Trump releases 2019 financial disclosure report

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The latest form, required annually by the Office of Government Ethics, was released Friday evening. As in previous years, the form appears to list income from Trump Organization properties in the ‘income’ field, typically used by officials to report only their personal take-home pay or share of an asset – a decision that gives an exaggerated view. of Trump’s Wealth.

According to the form, which doesn’t have to be backed up with documentation, his Mar-a-Lago club in Florida – self-proclaimed at the start of Trump’s presidency as the “Southern White House” and used for meetings in summit – hosted $ 21.4 million in 2019, up from $ 22.7 million reported for 2018 and $ 25.1 million in 2017. Doral, where Trump considered hosting the G7 meeting before backing down, reportedly generated $ 77.2 million last year, up from $ 75.9 million in 2018. And Trump International, a Washington favorite stop a few blocks from the White House’s back door, has stayed behind. roughly equal, throwing $ 40 million.

All three properties were closed in March as the coronavirus pandemic spread across the country and resulted in the layoff of thousands of employees. The law prohibits the Trump organization from accessing federal relief funds. The disclosure released on Friday does not include 2020 figures.

Trump’s second son Eric Trump tweeted in early June that the company “had one of the BEST years in the Organization’s HISTORY in 2019”. The Trump Organization did not immediately respond to a request for comment.

The disclosure document, which is self-declared by Trump and not endorsed by federal ethics officials, only gives a veiled view of the president’s finances, long the subject of intrigue and speculation.Trump, who is the first president since Watergate to maintain his business interests during his tenure, is also the first president in decades to withhold his tax records, which would give the public a more accurate picture of his income and his net worth, and he has fought in several courts to prevent their disclosure.

The Supreme Court has allowed House Democrats and New York prosecutors to subpoena financial and tax records, but legal battles to pass those documents from Trump’s financial and accounting firms continue.

Disclosures are based on self-reported assessments made by the president and the team that manages his finances, and is unaudited. The value of assets and income is also often shown in wide ranges in sections of the disclosure form – such as “$ 1,000,001 – $ 5,000,000” or “over $ 50,000,000”.

In addition, the Office of Governmental Ethics gives filers flexibility over what they can report in the “income” column of financial reporting documents. Trump’s reported income includes income from his hotels and properties, but the form does not distinguish Trump’s take-home pay from business income or account for business expenses.

These are reported as “income” because the Government Ethics Office does not focus on the amount of income when determining if there is a conflict of interest – one dollar of income would have the same amount. of conflict than $ 1 million.

Other sources of income reported by the president include bank interest, book royalties and a pension from the Screen Actors Guild.

The revelations are usually released in May, but the president and other White House staff have been granted a 45-day extension due to the pandemic.

CNN’s Zachary B. Wolf and Kevin Liptak contributed to this report.

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