Donald Trump is an American businessman, former television personality, and President of the United States 45th. He started his real estate career at his father's company, Elizabeth Trump and Son, later renamed The Trump Organization. He rose to public position after a number of successful real estate deals in Manhattan and New York City, and his company now owns and develops inns and golf courses around the world. Trump has some or all beauty contests between 1996 and 2015. He has marketed his name to many building projects and commercial products. Trump's failed business ventures have included several casino and hotel bankruptcies, the folding of the New Jersey General football team and the now defunct Trump University.
Upon being inaugurated as US President in January 2017, Trump resigned all management roles in The Trump Organization, and delegated the management of the company to his son Donald Jr. and Eric, in response to concerns about a conflict of interest. Trump maintains its financial shares in business.
Video Business career of Donald Trump
Real estate
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While in college, Trump started his real estate career at his father's company, Elizabeth Trump and Son, which focused on mid-sized rental housing in the New York City area of ​​Brooklyn, Queens, and Staten Island. One of Trump's first projects was the revitalization of the swept up apartment complex in Cincinnati, Ohio, whose father, Fred Trump, had bought for $ 5.7 million in 1962, equivalent to $ 46 million by 2017. Fred and Donald Trump involved in the project, and with an investment of $ 500,000, changing the complex occupancy rate of 1,200 units from 66% to 100%. Trump said that when he graduated from college in 1968, he was worth about $ 200,000 (equivalent to $ 1,060,000 in 2017). In 1972, the Trump Organization sold Swifton Village for $ 6.75 million. At the age of 23, he committed a failed commercial raid in the show business, investing $ 70,000 to become a producer alongside the 1970 Broadway comedy Paris Is Out!
He was appointed president of the company in 1971 and, in one of his first acts, was renamed The Trump Organization. In that year, he also moved to Manhattan, where he took part in larger construction projects and used an interesting architectural design to win public recognition. In 1973 the Justice Department alleged that Trump discriminated against black prospective tenants, rather than simply filtering out low-income applicants as they say. The Justice Department said that black "testers" were sent to more than half a dozen buildings and were denied apartments, but the same white tester would then be offered an apartment in the same building. In the end the Trump companies and federal officials signed an agreement in which Trump did not recognize the error, and where qualified minority applicants would be presented by the Urban League.
In 1973, Trump as president of the Trump Organization oversaw 14,000 apartments in Brooklyn, Queens, and Staten Island. In 1978, the city chose its site on the West Side of Manhattan as a location for the Jacob Javits Convention Center, having found that it was the only bidder with a site ready for the project. He accepts brokerage fees for property sales.
The first major deal of Trump in Manhattan was the development of the Grand Hyatt Hotel in 1978 next to the Grand Central Terminal. The old brick facade of the Commodore Hotel is shrouded in glass, and the hotel lobby is replaced by an atrium. The Commodore was thus presented as a renovated Hyatt hotel at its opening in September 1980, helping bring Trump to the public. Part of the deal is Fred Trump Village Construction Corp.'s $ 1 million loan to help pay for the lucky draw on Fred Chase Manhattan's line of credit for Donald when he built the hotel, as well as a $ 70 million construction loan secured by Fred and Hyatt hotel chain. Fred is a silent partner in the initiative, because his reputation has been damaged in New York real estate, after an investigation of unexpected profits and other violations in his real estate project, making Donald be the front man in the deal. According to journalist Wayne Barrett, Fred's two-decade friendship with an Equitable officer, Ben Holloway, helped convince them to approve the project. Donal negotiated a 40-year tax deduction for hotels with municipalities, in exchange for a share of business profits. The deal helps reduce project risk and provides incentives for investors to participate.
In 1981, Trump bought and renovated the building that would become Trump Plaza, on Third Avenue in New York City. Trump makes this into an apartment cooperative, in which the tenant partially owns the building.
Trump Tower
In 1983, Trump completed the construction of Trump Tower, a 58-storey skyscraper in Midtown Manhattan. The project involves complicated negotiations with various parties for Bonwit Teller buildings, land, and airspace over neighboring buildings. When the negotiations were completed in 1978, The New York Times wrote "That Mr. Trump can locate... is a testimony of his persistence [and] his skill as a negotiator."
