprise, the New York Times story is the one getting most of the attention today. Tax lawyers and accountants can now debate the particulars of that story, but there are two aspects of the story you are highly unlikely to hear in the media.
6. First, the Times story makes a forceful argument that estate taxes encourage wealthy entrepreneurs to pursue complicated schemes to shield their fortunes.
7. Second, as the Times piece claims Fred Trump’s building projects were often supported by govt programs, it's clear housing subsidies sold by politicians in the name of “affordable housing” often end up enriching property owners who are hardly in need of assistance.
The End
The End
