The Hidden Truth Behind Trump's Business Empire

Kamala Harris, the Vice President, recently sparked controversy when she mentioned that Donald Trump started his business career with $400 million. While Harris's claim may have been exaggerated, it's worth examining the facts behind Trump's inheritance from his father, Fred Trump. Fred Trump, a renowned real estate developer, built an empire that his children could inherit. Before Donald Trump entered the business world, he received a significant portion of his father's wealth. According to a 2018 investigation by the New York Times, Trump received at least $413 million from his father's real estate empire. However, this inheritance was spread throughout his life, not all at once.It's crucial to understand that Trump's inheritance wasn't just a one-time gift. His father had set up a trust that ensured his children received a steady stream of income. This trust was the result of a financial strategy called "ground lease payments," where Fred Trump built apartment buildings and set up lease agreements for the land under these buildings. The beneficiaries of these lease agreements were Fred Trump's children, including Donald, through a trust. Another way Fred Trump shifted assets to his children was by setting up what the New York Times called a "mini-empire" of real estate. He built or bought buildings in Brooklyn and Queens, then gradually transferred ownership to his children through a web of partnerships and corporations. This process began when Donald Trump was just three years old. While Trump's inheritance was substantial, it's important to note that it wasn't a simple handout. His father, Fred Trump, had built a business empire that provided a steady income for his children. When Donald Trump entered the business world, he had a reasonable expectation of inheriting a share of his father's business in the future.