Trump Tower occupies the former flagship storefront store, Bonwit Teller, demolished by Trump in 1980 after buying the site. There was controversy when the precious Art Deco statues on his facade, which had been promised to the Metropolitan Art Museum by Trump, were destroyed at the behest of the Trump Organization during the demolition process. In addition, the demolition of the Bonwit Teller store was criticized for the use of contractors of about 200 Polish immigrant workers without documents, who, during the rushed demolition process, reportedly paid 4-5 dollars per hour to work in a 12 hour shift. Trump testified in 1990 that he rarely visited the site and did not know the illegal workers, some of whom lived at the site and known as the "Polish Brigade". A judge ruled in 1991 that builders were involved in "conspiracy to remove funds from their legitimate donations", referring to the pensions and welfare of the union. However, at the time of appeal, a portion of the verdict was canceled, and the record was sealed when a long-running labor law was resolved in 1999, after 16 years in court.
Trump Tower was developed by Trump and the Equitable Life Assurance Company, and was designed by architect Der Swutt of Swanke Hayden Connell. Trump Tower is home to the main Donald Trump condominium penthouse and the headquarters of the Trump Organization. Buildings include shops, cafes, offices, and residences. The five-level atrium has a 60-foot waterfall stretched by a hanging lane, under a roof window. Trump Tower is the setting of NBC's The Apprentice TV show including a fully functional set of television studios. When the building is completed, the condo sells quickly and the tower becomes a tourist attraction.
Expansion
Harrah's at Trump Plaza opened in Atlantic City in 1984. The hotel/casino was built by Trump with financing by Holiday Corp. and operated by Harrah's gambling unit from Holiday Corp. Bad casino results worsen the dispute between Trump and Holiday Corp Trump as well. acquired part of the completed building in Atlantic City from Hilton Corporation for $ 320 million. When completed in 1985, the hotel/casino became Trump Castle. Trump's wife, Ivana, manages the property.
Trump acquired Mar-a-Lago estate in Palm Beach, Florida, in 1985 for $ 5 million, plus $ 3 million for home furnishings. In addition to using the house as a winter retreat, Trump also turned it into a private club with a membership fee of $ 150,000. At about the same time, he acquired a condominium complex in West Palm Beach with Lee Iacocca who became Trump Plaza of Palm Beaches.
Improvements to Rink Wollman at Central Park, built in 1955, began in 1980 by general contractors not connected to Trump, with an estimated 2 1 /< sub> 2 - a year's construction schedule, but not completed in 1986. Trump took over the project, completing it in three months with $ 1.95 million, which was $ 750,000 less than the initial budget, and then operated arena for a year with all the profits going to charity in exchange for concession rights to the ice rink.
Trump acquired Plaza Hotel in Manhattan in 1988. He paid $ 400 million for the property and once again tapped Ivana to manage operations and renovations.
Then in 1988, Trump acquired the Taj Mahal Casino in Atlantic City, New Jersey, in transactions with Merv Griffin and Resorts International. The casino opened in April 1990, and was built for a total cost of $ 1.1 billion, which at the time made it the most expensive casino ever built. Financed with $ 675 million in junk bonds with 14% interest, the project enters Chapter 11 bankruptcy the following year. Banks and bondholders, facing potential losses of hundreds of millions of dollars, chose to restructure the debt.
The Taj Mahal emerged from bankruptcy on October 5, 1991, with Trump handing off a 50% interest in casinos to bondholders in exchange for lowering interest rates and more time to pay off debts. He also sells the financially funded Trump Shuttle airline and 282 feet (86 m) megayacht, the Trump Princess. Property was repurchased in 1996 and consolidated into Trump Hotel & amp; Casino Resorts, which filed for bankruptcy in 2004 with $ 1.8 billion in debt, filed for bankruptcy five years later with $ 50 million in assets and $ 500 million in debt. Restructuring eventually leaves Trump with a 10% ownership in Trump Taj Mahal and other Trump casino properties. Trump served as chairman of the organization, renamed Trump Entertainment Resorts, from mid-1995 to early 2009, and served as CEO from mid-2000 to mid-2005.
Business bankruptcy
Although Trump has never filed for personal bankruptcy, the hotel and casino business have declared bankruptcy six times between 1991 and 2009 due to their inability to meet required payments and to renegotiate debt with banks, shareholders and bonds and various small businesses (unsecured creditors). Because businesses use Chapter 11 bankruptcy, they are allowed to operate while negotiations take place. Trump quoted by Newsweek in 2011 said, "I play with bankruptcy laws - they are very good for me."
