Mika Brzezinski: “According To The Special Investigation, Trump Is Earning $200,000 In Today’s Money By The Age Of Three And Was A Millionaire By The Age Of 8.” MIKA BRZEZINSKI: “President trump did plenty of impressions last night, including repeatedly mocking the memory of Dr. Christine blasey Ford who has accused supreme court nominee Brett Kavanaugh of sexually assaulting her as a one thing he did not bring up was that sweeping expose. The headline is jarring, quote, trump ebb gauge in suspect tax schemes as he reaped riches from his father. According to the special investigation, trump is earning $200,000 in today’s money by the age of three and was a millionaire by the age of 8.” [Morning Joe, MSNBC, 10/3/18; VIDEO]
Willie Geist: “But The Long And Short Of It Is According To The New York Times, Through Tax Schemes, Donald Trump And His Family, He Arrived At About $413 Million From His Father, Not The $1 Million Loan He Suggested.” [Morning Joe, MSNBC, 10/3/18; VIDEO]
Mika Brzezinski: “He 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.” MIKA BRZEZINSKI: “New York Times expose that appears to shatter the president’s claim of being a self-made billionaire while implicating him in sketchy, possibly illegal tax schemes. The 19 month long investigation found that temp received today’s equivalent of $400 million from his father’s real estate empire beginning as a toddler and continuing to this day. As the “Times” reports much of the money came from trump because he helped his parents dodge taxes in the 1990s. He 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 trump helped his father take improper tax deductions worth millions more. He 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. Tax experts tell the “Times” that the president is unlikely to face criminal prosecution for tax evasion because the statute of limitations has passed on any possible wrongdoing. But as the “Times” reports, there is no time limit on civil fines for tax frauds. The New York state damages department is reviewing the allegations.” [Morning Joe, MSNBC, 10/3/18; VIDEO]
Willie Geist: “Fred Trump Was Relentless And Creative In Finding Ways To Channel His Wealth To His Children. He Made Donald Not Just His Salaried Employee But Also His Property Manager, Landlord, Banker And Consultant. He Gave Them Loan After Loan, Many Never Repaid.” WILLIE GEIST: “The report continues Fred trump was relentless and creative in finding ways to channel his wealth to his children. He made Donald not just his salaried employee but also his property manager, landlord, banker and consultant. He gave them loan after loan, many never repaid. He provided money for Donald’s cars, money for his employees, money for his first Manhattan offices. He gave him three trust funds, he gave him shares in multiple partnerships, he gave him $10,000 Christmas checks and he gave him laundry revenue from his buildings. According to the investigation trump was earning $200,000 in today’s dollars by age three and was a millionaire by the age of eight. By the time Donald was 17 his father had given him part ownership of a 52-unit apartment building. Once he graduated from college the times found trump was receiving the equivalent of a million dollars a year from his dad. That money reportedly increased over time to more than $5 million a year in his 40s and his 50s. According to the times the findings are based on interviews with Fred trump’s former employees, tens of thousands of pages of confidential records, bank statements, financial audits, accounting ledgers, cash disbursement reports, invoices and canceled checks as well as public records like mortgages, deeds and civil court files. NBC news has not independently seen those documents or confirmed the totality of the times reporting.” [Morning Joe, MSNBC, 10/3/18; VIDEO]
Trump Clip: “I Built A Company That’s Worth Than $10 Billion, Okay? With A $1 Million Loan.” Hallie Jackson: “Turns Out It Was Not $1 Million, But The Equivalent Of Today Of $413 Million The President Received From His Father’s Real Estate Empire Over The Years.” [Today, NBC, 10/3/18; VIDEO]
