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Asia Today ISSN 1861-4604 Sunday, September 24, 2017

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How Donald Trump became richer by tens of millions of dollars as the President of America

Trump claims he is worth in "excess of $10 billion"

Share on Facebook June 18, 2017, Reporter : BNN, Reader : 427

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WASHINGTON, U.S. - In an unprecedented move, Donald Trump revealed that he’s getting rich as President of the United Stated.> BNN
 
Trump submitted 98 pages of financial disclosures to the U.S. Office of Government Ethics and the documents reportedly claim that the president has made tens of millions of dollars in income from his real-estate empire.
 
Filings released by the U.S. Office of Government Ethics on Friday revealed that as President, Trump received tens of millions of dollars in income from the golf courses and resorts whose profile he boosted during frequent visits since taking office.
 
While the financial disclosure offer a partial snapshot of Trump’s income and assets from January 2016 to April this year the filings offer less detailed information about his precise financial situation.
 
Those details would only be obtained from his tax returns, which, defying modern precedents, Trump refused to release on the campaign trail or even during his presidency.
 
However, the documents he has now presented the Ethics office with indicate that Trump has also reaped a partial windfall since his most recent filing with the Federal Election Commission last year. 
 
According to the filings, properties that Trump frequently visited as president saw the largest boost in income, with the President claiming more than $37 million in income from Mar-a-Lago, the Palm Beach County resort in Florida that was dubbed as his “Winter White House.” 
 
Income from Mar-a-Lago rose dramatically since his last two financial disclosures with the FEC.
 
Trump reported over $15 million in income from the resort in the 2015 report, while he claimed $29 million in income in the 2016 version of the report.
Meanwhile, the filings include $20 million in income from the nearby golf club he owns in Jupiter, Florida. 
 
Trump’s frequent visits to the luxury resort, that inconvenienced several of the local businesses each time he visited, came under sharp criticism.
An analysis conducted by The Washington Post in May revealed that Trump visited at least one of the properties he owned in 36 of his first 108 days in office, or one-third of his presidency to that time. 
 
The trips reportedly include almost weekly visits to Mar-a-Lago and his Florida properties, where he mingles with guests and club members as well as hosts foreign dignitaries.
 
What served as a direct proof of the fact that his presence at his own properties boosted his income was that properties that saw fewer or no visits from the president produced no such boost in income for him. 
 
The filings show that his golf club in Bedminster, New Jersey, which he only visited for the first time as president in May, raked in $19.7 million in income for him - the same amount as in his 2016 filing. 
 
Meanwhile, Trump-branded golf courses in Turnberry, Scotland, and Doonbeg, Ireland reported $14 million and $12 million in income, respectively and other courses throughout the U.S. stayed flat or saw slight declines. 
 
It showed that the largest single source of income came from a golf resort he purchased in 2012, the Trump National Doral Miami.
 
The President’s 2017 filing, showed that he reported $115 million from the resort, which experts claim is a hefty sum by any standard.
 
However, it was revealed that Doral earned him $131 million in income in his filing last year - which would go to prove that this year’s total represents a multi-million dollar decline in income.
 
However, experts were quick to point out that Trump’s 2017 filing did contain one chief income area - royalties for his business-advice book ‘The Art of the Deal.’
 
In the spring of 2016, he reported royalties amounting to between $50,000 and $100,000 from his book. 
 
After being inaugurated as President, Trump has reported those royalties have now fallen within the $100,000 to $1,000,000 range.
Meanwhile, sales of Trump’s book “Crippled America” brought in up to another $5 million.
 
Overall, Trump reported assets of at least $1.4 billion and income of at least $596.3 million in the 2016 calendar year and the early months of 2017. 
He has also reported owing at least $310 million to various financial institutions, including at least $130 million to Deutsche Bank.
 
Even though Trump claims he is worth in "excess of $10 billion" - Fortune magazine put the number at less than $4 billion late last year.
 
Press Secretary Sean Spicer said in a statement on Friday evening, “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.”
After assuming presidency and coming under pressure to deal with issues related to a possible conflict of interest, Trump stepped back from the Trump Organization and turned over daily control to his adult sons, Donald Trump Jr. and Eric Trump. 
 
However, reports have stated that he has maintained his financial interest, and his sons give him updates on the financial condition of the company.
Since January, all of Trump’s business assets have been in a trust managed and controlled by his sons and longtime Trump Organization executive Allen Weisselberg. 
 
According to documents released in April however, Trump is the beneficiary of the trust and is allowed to draw money from it at any time.

 

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