Donald Trump’s financial carelessness could cost his kids $1.3 billion in taxes by ChaseWithorn
ver the years, Donald J. Trump has been a hardnosed Republican, an independent firebrand, a left-leaning Democrat, then a Republican once again. He has called for the rich to pay more in taxes, he has proposed plans that allow them to pay less. Yet one thing has remained consistent: His pure hatred of the estate tax—a “lousy tax” and a “horrible weapon that has destroyed many families.” Such animosity makes sense, given the state of his finances.
Three of the president's children: Ivanka Trump , Eric Trump and Donald Trump, Jr. At right: Trump International Hotel Washington, D.C.Then again, Donald Trump is also in position to relieve his family of much of the burden by simply repealing the federal estate tax altogether. It’s something he has already tried and failed to do once.
Then there are Scion and American IDEA, the two hotel brands the Trump children tried to launch around the time of the election. Mid-priced and in Middle America, they stood in stark contrast to their father’s glitzy, Trump-branded luxury hotels. With a name like Scion—a “nod to the Trump family”—the venture seemed to herald the new generation of Trumps that would oversee it. But the ownership structure was all too familiar. It was Donald Trump who really stood to benefit. He took 77.
Still, that doesn’t explain why Trump hasn’t been handing out more equity in new projects to his heirs. Especially since one of his major businesses—licensing his name to other people’s buildings—is perfectly suited for such moves. Because he invests little in the projects, he could transfer those deals without paying much gift tax. The cash flow and any future appreciation in value would go directly to his heirs, bypassing the estate tax entirely.
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