Hallie Jackson: “The Paper Calls The Most Overt Fraud A Company Created By The Trumps In The Early 90s. All County Building Supplies That Siphoned Millions Of Dollars From Fred Trump’s Empire By Simply Marking Up Purchases Already Made By His Employees.” [Today, NBC, 10/3/18; VIDEO]
Kyra Phillips: “The New York State Tax Department Is Reviewing The Report Now In The Times, But The President’s Lawyer Insists That President Trump Had Virtually No Involvement Whatsoever With These Matters Relating To His Parents’ Estate.” DAVID MUIR: “You’re learning that authorities are now investigating this new report from The New York Times?” KYRA PHILLIPS: “David, The New York State Tax Department is reviewing the report now in the times, but the president’s lawyer insists that President Trump had virtually no involvement whatsoever with these matters relating to his parents’ estate.” [World News Tonight, ABC, 10/3/18; VIDEO]
Dan Abrams On IRS Statute of Limitations, “Typically Limitations Would Be Three Years. You Can Extend It To Six Years Depending On The Amount And When It Comes To Civil Fines, To Some Degree There’s No Statute Of Limitations.” DAN ABRAMS: “Typically limitations would be three years. you can extend it to six years depending on the amount and when it comes to civil fines, to some degree there’s no statute of limitations. Meaning at some point depending on the timing, depending on the amount, depending on the actions you can actually go after sort of reimbursing the government in effect and paying additional fines based on conduct at any point.” [Good Morning America, ABC, 10/3/18; VIDEO]
Norah O’Donnell: “The New York Times Investigation Says The President Apparently Received The Equivalent Of At Least $413 Million From His Father’s Real Estate Empire Much Of It Through Tax Dodges.” O’DONNELL: “Investigators in New York state are looking into a bombshell report that appears to undermine four decades of self promotion by president trump. ‘The New York Times’ investigation says the president apparently received the equivalent of at least $413 million from his father’s real estate empire much through tax dodges.” [This Morning, CBS, 10/3/18; VIDEO]
Paula Reid: “Much Of His Wealth Was Brought About By What The “Times” Called Dubious Tax Schemes.” REID: “’The New York Times’ says it reviewed over 100,000 financial document and they found in every era of the president’s life, his finances were founded on his father’s wealth. The “Times” found that he received at least $60 million in loans from his father which he not pay back in full and much of his wealth was brought about by what the ‘Times’ called dubious tax schemes.” [This Morning, CBS, 10/3/18; VIDEO]
Paula Reid: “Designed As Gifts From His Parents And It Was A Way To Undervalue His Father’s Real Estate Holdings. In All It Helped The Trump Family Avoid Paying At Least $550 Million In Gift And Inheritance Taxes.” REID: “It was designed as gifts from his parents and it was a way to undervalue his father’s real estate holdings. In all it helped the trump family avoid paying at least $550 million in gift and inheritance taxes. They instead paid just over $50 million.”[This Morning, CBS, 10/3/18; VIDEO]
David Barstow: “In Simple Terms We Were Able To Track That The Trump Parents Transferred Well Over $1 Billion In Wealth To The Trump Children, And That Under The 55% Estate And Gift Tax Rate At The Time Translates To A Tax Bill Of About $550 Million. The Tax Records We Obtained Showed The Trump Children In The Family Ultimately Paid Just About $52 Million Of That.” [New Day, CNN, 10/3/18; VIDEO]
David Barstow: “There’s One Simple Component Of That Is To Portray On Tax Returns On $20 Million Apartment Buildings As If They Are Only $1 Million Apartment Buildings, And We Note President Was Deeply Involved In Setting Up That Strategy.” BARSTOW: “How did they avoid over $500 million in taxes?” CAMEROTA: “What is the answer to that?” BARSTOW: “The answer is two parts. Some of it is through legitimate tax avoidance strategies, and the other is a series of tax evasion strategies. There’s one simple component of that is to portray on tax returns on $20 million apartment buildings as if they are only $1 million apartment buildings, and we note president was deeply involved in setting up that strategy of essentially systematically low balling the real estate.” [New Day, CNN, 10/3/18; VIDEO]