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President Trump’s Income From Mar-a-Lago Is Way Up

The document shows Trump held officer positions in 565 corporations or other entities before becoming US president. That number appears to conflate revenue with income, as Trump’s previous disclosures have.US President Donald Trump in the Roosevelt Room of the White House last week.Latest disclosure puts his wealth at $1.4 billion and personal liabilities of at least $315.6 million to German, U.S. and other lenders as of mid-2017.That would represent about $2.8 million a month – comparable to the monthly rate that was disclosed earlier this year by a group of congressional Democrats.The controversial President with hotels to match is in the news again. Since launching, the property has generated $20 million in revenue, according to the disclosure.Two spokeswomen, one for Trump Hotels and another for the Trump Organization, didn’t immediately respond to a request for comment outside normal business hours. Those returns provide more complete financial information than the personal financial disclosures, which only include broad ranges for income and debts.United States presidents are not required to release their tax returns but have done so voluntarily since the 1970s. “We still don’t get the kind of picture that can let us understand what’s really going on”, Wonderlich said.Trump’s financial disclosures have added importance because he isn’t following the long tradition of presidential candidates and office-holders making public their tax returns.The filing is not required by law, but has traditionally been released by presidents after assuming office.Richard Painter, the chief ethics lawyer for President George W. Bush from 2005 to 2007, saw the Friday disclosure as a missed opportunity.Trump has made his wealth a key element of his political brand, and his refusal to relinquish ownership of his company has spurred ethics complaints and legal challenges. It shows Trump has “resigned” his participation in 565 companies, “quitting” most of these companies on January 19, 2017, the day before he was sworn in as the nation’s 45 president. Mar-a-Lago’s initiation fee doubled after Mr. Trump was elected – from $100,000 to $200,000 – effective on January 1, 2017.The report also doesn’t reveal how much Trump paid in taxes a year ago. Trump valued 22 of his holdings at $US50 million or more. The largest proportion of debt – at least $130 million – is owed to Deutsche Bank Trust Company Americas, a unit of German-based Deutsche Bank AG.Trump’s companies are required to file annual reports for three golf courses in Ireland and Scotland.The disclosure reflects income of between $US2.5 million and $US15.5 million from stocks, bonds and mutual funds.Trump has also seen a massive increase in income from book royalties since he began campaigning in mid-2015.The ranges listed for liabilities were largely unchanged from prior disclosures. Trump had disclosed a liability to Deutsche of more than $50 million, which was in the Old Post Office, a property in Washington where he has established a hotel.Critics across the USA have raised questions about what Trump’s tax returns say about his net worth and various business ties. Administrations often release promised documents once journalists have left the office for the weekend, hoping that any damaging info would get lost in the news cycle turnover.Federal law did not require Trump to file a new financial disclosure until next year, said Ken Gross, a Washington lawyer who has advised business executives and political appointees on finances and ethics.Trump also didn’t sell his businesses when he took office and instead transferred them to a trust, which means he can still technically profit off them even during his term.In the release, Mr. Trump outlines the financial health of the business assets he placed into a trust when he took office.Trump has repeatedly denied having any financial ties to Russian Federation, and the documents are unlikely to reflect any. The income listed for Trump enterprises generally represent gross revenue, not net revenue.White House Spokesman Sean Spicer earlier in the week dismissed those concerns as partisan bickering, and in a brief statement late Friday, he did not address them anew. Under Pruitt’s tenure, the agency has cut several rules and initiatives opposed by the oil industry.