New York State Tax Officials Investigating Claims that Trump and His Family Committed Tax Fraud

On Tuesday, a bombshell report from The New York Times revealed what many of President Donald Trump's critics have suspected since before he even ran for office: his wealth and business empire was a sham. As the report notes, far from being the a self-made billionaire, Trump's father covertly propped up his enterprises, creating at least 295 revenue streams over 50 years to secretly enrich his son. And Trump and his family in turn resorted to a variety of shady tax tricks in the 1990s, including "outright fraud," to maximize the family inheritance.

The report, which could potentially explain why Trump has resolutely refused to release his tax returns, has reportedly caught the notice of investigators from New York, where the Trump Organization is headquartered.

According to CNBC, officials the New York State Department of Taxation and Finance are already planning to look into the matter. "The Tax Department is reviewing the allegations in the NYT article and is vigorously pursuing all appropriate avenues of investigation," said a spokesman in an email.

While it is unlikely Trump would ever face prosecution for fraud in the 1990s due to the statute of limitations, he could face civil fines ranging in the tens of millions.

The new investigation would add to a growing list of inquiries plaguing the Trump family in the Empire State, including a probe into Trump's charitable foundation, the president himself, and his children, for "improper and extensive political activity, repeated and willful self-dealing transactions, and failure to follow basic fiduciary obligations or to implement even elementary corporate formalities required by law." The Independentnoted this investigation could lead to criminal charges.