The six bankruptcies are the result of excessive hotel and casino hotels in Atlantic City and New York: Trump Taj Mahal (1991), Trump Plaza Hotel and Casino (1992), Plaza Hotel (1992), Trump Castle Hotel and Casino (1992)) , Trump Hotels and Casino Resorts (2004), and Trump Entertainment Resorts (2009). Trump said, "I have used the law of this country to pay the debt... We will have the company We will throw it into the chapter We will negotiate with the bank We will make a fantastic deal." You know, it's like in < i> The Apprentice . It's not private. It's just business. "
Waris and further acquisitions
Trump acquired an old, empty office building, 70 floors at 40 Wall Street in Manhattan in 1996. After complete renovation, it became the Trump House. After his father died in 1999, Trump and his brothers received a similar share of his father's $ 250-300 million estate.
In 2001, Trump completed the Trump World Tower, a 72-storey residential tower opposite the UN Headquarters. Trump also started construction at Riverside South, which he calls Trump Place, a multi-building building along the Hudson River. He continues to have commercial space at the Trump International Hotel and Tower, a 44-storey mixed-use tower (hotel and condominium) in Columbus Circle that he gained in 1996, and also continues to have millions of square feet of other major Manhattan real estate.
Trump acquired the former Delmonico Hotel in Manhattan in 2002. It was reopened with 35-storey luxury condominiums in 2004 as Trump Park Avenue.
Trump has owned a home on North Rodeo Drive in Beverly Hills, California/Los Angeles, purchased for $ 7 million, since 2007. He bought a house next door in 2008 from Omar Bongo, Gabon president who will die in his office in 2009, for $ 10.35 million. Trump sold the second LA house, built in 1981, for $ 9,500,095 in 2009 for a loss of $ 850,000 (8%). The second house is back on the market in mid-2016 which is registered at nearly $ 30 million.
Trump has licensed its name and image for the development of a number of real estate projects including two Trump-branded real estate projects in Florida that have been foreclosed. The Turkish owner of Trump Towers Istanbul, who paid Trump for the use of his name, reported in December 2015 to explore legal ways to separate property after the candidate's call temporarily barred Muslims from entering the United States.
Trump also licensed his name to his son-in-law, Jared Kushner, a 50-year-old, Trump Bay Street, a luxury development city of Jersey that has raised $ 50 million of capitalization of $ 200 million mostly from wealthy Chinese citizens who, after make advance advance payment. of $ 500,000 in concert with the government's accelerated EB-5 visa program, usually can earn a permanent US residency for themselves and their families after two years. Trump is a partner with Kushner Properties only in name permissions and not in building financing.
Golf course
Trump, according to Jack Nicklaus, "loves golf more than he loves money". The flaw is 2.8. The Trump Organization operates many golf courses and resorts in the United States and around the world. The number of golf courses owned or managed by Trump is about 18, according to Golfweek . Trump's personal finance disclosure to the Federal Electoral Commission states that golf and resort revenues for 2015 are approximately $ 382 million.
In 2006, Trump purchased Menie Estate in Balmedie, Aberdeenshire, Scotland, creating a golf resort against the wishes of the locals in the area designated as the Site of Special Scientific Interest. An independent documentary 2011, You Are Drawn, by British filmmaker Anthony Baxter, notes the golf resort construction and the ensuing struggle between the locals and Donald Trump. Despite Trump's promise of 6,000 jobs, by 2016, according to his own admission, the golf course creates only 200 jobs.
In April 2014, Trump purchased Turnberry's hotel and golf resort in Ayrshire, Scotland, which is a regular fixture in the Open Tournament rota. In June 2015, Trump's appeal objected to an offshore windfarm (Aberdeen Bay Wind Farm) in the view of a golf link was denied. In December 2015, Trump's attempts to prevent fireworks built near his golf course were dismissed by five judges in the Supreme Court of England in the case of Trump International Golf Club Scotland Ltd. v. Scottish Ministers.
