A massive New York Times investigation published Tuesday on President Donald Trump’s wealth found he was earning $200,000 annually in today’s dollars from his father’s empire by the time he was 3 years old.
By age 8, he was a millionaire, The Times reported.
Those details were a part of a much larger examination into how the president became so wealthy. The Times reported that Trump engaged in what it described as “dubious tax schemes” in the 1990s that even included “instances of outright fraud” that enhanced the fortune his parents — mainly his father, Fred — passed on to him.
The conclusions of the investigation run counter to Trump’s personal narrative, which he has repeated for decades: that he is a self-made billionaire who built his own empire.
While The Times was not able to review Trump’s personal tax returns — which he has refused to release, breaking with decades of precedent for presidential nominees — it examined “trove of confidential tax returns and financial records.” They revealed Trump received at least $413 million in today’s dollars from when he was a small child through the present day.
The Times reported that this money was passed on to Trump because he assisted his parents in dodging taxes, setting up a sham corporation and helping his father take millions in improper tax deductions.
Charles Harder, an attorney for the president, told The Times in a statement that the report is “100% false and highly defamatory.”
Harder, the White House, and the Trump Organization did not immediately respond to a request for comment from Business Insider.