During Tuesday’s presidential debate, Vice President Kamala Harris used former President Donald Trump’s inheritance to highlight contrasts with the middle class. Trump has often described his inheritance as a “very small loan,” but a 2018 New York Times report challenged this claim. The Times found that Trump received over $413 million (adjusted for 2018) from his father, Fred Trump, through various trusts and loans.
The Washington Post confirmed Trump benefited from trusts and loans, while the New York Times reported they evaded gift and inheritance taxes through a sham corporation. Despite these findings, Trump’s representatives and the White House dismissed the report, with Trump maintaining his “small loan” narrative and boasting about his business achievements.
Harris also pointed out that Trump’s companies have filed for Chapter 11 bankruptcy protection seven times. Trump, who fell off the Forbes 400 list in 2021, briefly returned in 2022 before falling off again in 2023.
Discover more from News Facts Network
Subscribe to get the latest posts sent to your email.
