Speed Reads


New York state tax authorities reviewing new fraud allegations against Trump

After The New York Times published a blockbuster investigation Tuesday on President Trump's finances, detailing how he allegedly helped his parents dodge taxes and disguise millions of dollars in gifts, the New York State Tax Department announced it will look into the claims.

Department officials told ABC News they are "vigorously pursuing all appropriate avenues of investigation." After reviewing financial records and confidential tax documents and interviewing several people, the Times reports that Trump used "dubious tax schemes" in the 1990s to increase his wealth and helped his father, Fred, take improper tax deductions worth millions. Trump has long asserted that he turned a $1 million loan from his father into billions, but the Times says that Trump has been receiving money from his dad's real estate empire since he was a toddler, getting the equivalent today of at least $413 million.

Trump's attorney called the report "100 percent false and highly defamatory." New York tax authorities have already been investigating the Trump Foundation and Michael Cohen, Trump's former attorney and fixer.