Trump, Family to Gain Over $500 Million from Trump Presidency in Four Years
From President Donald Trump to First Lady Melania Trump, Ivanka Trump and Jared Kushner, the Trump family are set to gain over half a billion dollars if Trump’s presidency lasts full term.
Recent analysis shows that should Donald Trump remain president for the full four years, businesses controlled by the Trumps, either directly or indirectly, will benefit to the tune of millions of dollars.
That number could double if he were to win a second term.
The Trump International Hotel in Washington and Mar-a-largo Club in Florida are at the center of this financial windfall but other properties owned by the Trumps are also raking it in, according to experts who have studied the impact of his presidency on his family’s finances.
Although a few organizations have walked way from holding their annual events in Mar-a-Lago as a result of Trump’s poor response to the recent neo-Nazi protests in Charlottesville, Virginia, even more organizations are moving forward with their plans to do so.
So far, the Republican National Committee has paid over $1.3 million to the Trumps since he was sworn in as president. That does not include a recent $122,000 the committee paid to the Trump International Hotel in Washington last month.
“At least 25 congressional campaigns, state parties and the Republican Governors Association have together spent more than $473,000 at Trump hotels or golf resorts this year, according to a Washington Post analysis of campaign finance filings. Trump’s companies collected an additional $793,000 from the RNC and the president’s campaign committee, some of which included payments for rent and legal consulting,” according to The Washington Post.
Just this year, the Trump International Hotel has seen a 192% jump in profit from a projected loss since Trump assumed office. The hotel was expected to lose $2.1 million this year but in the first few months of his presidency, the hotel announced that it has earned a healthy $1.97 million profit.
“The Trump Organization had projected that it would lose $2.1 million during the first four months of 2017 as it established a new hotel and convention business in the nation’s capital, according to newly released federal documents,” reports the Washington Post.
“Instead the hotel, with its namesake in the White House down the street, is already turning a hefty profit and charging more for its rooms than most or all of the city’s other hotels.”
“The $4.1 million swing from projected losses to profitability represents a 192 percent improvement over what the Trump family planned to make when the company opened the hotel in the fall,” the Washington Post continued.
Melania Trump is not doing badly either. A recent legal document filed by her lawyers on behalf of the First Lady indicates she expects to develop “multi-million dollar business relationships” as a result of her presence in the White House.
The First Lady, like her husband’s other family members has not stepped away from many of the companies that manage her “Melania-branded” products since her husband assumed office.
“The Trumps are using the White House like the Kardashians used reality TV, to build and vastly expand their overall business enterprises,” said Norman Eisen, who was President Barack Obama’s chief ethics counsellor.
Other ethics watchdogs say they are worried that the First Lady appears to be trying to profit her high profile position.
Recent fillings show that she is still listed as the CEO of Melania Marks Accessories Member Corp, the holding company of Melania Marks Accessories LLC. Both companies remain active and are said to manage between $15,000 and $50,000 in royalties from her accessories lines.
Scott Amey, general counsel of the Washington watchdog Project on Government Oversight recently told the media the First Lady’s ongoing ownership of these businesses are “another example of the first family blurring the line between public service and private business interests.”
Despite a recent “Made in America” campaign by the Trump administration, first daughter Ivanka Trump and husband Jared Kushner appear to be reaping huge rewards from their close proximity to, and name association with her father.
Ivanka has been importing boatloads of merchandise monthly from China and profiting handsomely from her White House position.
Her enterprises including fashion brands and accessories are bringing in so many Chinese made goods into the United States that ethics watchdogs are sounding alarm.
Jared Kushner’s family were recently caught trying to trade off his name in their business dealings in China.
CNBC reports that Ivanka or her trust has received at least $12.6 million from various business ventures since her father won the presidency while she and her husband Jared Kushner “benefit from an active business empire worth as much as $761 million to them.”
“From the beginning of last year to May 31 of this year, she or her trust earned at least $6 million from sales of her clothes, shoes and other accessories. Ms. Trump rolled her brand into the trust, which is overseen by Joshua Kushner and Nicole Meyer, her brother-in-law and sister-in-law, in March,” CNBC reported.
“Ivanka Trump or her trust received at least $12.6 million from her various business ventures and has an arrangement to guarantee her at least $1.5 million a year even as she serves in a top White House position, according to her first ethics disclosure made public late Friday.”
“The report was released alongside an updated filing by her husband, Jared Kushner, who is also serving as a top adviser to President Trump. It shows that the couple benefit from an active business empire worth as much as $761 million to them, an arrangement that ethics experts warn poses potentials for conflicts of interest as the couple have been given a wide-ranging portfolio of government responsibilities.”
“Ms. Trump, who resigned from nearly 300 leadership positions at various entities within the family real estate businesses and at her fashion brand, has continued to receive millions of dollars from both streams, including more than $2.4 million from her stake in the Trump International Hotel in Washington and more than $2.5 million in salary and severance from the Trump Organization.”
“There still may be financial ties that we don’t know about,” said Lawrence M. Noble, a former general counsel and chief ethics officer of the Federal Election Commission. “These really weren’t meant to deal with a situation where somebody’s going to keep a major business interest.”
Since March of this year, companies that Kushner has interest in and remains invested in “have closed several real estate deals across the country, including the sale of properties in Toledo, Ohio, for $5 million to $25 million and a purchase in Brooklyn also worth as much as $25 million to him,” according to CNBC.
It is even murkier for President Trump. Experts agree that his appearances in his properties bring notoriety and increase their value but it has become harder to identify the various ways the President is benefiting.
An investigation by USA Today found that “the percentage of buyers of Trump condos structuring their purchases through LLCs has jumped from single digits to two-thirds. Suppliers are scuttling into the shadows, too. Those shipping goods to Ivanka’s businesses in America typically identified themselves on bills of lading before the Trump presidency. Now they usually do not.”
When asked recently to describe how the world views America under Donald Trump, Walter Shaub said the country is “PRETTY close to a laughing stock.” Mr. Shaub stepped down as head of the Office of Government Ethics, a federal watchdog.
“It’s hard for the United States to pursue international anti-corruption and ethics initiatives when we’re not even keeping our own side of the street clean,” Mr Shaub added.
Financial experts believe that the Trumps could benefit as much as $500 million, or more, from Trump’s presidency in four years because he has refused to relinquish his financial stake in these businesses while in the White House.
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