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    President Donald Trump talks to media before boarding Marine One on the South Lawn of the White House in Washington, Wednesday, Sept. 19, 2018, for the short trip to Andrews Air Force Base en route to Havelock, N.C.

    'Old, Boring Hit Piece:' Trump Calls New York Times Article on Family Tax Fraud

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    WASHINGTON (Sputnik) - US President Donald Trump on October 3 dismissed a recent report on his finances published by The New York Times, calling the article a "hit piece" that revamps an old and boring story.

    "The Failing New York Times did something I have never seen done before. They used the concept of 'time value of money' in doing a very old, boring and often told hit piece on me. Added up, this means that 97% of their stories on me are bad. Never recovered from bad election call!" Trump said in a Twitter post.

    The "time value of money" is the concept that money available at the present time is worth more than money received in the future, because it can be invested to create more wealth.

    READ MORE: Trump Reaches New Trade Agreement With Canada & Mexico

    The New York Times conducted an investigation into Trump's finances and reported that Trump received the equivalent of $413 million in 2018 terms from his father Fred Trump’s real estate empire, and also engaged in questionable tax schemes and fraud.

    The newspaper said its investigation studied tens of thousands of pages of confidential financial records, including more than 200 tax returns filed by Fred Trump, his companies and other Trump partnerships and trusts.

    READ MORE: New York Investigators Launch Probe to Review Fraud Allegations Encircling Trump

    The report said the documented corporate, partnership and trust tax returns it was able to access constituted the first public accounting of the income Trump received for decades from different family enterprises.

    Trump has frequently claimed that he built his own empire with only a $1 million loan from his father, which he paid back in full.

    Trump attorney Charles Harder was quoted in the report as saying that the newspaper’s claims of fraud and tax evasion were 100 percent false and highly defamatory. But according to media reports, the US State of New York's Taxation Department is investigating the claims.


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