Udayavni Special

Trump to provide rare look of finances in disclosure report


PTI, May 16, 2019, 3:25 PM IST

New York: President Donald Trump’s latest financial disclosure report is expected to provide a rare glimpse into whether his presidency has helped or hurt his hotels, golf resorts and other parts of his business empire.

The report, which is filed with the Office of Government Ethics and set for release Thursday, will be closely studied for changes in revenue at key properties in 2018, including his Mar-a-Lago resort in Palm Beach, Florida, his Washington, D.C., hotel and his Doral golf resort in Miami.

Experts say the Trump business has taken a hit from the president’s divisive policies and rhetoric, though the Trump Organization says much of the business is fine.

Trump’s biggest revenue generator among his golf properties, Doral, took in USD 75 million in revenue in 2017. By comparison, Trump’s “Summer White House,” his golf club in Bedminster, New Jersey, generated USD 15 million.

Mar-a-Lago took in USD 25 million in 2017 and his Washington hotel generated USD 40 million.

In total, the disclosure report for 2017, released a year ago, showed Trump’s assets including books he has written, licensing deals and other business ventures generated revenue of at least USD 453 million. The report estimated the assets were worth at least USD 1.4 billion.

While Trump has not released his tax records, he has been filing financial disclosure reports since he ran for president.

The latest report, listing 2018 figures, will allow for the first time a 12-month comparison with a previous year. Trump’s report released two years ago stated estimates for revenue over 16 months.

A key part of the report released last year was a footnote listing a reimbursement of as much as USD 250,000 to Trump’s former personal lawyer Michael Cohen. Cohen, who is serving three years in prison for campaign finance violations among other crimes, admitted paying hush money during the presidential campaign to silence Stormy Daniels, the porn actress who alleges she had sex with Trump. The president has denied that he had an affair.

The reports filed with the government ethics agency each year are for revenue, not profits, and the figures are given in ranges and so provide only a partial picture of the finances of Trump and other executive branch officials who file them.

When Trump took office, he refused to fully divest from his global business, a break with presidential tradition.

Instead, he put his assets in a trust controlled by his two adult sons and a senior executive. Trump can take back control of the trust at any time, and he’s allowed to withdraw cash from it.

Top News

WHO approves trial of HCQ for potential COVID-19 treatment

RS polls: Speculations rife over Cong-JD(S) coming together once again

Kerala elephant tragedy: Govt orders probe; Centre seeks report

Mumbai spared major damage after cyclone Nisarga hits Maharashtra coast

Yogesh Gowda murder case: Ex-police commissioner Pandurang Rane, others examined

Academic classes will not start from July 1: Minister Suresh Kumar

“Bitter truth”: Congress after BJP leader asks Sonu Sood to help migrants

Related Articles More

George Floyd tested positive for COVID-19 in April

WHO approves trial of HCQ for potential COVID-19 treatment

4 Minneapolis cops now charged in George Floyd’s death

US to suspend flights by Chinese airlines from June 16

Indian-American hailed as hero after sheltering over 70 protestors

MUST WATCH

Tragedy and chaos: Former MIA director recalls Mangalore Air Crash

Lockdown relaxation: Long queues outside liquor stores in Mangaluru

Indian Coast Guard thank Covid-19 warriors

#WeFeed – Feeding stray animals during lockdown!

Mysuru-origin doctor honoured with parade for her service in treating COVID-19 patients in US

Latest Additions

George Floyd tested positive for COVID-19 in April

‘We won’t take hasty decision on student’s life’, tweets Suresh Kumar

Unlock 1: Indian hockey teams resume outdoor training

Lobbies left-of-centre people suppressing success stories of fight against COVID-19: BL Santhosh

We hope US’ non-immigration visa review will consider benefits of H1-B visa

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.