Forbes says President Donald Trump has more than a billion dollars in debt.
The New York Times Sunday evening dropped a bombshell investigation into Trump’s taxes, after having obtained twenty years of his returns. The Times reported Trump is $421 million in debt to an unknown entity.
Overall, he puts Trump’s net worth at $2.5 billion, saying his businesses are
Alexander clearly knows what he’s talking about, and clearly knows all of Trump’s real estate assets.
The list of debt on his assets seems staggering.
“A big chunk of Trump’s liabilities is concentrated in 1290 Avenue of the Americas in New York City and 555 California Street in San Francisco, the two skyscrapers he owns in conjunction with Vornado,” Alexander reports, adding that Trump’s share of the debt for those two buildings is $448 million.
“The president owes hundreds of millions more on other Manhattan buildings, as documented in SEC filings and property records.
At Trump Tower, he has a $100 million loan.
At 40 Wall Street, he owes $139 million.
At Trump Plaza, $13 million.
At Trump International Hotel & Tower, $6.5 million.
At Trump Park Avenue, an estimated $10 million.
That’s another $268 million, bringing the tally to $716 million.”
The Washington Post is reporting that the new book from Rick Gates reveals a president who wanted his daughter by his side in the White House long before he eventually appointed her as a senior White House adviser.
According to the report made the proposal to a collection of his campaign advisers in June of 2016, saying, “I think it should be Ivanka. What about Ivanka as my VP?”
He then reportedly added, “She’s bright, she’s smart, she’s beautiful, and the people would love her!”
According to the Post, the book describes, “Trump was so taken with the concept of his eldest daughter as his vice president — and so cool to other options, including his eventual selection, then-Indiana Gov. Mike Pence — that his team polled the idea twice, according to Gates.”
“It was Ivanka Trump who finally ended the conversation, Gates writes, going to her father to tell him it wasn’t a good idea,” the report continues. “Trump eventually came around and selected Pence, after the governor won him over by delivering a ‘vicious and extended monologue’ about Bill and Hillary Clinton at a get-to-know-you breakfast later that summer, according to Gates’s account.”
Just hours after the worst story about President Donald Trump dropped from the New York Times, former Trump campaign manager Brad Parscale barricaded himself in a Florida home with a gun threatening to harm himself.
Local 10 News reported Parscale was in one of his many homes when police were called. Officers arrived and spoke with Parscale’s wife, who said that he was armed with multiple firearms and was threatening to harm himself.
“Politics aside, this fellow obviously suffers from emotional distress,” said Trantalis. “I’m glad he didn’t do any harm to himself or others I commend our SWAT team for being able to negotiate a peaceful ending to this.”
The Trump campaign is blaming “Democrats and disgruntled RINOs” for the reported self-harm threat of its former campaign manager Brad Parscale.
“The disgusting, personal attacks from Democrats and disgruntled RINOs have gone too far, and they should be ashamed of themselves for what they’ve done to this man and his family,” said Trump campaign’s communications director Tim Murtaugh.
Trump has been paying Ivanka as a “consultant” and writing it off his taxes
President Donald Trump’s taxes are being reported by the New York Times revealing ways in which his daughter Ivanka has been getting millions from her father and avoiding paying the proper amount of tax on it.
Gift taxes are when a living person gives over $15,000 to a person, and Trump has given Ivanka much more than that. But to get around it, he calls his money to her “contractor fees,” which she declares as “income.” She’s also had nearly $100,000 in fees for her hair and makeup paid by the president for years.
“Mr. Trump has written off as business expenses costs — including fuel and meals — associated with his aircraft, used to shuttle him among his various homes and properties,” said the Times. “Likewise, the cost of haircuts, including the more than $70,000 paid to style his hair during ‘The Apprentice.’ Together, nine Trump entities have written off at least $95,464 paid to a favorite hair and makeup artist of Ivanka Trump.”
In her public filings, Ivanka Trump said she was paid through TTT Consulting, LLC, which she indicated previously was giving “consulting, licensing, and management services for real estate projects.” It’s one of many companies connected to the Trump family under the tame TTT or TTTT.
“Like her brothers Donald Jr. and Eric, Ms. Trump was a longtime employee of the Trump Organization and an executive officer for more than 200 Trump companies that licensed or managed hotel and resort properties,” the report said. “The tax records show that the three siblings had each drawn a salary from their father’s company — roughly $480,000 a year, jumping to about $2 million after Mr. Trump became president — though Ms. Trump no longer receives a salary. What’s more, Mr. Trump has said the children were intimately involved in negotiating and managing his projects. When asked in a 2011 lawsuit deposition whom he relied on to handle important details of his licensing deals, he named only Ivanka, Donald Jr. and Eric.”
While Trump’s taxes don’t show the funds that he gave to Ivanka specifically, she reported payments from “consulting” totaling $747,622. It matches the number exactly that Trump wrote off as “consulting,” which he wrote off of his taxes.
