Ross: How to succeed in America — have a rich dad
There is a huge New York Times exposé this week showing how Donald Trump really got his money. It blows away the story of a self-made man who started with a $1 million loan from his dad.
According to the Times, what documents show is that by fudging property values and disguising gifts to his children as business expenses, Fred Trump (Donald’s dad) evaded most of the inheritance tax and handed his son the equivalent of $413 million – free and clear.
I realize there is an aroma of fraud here. But my guess is that for every American chanting “Lock Him Up,” another American is chanting “Show Me How.” In fact, Donald Trump’s tax strategy has made him a role model on motivational videos.
“It would absolutely shock me if Donald Trump paid taxes, he would have the worst tax advisors on the planet,” one video says.
These videos teach that the whole purpose of the tax code is to punish wage earners and reward investors who borrow money and put it into things like real estate.
“The tax law is set up to help you become more wealthy, but you have to do what the government wants you to do.”
Maybe that’s the real divide in America — the paycheck suckers vs the clever investors. The choice is yours.
But based on the Times article, if you do go the investor route, make sure you choose a rich dad.