Last week, the New York Times released the most comprehensive look into Donald Trump’s financial history ever compiled. Not only did it debunk the president’s oft-repeated etiological myth about having only received a $1 million loan from his dad, Fred, which he later had to pay back with interest—it showed how the father-son team systematically cheated on taxes.
Though the Times published a couple of TL;DRs of its own 13,000-word article, here is an even more condensed version: Trump was a millionaire by the time he was eight, in part because his father made him a banker or a landlord on various building projects. His family also used grantor-retained annuity trusts (GRATS) and a fake company called All County Building Supply Maintenance to ultimately transfer more than $1 billion in wealth to their kids. All of this should have led to a