Maps Business career of Donald Trump
Professional sports
In 1983, General New Jersey Trump became a charter member of the new US Soccer League (USFL). Before his inaugural season began in 1983, Trump sold the franchise to Oklahoma oil magnate J. Walter Duncan, and bought it back after the season. He then tried to hire the old coach of Miami Dolphins Don Shula, but the deal failed because he did not want to meet Shula's demand for an apartment in Trump Tower. Trump eventually hired former New York Jets coach, Walt Michaels. The USFL played its first three seasons during spring and summer, but Trump assured the majority of other USFL team owners to move the 1986 USFL timetable to the fall, just across the National Football League (NFL), arguing that ultimately forcing the merger with the NFL should increase their investment significantly.
Prior to the 1985 season, Trump signed the Heisman Trophy-winning midfielder Doug Flutie to a $ 7 million 5-year personal service contract. It made Flutie the highest-paid pro football player of the time, as well as the highest-paid rookie in any professional sport. After the season, the Generals joined the Houston Gambler. Trump has 50% of the newly joined team, who will live in New Jersey and retain the nickname of the General. At the time, Trump boasted "this might be the best team in football." (New Jersey and Houston both had a good but not great season in 1985: they each made the playoffs but lost in the first round match.)
The Generals never played another game. The 1986 season was canceled after the USFL won a pyrrhic victory in an antitrust lawsuit against the NFL: the NFL technically lost the lawsuit, but the USFL awarded only $ 3.00 in cash compensation. The USFL, which dropped to only 7 active franchises of 18 tall, folded shortly thereafter.
Trump has expressed interest in purchasing Indian Cleveland for $ 13 million in a Feb. 15, 1983 letter sent by Kenneth Molloy to team president Gabe Paul. Trump increased its offer to $ 34 million in the same year. His lack of commitment to maintaining a franchise in Cleveland for more than three years has cost him the opportunity to complete the acquisition.
Trump remained involved with other sports after the Generals folded, operating golf courses in several countries. He also hosted several boxing matches at Atlantic City at Trump Plaza, including Mike Tyson's 1988 against Michael Spinks, and at one time acted as financial advisor to Tyson.
In 1989 and 1990 Trump lent his name to the Tour de Trump cycling race which was an attempt to create an equivalent American race like the Tour de France or Giro d'Italia. The name was suggested by his business associate, basketball commentator Billy Packer, who originally planned to call the Tour de Jersey race. The first stage of the inaugural race ends in the New Paltz college town of New York where pickets are greeted by riders with anti-Trump signs. The second phase begins in New York City, and Mayor Ed Koch, who has denounced Trump as "one of the greatest travelers," boycotted the event. The final stage of the 837 mile 10-stage race is even more controversial. Entering the last stage, Belgian rider Eric Vanderaerden was favored to win the tournament championship but lost at least 1 minute 20 seconds when he mistakenly missed a field not marked clearly in Atlantic City, up a quarter or more miles from the road. He eventually finished third overall, behind the winner of the Dag-Otto Lauritzen tour (Norwegian rider with the American 7-Eleven team) and runner-up Henk Lubberding, who also made a mistake at the last stage. Trump withdrew his sponsorship after the second Tour de Trump in 1990, as his other business ventures were in financial trouble. The race continues for several more years as the DuPont Tour.
Trump made a horseshoeing offer at Buffalo Bills when it came to sale following Ralph Wilson's death in 2014; he eventually defeated, as he wished, and Kim and Terrence Pegula won the auction. During running the 2016 presidency, he criticized the updated NFL concussion rules, complaining on campaign footage that the game has been made "soft" and "weak", saying concussions are just "ding in the head." He accused the referee of throwing a punitive flag unnecessarily just to be seen on television "so their wives see them at home."
Beauty pageant
From 1996 to 2015, when he sold his interest, Trump had part or all of Miss Universe, Miss USA, and Miss Teen USA beauty contest.
Miss Universe made its debut on CBS, and Miss Universe and Miss USA moved to NBC in 2002. In 2012, Trump won a $ 5 million arbitrage award against a contestant who claimed that the event had been rigged. In 2015, NBC and Univision ended their business relationship with the Miss Universe Organization during the Trump presidential campaign. Trump then announced that he had become the sole owner of the Miss Universe Organization by purchasing NBC shares. He sold his own interest in the contest shortly thereafter, to WME/IMG.
