World News

Trump financial disclosures show Mar-a-Lago business boom

Trump financial disclosures show Mar-a-Lago business boom

The document shows Trump held officer positions in 565 corporations or other entities before becoming US president. But during the past year, she listed no income from the brand.

Trump faces three lawsuits already over that ban, with groups such as Citizens for Responsibility and Ethics in Washington, or CREW, and more than 200 members of Congress suing over the constitutional ban. One is planned for the tourist island of Bali, the other near Jakarta.

For 2016 and early 2017 Trump reported an income of at least $594 million and assets worth at least $1.4 billion. "We can presume it's because he's president ... the question is where is that money coming from?" That is just Trump's personal income, separate from the profits and losses of the Trump Organization, though he does still hold a financial interest in the company.

Although Trump properties occupied for government business, or those who do business with the government, did well, overall the president had a mixed year, at least in terms of financial results that have been made public. But critics argue that isn't happening, or at least not in a consistent, transparent fashion.

The number includes nearly $20 million from Trump's Washington D.C. hotel, according to a 98-page financial-disclosure document released by the federal Office of Government Ethics on Friday evening. The disclosure was certified by the federal ethics agency, according to the statement.

The financial disclosures released aren't as detailed as tax returns would be. The figures, described as development fees and a sponsor fee, are attributed to companies for which the previous disclosures show no income.

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Trump turned over the reins of his global real estate, property management and marketing empire to his two adult sons and a senior executive.

For example, Trump reported more than $37 million in income from his Mar-a-Lago club in Florida, the resort most visited by Trump on his weekends.

Mr Trump initially pledged to give any profits from foreign business at the Trump International Hotel to charity, but the Trump Organization has since said it is proving hard to identify which foreigners are conducting business at the hotel. His revenue also grew from Mar-a-Lagos, the resort in Florida, which he calls the "Winter White House".

The ranges listed for liabilities were largely unchanged from prior disclosures. But he has submitted federal forms disclosing his and his family's income, assets and liabilities. This number presumably doesn't include offsetting expenses, taxes, depreciation and the like. After much back and forth with Trump's lawyers, the General Services Administration decided that Trump's financial rearrangement was sufficient and allowed him to keep his lease on the building, which has been converted into a hotel.

The president reported up to $7 million in book royalties, including $1 million to $5 million from his book "Great Again: How to Fix Our Crippled America".

After taking office, Trump opted against Office of Government Ethics recommendations that he divest his holdings.


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