How much did Trump inherit from his father?
(NEXSTAR) — Among the various topics touched on during Tuesday’s presidential debate was the inheritance former President Donald Trump received, used as a point of contrast by Vice President Kamala Harris as she tried to relate to the middle class.
How much Trump received has seemingly been a sensitive point for the former president. He has often claimed it was a “very small loan,” but a 2018 report by the New York Times largely refuted that.
Trump to Harris: ‘I’m talking now’
The Times claimed that, after reviewing financial documents, it determined Trump received more than $413 million — in 2018 dollars — from his New York City developer father, Fred, for years.
According to the Washington Post, Trump benefited from trusts set up for family members as well as loans from his father and his father’s estate. The New York Times said it found Trump and his father avoided gift and inheritance taxes by using a sham corporation and undervaluing assets, The Associated Press reported.
Harris trolls Trump over rallies during debate
At the time, a lawyer for Trump and the White House dismissed the claims.
Trump has largely done the same, claiming his father only gave him a “very small loan” that he turned “into a company that’s worth many, many billions of dollars.” However, as Harris noted during Tuesday’s debate, Trump’s companies have filed for Chapter 11 bankruptcy protection seven times.
In 2021, Trump fell off the Forbes 400 list for the first time in 25 years. He returned to the list in 2022, but fell off again in 2023.
Copyright 2024 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
For the latest news, weather, sports, and streaming video, head to PIX11.
#Trump #inherit #father