Posted by: maboulette | July 20, 2017

Now Eric Trump Is Accused of Stealing from a Cancer Charity


Eric Trump

Before we get into what the Trump kids have been doing with their time, let’s first acknowledge that life as a Trump is pretty dang plush. If they do absolutely nothing but wait, they’ll have more money than they could ever spend in a dozen lifetimes.

10 BILLION

The president’s stated fortune, $10 billion, is a bit larger than Forbes’s estimate, $3.5 billion. But no matter how you define it, he’s a very rich man and his family is firmly in the top 0.00001 percent of wealth holders.

TIFFANY TRUMP

Tiffany Trump appears to be the only one to truly understand the virtues of laying low. Her only major headline in recent months focuses on her recent vacation (or average Tuesday, to a billionaire heiress) on a yacht in Italy.

IVANKA TRUMP

Ivanka Trump has mostly stayed out of the news as well, albeit under very different circumstances, as one of her father’s closest advisers in the White House. Her only negative press in recent months involves allegations of poor labor conditions at supplier factories for her personal shoe brand — not a small scandal by any measure, though a depressingly familiar one in the workings of global capitalism.

So, what has the other Trump kid, Eric, been up to?

TAX EVASION

Investigative journalists at ProPublica tracked down real estate deals from April 2016 revealing that Donald Trump Sr. had sold real estate in New York at well below market value to a generic LLC. A bit of research showed the actual “buyer” was Eric Trump, Donald’s third-born.

TAX DODGE

Why sell below market value instead of just giving the property to his son, or selling it for the normal price you or I would pay? To dodge taxes.

GIFT TAX

Had Trump senior just gifted the units, they’d be subject to the gift tax, a levy of 40 percent on transfers of wealth. Actually, bargain sales count as gifts as well, but in order to avoid gift taxes here the Trumps likely misapplied a practice that allows real estate developers to reduce prices on first time sales of apartment units to arm’s length buyers.

Tax attorney and Institute for Policy Studies Associate Fellow Bob Lord asks, “This is really, really primo real estate. Why would you show a sale at $350,000 other than to play games for tax purposes?”

 

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