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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region Forumsso those years when he was "the Donald", self made rich guy, he was still on daddy's tit
He is tall, lean and blond, with dazzling white teeth, and he looks ever so much like Robert Redford. He rides around town in a chauffeured silver Cadillac with his initials, DJT, on the plates. He dates slinky fashion models, belongs to the most elegant clubs and, at only 30 years of age, estimates that he is worth more than $200 million.
So began a Nov. 1, 1976, article in The Times, one of the first major profiles of Donald Trump and a cornerstone of decades of mythmaking about his wealth. How could he claim to be worth more than $200 million when, as he divulged years later to casino regulators, his 1976 taxable income was $24,594? Donald Trump simply appropriated his fathers entire empire as his own.
In the chauffeured Cadillac, Donald Trump took The Timess reporter on a tour of what he called his jobs. He told her about the Manhattan hotel he planned to convert into a Grand Hyatt (his father guaranteed the construction loan), and the Hudson River railroad yards he planned to develop (the rights were purchased by his fathers company). He showed her our philanthropic endeavor, the high-rise for the elderly in East Orange (bankrolled by his father), and an apartment complex on Staten Island (owned by his father), and their flagship, Trump Village, in Brooklyn (owned by his father), and finally Beach Haven Apartments (owned by his father). Even the Cadillac was leased by his father.
So far, he boasted, Ive never made a bad deal.
It was a spectacular con, right down to the priceless moment when Mr. Trump confessed that he was publicity shy. By claiming his fathers wealth as his own, Donald Trump transformed his place in the world. A brash 30-year-old playboy worth more than $200 million proved irresistible to New York Citys bankers, politicians and journalists.
Yet for all the spin about cutting his own path in Manhattan, Donald Trump was increasingly dependent on his father. Weeks after The Timess profile ran, Fred Trump set up still more trusts for his children, seeding each with todays equivalent of $4.3 million. Even into the early 1980s, when he was already proclaiming himself one of Americas richest men, Donald Trump remained on his fathers payroll, drawing an annual salary of $260,000 in todays dollars.
https://www.nytimes.com/interactive/2018/10/02/us/politics/donald-trump-tax-schemes-fred-trump.html?action=click&module=Top%20Stories&pgtype=Homepage
madaboutharry
(40,220 posts)Not one single day in his life.