Trump’s Financial Report Shows He May Be Cashing in on Presidency
Have you ever suspected that the reason Donald Trump ran for the presidency of The United States was to cash in on the position?
Well. You may be right. The man is making loads of money just from running for office.
President Trump just disclosed his finances for last year through the Office of Government Ethics and you guessed it, revenue from his “Winter White House”, The Mar-a-Largo, his Palm Beach, Florida club saw a 25% spike in revenue while his other clubs tanked.
Trump has a habit of talking up his Mar-a-Largo club and hosting dinners with foreign dignitaries there.
The report proves what most people suspected – he may not as good a business man as he claims.
For starters, Trump has claimed over and over that he is worth “at least $10 billion.” Well, that may not be true.
The released document shows his net worth could be in the region of $1.1 billion. No chump change we know, but nowhere near his claimed $10 billion.
Also, President Trump owes over $320 million to creditors. He has a liability of $50 million five times over including the lease on his Washington D.C. hotel.
This could lower his net worth to under $1 billion.
Unlike his Mar-a-Largo club, his Miami Golf Club, the Trump National Doral lost money last year. It brought in $132 million in 2015 but saw a huge fall in revenue to $115 in 2016.
His management company, The Trump Corporation’s revenue jumped from $6.6 million in 2015 to $18 million in 2016.
The President earned money from book sales but boy, did he lose money in his condo sales. He lost big! In 2015, condo sales netted him $44.3 million but brought in $29.9 million last year, a nearly 30 percent drop.
During the campaign, Trump used his leased Tag Air planes for travel. He paid himself back from his campaign coffers.
In 2015, his Tag Air earned $3.7 million in revenue but the profit ballooned to $7.7 million last year mostly from politics relayed travel reimbursements.
In a 104-page report then candidate Trump filed last year, Trump claimed to be worth more than $10 billion. Based on this latest report, he may be worth way less than that – approximately $1.1 billion if you ignore his liabilities.
“President Trump welcomed the opportunity to voluntarily file his personal financial disclosure form; while this filing is voluntary (as no report was due until May 2018), it has been certified by the Office of Government Ethics pursuant to its normal procedures,” according to a statement from White House Press Secretary Sean Spicer.
See the disclosure below.
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