Trump’s income from “The Apprentice” is running out; he sold most of his stock; his businesses are losing money; and he has $400 million in loans coming due
The New York Times revealed that among the reports they have about President Donald Trump’s taxes is that he’s been making huge amounts of money off of licensing for “The Apprentice,” which he uses to support his fledging resorts and clubs. But as that money slows, about $421 million in bills are coming due.
“Together with related financial documents and legal filings, the records offer the most detailed look yet inside the president’s business empire,” said the Times. “They reveal the hollowness, but also the wizardry, behind the self-made-billionaire image — honed through his star turn on ‘The Apprentice’ — that helped propel him to the White House and that still undergirds the loyalty of many in his base.”
The report went on to calculate that Trump made more money playing a businessman on television than he did being a businessman in real life if his tax records are any indication.
“‘The Apprentice,’ along with the licensing and endorsement deals that flowed from his expanding celebrity, brought Mr. Trump a total of $427.4 million, The Times’s analysis of the records found,” the report continued. “He invested much of that in a collection of businesses, mostly golf courses, that in the years since have steadily devoured cash — much as the money he secretly received from his father financed a spree of quixotic overspending that led to his collapse in the early 1990s.”
The documents reveal that his largest golf resort, Trump National Doral, had $162.3 million in losses since he purchased it for $150 million in 2012. His tax records show that $213 million was put into Doral and about $125 million in mortgage bills are about to be due in the next three years. It adds to $63.6 million in losses for his three European properties. He also reported $315.6 million in losses from his golf courses and a $55.5 million-loss in 2018 for his Trump International Hotel down the White House street.
All of the loses from the sorts have been paid for, the Times said, by “marking his cash infusions as a loan with an ever-increasing balance, his tax records show. In 2016, he gave up on getting paid back and turned the loan into a cash contribution.”
“Rather than making him wealthier, the tax records reveal as never before, each new acquisition only fed the downward draft on his bottom line,” the report revealed.
Trump is responsible for the loans and other debts totaling a whopping $421 million. Those bills come due in the next four years.
“Should he win re-election, his lenders could be placed in the unprecedented position of weighing whether to foreclose on a sitting president,” said the Times.
Trump has paid more in hush money to porn stars than he paid in taxes.
UPDATE: 9/27/2020 11:55 PM EDST
Pulitzer Prize-winning investigative reporter David Cay Johnston has literally written the book on President Donald Trump and his finances. Trump’s supporters have already gone after the report saying that it vindicated the president because there was no mention of Michael Cohen or Russia anywhere in the New York Times bombshell report.
As Cay Johnston explained, those things wouldn’t be on Trump’s personal taxes; it would fall under the Trump Organization.
“This is a stunningly detailed report that goes into essentially everything that you would know from the tax returns that isn’t what you’d know about his business. For example, nothing in here about Russia and whether the money he’s gotten we know he’s gotten from Russia, because that would be business records, not tax records,” he explained.
UPDATE II: 9/28/2020 1:15 AM EDST
Trump campaign is laundering loads of dirty Russian money!!!
TOPLINE The Campaign Legal Center, a nonpartisan campaign finance watchdog group, filed a complaint with the Federal Elections Commission Tuesday accusing the Trump campaign of “laundering” $170 million through numerous companies, some with connections to former Trump campaign manager Brad Parscale.
And then today Brad Parscale hears the NYTimes has tax records and he threatens suicide before being arrested to prevent self harm.
Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance https://nyti.ms/3jmgeBf
The NYT article is behind a paywall, subscription required.
Donald J. Trump paid $750 in federal income taxes the year he won the presidency. In his first year in the White House, he paid another $750.
He had paid no income taxes at all in 10 of the previous 15 years — largely because he reported losing much more money than he made.
As the president wages a re-election campaign that polls say he is in danger of losing, his finances are under stress, beset by losses and hundreds of millions of dollars in debt coming due that he has personally guaranteed. Also hanging over him is a decade-long audit battle with the Internal Revenue Service over the legitimacy of a $72.9 million tax refund that he claimed, and received, after declaring huge losses. An adverse ruling could cost him more than $100 million.
The tax returns that Mr. Trump has long fought to keep private tell a story fundamentally different from the one he has sold to the American public. His reports to the I.R.S. portray a businessman who takes in hundreds of millions of dollars a year yet racks up chronic losses that he aggressively employs to avoid paying taxes. Now, with his financial challenges mounting, the records show that he depends more and more on making money from businesses that put him in potential and often direct conflict of interest with his job as president.
His revenue from “The Apprentice” and from licensing deals is drying up, and several years ago he sold nearly all the stocks that now might have helped him plug holes in his struggling properties.
And within the next four years, more than $300 million in loans — obligations for which he is personally responsible — will come due.
In a new book, investigative reporter Tom Burgis details the shocking ways in which corrupt leaders — inclduing Donald Trump — used Russian “businessman” Felix Sater to conduct sketchy deals, including ones for President Donald Trump.
