Donald Trump discloses multimillion-dollar income in latest filing
- Author: Leroy Wright Jun 23, 2017,
Jun 23, 2017, 17:42
According to this disclosure, Trump resigned from his managing posts in nearly all of his enterprises on January 19, 2017, one day before being sworn into office at the White House.
The report shows Trump resigned from more than 500 positions when he created the trust to take over his portfolio.
Trump's luxury hotel near the White House, which held its grand opening in October, reported $19.6 million in hotel-related income.
He reported liabilities of at least US$110 million to commercial real estate lender Ladder Capital Corp. The president also received $19.8 million from his golf club in Bedminster, New Jersey, where he frequently spends weekends in the summer.
In the 98-page document, posted on the agency's website, $ 130 million of debt is reported to Deutsche Bank Trust Company Americas, a subsidiary of Deutsche Bank.
Before taking office in January, Mr Trump was a NY real estate developer and television celebrity.
The last time Trump released any information about his finances was in May 2016, as a candidate, showing he was worth was at least $1 billion. Those include his Mar-a-Lago Club in Palm Beach, Florida, which doubled its members' annual dues to $US200,000. In July 2015, he reported earning $15.6 million from the property in the previous 18½ months.
Richard Painter, who served as an ethics lawyer under President George W. Bush, told ABC News that the form shows Trump "still owns most of his business empire".
The president's golf courses have been very lucrative, especially Trump National Doral, in Miami, which brought in $115,865,590.
Details about the Trump International Hotel in the revamped Old Post Office building on Pennsylvania Avenue near the White House are likely to become part of a growing debate over the constitutional ban on president's receiving gifts and payments while in office - something known as the emoluments clause. However, the president did not place the assets into a blind trust or divest from his business interests, a move that many ethics experts had deemed necessary for the president to avoid conflicts of interests.
The hotel is the subject of lawsuits that charge that the hotel, among other business interests is a violation of the emoluments clause, which is meant to prevent foreign governments from influencing government officials with improper presents or payments.