NYT investigation unearths new details about Trumps early millions

Susanne Craig:

Well, it's interesting.

There's several that are discussed in the stories, and they have varying levels of either tax fraud or tax avoidance, tax evasion. But the main one that we found is a — it was a company called All County.

And the backstory to it is, Fred Trump, when he became in his 80s, he owned dozens of buildings around New York, and they — he was getting all of them — he had very little debt on the buildings, and he had mountains of cash in these buildings.

And the children realize that, if he died at some point — he was getting to be in his 80s — that they would be stuck with paying a 55 percent inheritance tax on the money.

So, what they did is, they created a company. It was called All County Building Supply. And they were shareholders of it. And what they did was, Fred Trump, as part of running the buildings, had to buy everything, from boilers, paint, plumbing supplies, all this stuff. And he would pay vendors for it.

And one day, All County started buying it. They would pay the vendors and then they would send a separate check up to their dad, and it would be padded anywhere from 20 to 50 percent.

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