Trump still received a $260,000 annual salary from his father, in addition to millions reaped from his father's trusts and deals. In the early '80s, after entering his 30s, Mr. But the Times reports that through all of that time, he was still on his dad's payroll and heavily dependent on his empire.

Trump was claiming in the press that he was personally worth more than $200 million, and by the '80s he was recognized as one of the richest men in America. Trump received today's equivalent of nearly $9 million from his father, the Times reports. Trump pile on consulting, management and lease fees.īy 1975, when he was 29, Mr. Trump received most of the financial benefits, eventually earning the equivalent of nearly $305,000 a year from that property alone. The two formed a partnership to build a New Jersey high-rise - with the help of a nearly interest-free $7.8 million government loan - and Mr. Trump had emerged as the heir apparent for the family business, and Fred started cutting deals that benefited him alone. 1975: $9 millionĪfter a series of deals that helped all of the children, Mr.

Trump graduated from the University of Pennsylvania, he was already receiving the equivalent of $1 million a year through arrangements from his father. Trump was just 17, Fred gave him part ownership of a 52-unit apartment building. But his father had already made him a millionaire when he was just 8, through trusts and partnerships, according to the Times. Trump claims he only received a $1 million loan from his father. Trump's own businesses hit hard times, his dad sometimes swooped in with a few million dollars to help him.

Trump boasted about building an empire on his own business acumen, he was for decades benefiting from partnerships, deals, dodges, tax breaks and apparent schemes all orchestrated by his father, according to the Times. Trump engaged in 'dubious tax schemes,' including 'instances of outright fraud,' to secretly reap from his father's fortune.Īs Mr. Trump's claim falls about $400 million short.Ī year-long New York Times investigation published Tuesday unraveled the web of tax tricks that helped the president draw the equivalent of $413 million in today's dollars from his father's real estate empire. But a new exposé by The New York Times alleges Mr. President Trump has claimed for decades that a single $1 million loan from his father, Fred Trump, set him on the path to becoming self-made billionaire.

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