According to the Daily Beast, Kleptopia: How Dirty Money is Conquering the World reports the “terrifying” and true tale of overwhelming corruption, “clandestinely fusing their business interests, and forming alliances.”
While corrupt leaders have spent decades “guzzling their nations’ wealth,” the rest of the world is struggling to keep such lawlessness in check.
“What they crave is legitimacy—for their money and their power,” the Beast described. “That means hijacking democracies, harnessing the rule of law to protect their own lawless fortunes and destroy their enemies.”
If people like Sater can funnel cash quietly through different channels, it can help untrusted regimes garner some form of trust from the global community by hiding their illicit activities. The person who does that is Sater, and his relationship with Trump is well-documented.
“In 2001, one of the tenants of Trump Tower had introduced himself” to then-developer Donald Trump, the book recalls.
“I’m going to be the biggest developer in New York,” Felix Sater told Trump, “and you need to be my partner.”
“There was no need to discuss the criminal connections in either man’s past: Trump’s mobster associates or Felix’s days as a pump-and-dump fraudster. What mattered was that Trump needed money and Felix and his partner, Tevfik Arif, were ideally placed to capitalize on the great shift that would save him: the tide of dirty money,” the book continues.
After 9/11 banks were taking the source of cash more seriously since terrorist groups were using the banks to funnel payments for their plots. So, corrupt international business leaders looked to real estate as a place to stash their cash, and Trump wanted to be their dealer.
“The five families had laundered their criminal proceeds through American property for decades. Now the new kleptocrats followed them,” the book goes on. “Trump’s role would be to rent out his name. As the persona of The Apprentice had elided reality, that name had been reinvented as a success. For a percentage, Trump would append his personal brand to a skyscraper or a hotel. He would make ignorance his business: what one of those who handled the money called ‘wilful obliviousness.’ An architecture of shell companies would keep the money incognito, and if anyone did find out who it belonged to, provide plausible deniability for those who had received it. The projects could go bust—they usually did—but that wasn’t a problem. The money had completed its metamorphosis from plunder to clean capital.”
Options for laundering were everywhere, the book recalled.
“Colombian businessman David Murcia Guzmán pumped the proceeds of his black-market peso scam through the Trump Ocean Club down in Panama,” Burgis wrote. “But the big money wanted to be in the greatest haven of all, North America. In 2008, the Trump SoHo opened. It had cost $370 million. Another $200 million half-hotel, half-condo tower in Phoenix, Arizona, was supposed to follow, but was never finished. Nor was the 24-story tower in Florida. Still, both projects had usefully recycled plenty of money. The partners’ horizons widened. Felix Sater set off for Moscow with two of Trump’s children, Ivanka and Don Jr., to drum up a scheme for a Trump Tower in the Russian capital. For all their wilful obliviousness, Trump and his people showed a pretty clear sense of the sources of the funds: ‘We see a lot of money pouring in from Russia,’ Don Jr. said in an interview published the day Lehman Brothers collapsed in 2008.”
It explains so much of the questionable business dealings there have been under the Trump Organization.
According to a detailed report at the Washington Post, in 1990 Donald Trump was facing personal bankruptcy and overwhelming financial demands from his first wife so he attempted to manipulate his father — whose mental health was in severe decline — to turn over his fortune, thereby shutting out the other Trump siblings.
The result, the report states, was years of enmity among the children of 85-year-old Fred Trump.
According to the report, “creditors threatened to force him into personal bankruptcy, and his first wife, Ivana, wanted ‘a billion dollars in a divorce settlement,” which led the future president to send “an accountant and a lawyer to see his father, Fred Trump Sr., who was told he needed to immediately sign a document changing the will according to his son’s wishes, according to depositions from family members.”
The report notes that at the time of the meeting, Fred Trump was in declining mental health and would “soon be diagnosed with cognitive problems, such as being unable to recall things he was told 30 minutes earlier or remember his birth date.”
According to the report, Trump’s sister, Maryanne Trump Barry was asked by her father to look at the request and she, in turn, gave the documents to her husband John Barry who had experience as an estate lawyer.
“I show it to John, and he says, ‘Holy sh*t.’ It was basically taking the whole estate and giving it to Donald,” Maryanne Trump Barry later said.
That, the report states, set off a war within the family that continues to this day with Trump’s niece, Mary Trump, now suing her uncle.
The report notes that Donald might have lied during a deposition about the money grab by saying, “he had no idea his father was suffering from dementia, saying his father was ‘very, very sharp’ at the time. But medical records and accounts by two of his siblings indicate the elder Trump’s cognitive abilities were already declining.”
The Post reports, “Fred Trump Sr. was formally diagnosed with ‘early stages of dementia,’ according to medical records that were disclosed in a 2000 court case brought by Mary Trump and others seeking a larger inheritance from the elder Trump’s estate.”