NYT accuses Donald Trump of engaging in suspect tax schemes
What's the story
The New York Times has alleged that US President Donald Trump was engaged in suspect tax schemes as he reaped riches from his father Fred Trump, a real-estate developer.
In its investigative story, The NYT said that Trump, who assumed President's office last January, won the presidency proclaiming himself as a self-made billionaire, and he insisted that his father provided almost no financial help.
Tax evasion
NYT claimed that Trump helped his parents dodge taxes
"But The Times' investigation, based on a vast trove of confidential tax-returns and financial records, reveals that Trump received the equivalent today of at least $413 million from his father's real estate empire, starting when he was a toddler and continuing to this day," The NYT claimed.
Much of this money, the daily claimed, came to Trump because he helped his parents dodge taxes.
Quote
Trump, his siblings established sham corporation to disguise millions: NYT
"He (Trump) and his siblings set up a sham corporation to disguise millions of dollars in gifts from their parents, records and interviews show. Records indicate that Mr Trump helped his father take improper tax deductions worth millions more," the America-based daily alleged.
Allegation
"Trump formulated strategy to undervalue his parents' real estate holding"
"He (Trump) also helped formulate a strategy to undervalue his parents' real estate holdings by hundreds of millions of dollars on tax returns, sharply reducing the tax bill when those properties were transferred to him and his siblings," claimed NYT, the second most circulated newspaper in the US.
The daily further said these maneuvers met with little resistance from the Internal Revenue Service.
Apology
White House expresses outrage over report, demands apology
The White House expressed its outrage over the news report and demanded an apology from NYT.
"Fred Trump has been gone for nearly 20 years and it's sad to witness this misleading attack against the Trump family by the failing New York Times," White House Press Secretary Sarah Sanders said.
"Many decades ago the IRS reviewed and signed off on these transactions," she added.
Defense
NYT's credibility is at an all time low, says Sanders
"The New York Times' and other media outlets' credibility with the American people is at an all-time low because they are consumed with attacking the President and his family 24/7 instead of reporting the news," she continued.
Expressing regret, Sanders added, "The New York Times can rarely find anything positive about the President and his tremendous record of success to report."
Counter attack
"Perhaps another apology from the NYT is in order"
Detailing on the "tremendous success," Sanders said, "Market is at an all-time high, unemployment is at a 50-year low, taxes have been cut, farmers and workers are empowered from better trade deals, and America's military is stronger than ever."
"Perhaps another apology from the NYT, like the one they had to issue after they got the 2016 election so embarrassingly wrong, is in order."