US Election 2024
The million-dollar story: the “small loan” Fred Trump left his son Donald to start with, and had to pay him back
Legend has it that Trump inherited a million, while tax records claim that his inheritance from his father was much larger.
Frederick Christ Trump, Donald Trump’s father, was born in New York. At 17, he founded his first construction company. During the 1920s, he focused on building and selling homes in the Queens neighborhood.
After World War II, with the influx of Europeans to America, he began constructing housing for lower- and middle-class families on the East Coast, primarily benefiting from government housing aid. This brought him substantial profits and earned him a reputation as a visionary. His buildings and homes were known for their quality, and he saved every penny he could during construction. This was the start of his fortune, as he partnered with hotel chains and took risks with investments in New York City, a place few expected to flourish as it did in the 20th century.
The Trump million-dollar legend
Donald Trump has often claimed that his father left him a million dollars to start his business ventures. While that is a significant enough helping hand, one most people would love to have, it appears to have been an underplaying of the true value. An investigation by The New York Times asserted that Donald actually inherited at least $413 million (in today’s value) from his father.
This amount is said to have increased through “questionable” tax practices, such as Christmas checks as gifts or undervaluing properties sold below market price.
According to tax records accessed by the media outlet, Donald’s father left a total of over $1 billion to his children – a far cry from the single million that the now 47th president of the United States claims he used to launch his business career.