The city of New York will go after any unpaid taxes that President Donald Trump should have paid on his inheritance, according to Mayor Bill de Blasio, following a New York Times report alleging that the Trump family committed tax fraud.
“It’s clear to me that there are real ramifications right now to what has been disclosed, either potential violations of law, or in cases where the statute of limitations has ended that there may be very serious civil penalties that can be applied by both the state and the city,” de Blasio said Wednesday. “The city of New York is looking to recoup any money that Donald Trump owes the people of New York City, period.“
On Wednesday the Times reported that Trump received today’s equivalent of $413 million from his father’s real estate empire, based on questionable tax dealings starting when he was a toddler and continuing to this day.
According to the leaked confidential filings, Trump’s parents left more than $1 billion to their children, which would have resulted in a roughly $550 million tax bill at the time. However, the Trumps paid a total of $52.2 million on that source of income, according to the NYT report. To achieve this, the newspaper cited records that showed Trump helped undervalue his father’s real estate holdings, which led to a lower tax bill when he and his siblings inherited the properties.
New York state tax authorities have launched an investigation into the allegations, while de Blasio said that the city would cooperate closely with state authorities on the matter.
“It’s also an indictment of the culture of New York City and New York state going back decades. There was a good old boy network that obviously Donald Trump played like a fiddle and evaded the kind of regulation and investigation and prosecution he should have received many times over,” de Blasio added.