In 1999, a few years after purchasing to Miss Universe, Trump established a modeling company, Trump Model Management, operating in the SoHo neighborhood of Lower Manhattan. Together with other Trump companies, Trump Management Group LLC, Trump Model Management has brought in hundreds of foreign fashion models to the United States to work in the fashion industry since 2000. These businesses and beauty contests overlap, with contestant contests getting modeling contracts.
Trump University
Trump University LLC is an American nonprofit educational company that runs a real estate training program from 2005 to at least 2010. After several lawsuits, it is now dead. The company was founded by Donald Trump and his colleagues, Michael Sexton and Jonathan Spitalny. The company offers courses in real estate, asset management, entrepreneurship, and wealth creation, costing between $ 1,500 and $ 35,000 per course. In 2005, the operation was notified by New York State authorities that the use of the word "university" violated state law. After the second notice in 2010, the name of the operation was changed to "Trump Entrepreneurial Institute". Trump was also found personally liable for failing to obtain a business license for operations.
In 2013, the state of New York filed a $ 40 million civil suit claiming that Trump University made false claims and deceived consumers. In addition, two class-action civil lawsuits relating to Trump University are filed in federal courts; they named Donald Trump personally and his company. The three cases were finalized in November 2016, after Trump's election to the presidency, for a total of $ 25 million.
Trump repeatedly criticized a judge, Gonzalo P. Curiel, who oversaw two Trump University cases. During his speeches and campaign interviews until June 2016, Trump called Curiel a "hatter of Donald Trump", said his decision was unfair, and that Curiel "coincidentally, we believe, Mexico, is great I think that's okay", pointing out that ethnic judges created a conflict of interest in the light of Trump's proposal to build a wall on the US-Mexican border. Many legal experts are critical of Trump's attack on Curiel, often viewing them as racial, unfounded accused, and contemptuous of an independent judicial concept. On June 7, 2016, Trump issued a long statement saying that his criticism of the judge had been "misinterpreted" and that his concern about Curiel's impartiality was not based on ethnicity alone, but also on the verdict in the case.
Donna J. Trump Foundation
Donald J. Trump FoundationDonald J. Trump Foundation is a private foundation established in the US in 1988 for the initial purpose of delivering results from the book. The foundation's funding mostly comes from donors other than Trump, who have not personally given the charity since 2008. The top donors to the foundation from 2004 to 2014 are Vince and Linda McMahon from World Wrestling Entertainment, who donated $ 5 million to the foundation after Trump performed at WrestleMania in 2007.
The foundation's tax return shows that it has given to charities health and sports, as well as conservative groups. In 2009, for example, the foundation provided $ 926,750 to about 40 groups, with the largest donations awarded to the Arnold Palmer Medical Center Foundation ($ 100,000), New York Presbyterian Hospital ($ 125,000), Police Athletics League ($ 156,000), and Yayasan Clinton ($ 100,000).
Beginning in 2016 The Washington Post began reporting on how the foundations raised and provided money. The Post discovers some potential violations of law and ethics, such as alleged self-dealing and possible tax evasion. The Attorney General of the State of New York is investigating the foundation "to make sure it complies with the laws governing charity in New York." A Trump spokesman called the investigation "partisan beating work". On October 3, 2016, the New York Attorney General's Office told Trump Foundation that it violated New York's law on charities, and ordered him to immediately stop fundraising activities "in New York."
Branding and licensing
Trump has marketed its name across a large number of building projects as well as commercial products and services, achieving a mixed success doing it for himself, his partners, and investors in the project. In 2011, Forbes ' Financial experts estimate the Trump brand value at $ 200 million. Trump denied this assessment, saying that the brand is worth about $ 3 billion.
Many developers pay Trump to market their properties and become public faces for their projects. For that reason, Trump does not have many buildings that show its name. According to Forbes , this part of the Trump kingdom, which is actually run by its children, is by far the most valuable, valued at $ 562 million. According to Forbes , there are 33 licensing projects under development including seven "condo hotels" (seven Trump International Hotels and Tower building). In June 2015, Forbes branded Trump worth $ 125 million due to retailers like Macy's Inc. and As well as Mattresses began dropping Trump-branded products.
Trump's personal financial market investment portfolio is concentrated in financial markets and commodities. The investment portfolio generates revenue and cash flow from various mechanisms such as dividends, capital gains, and compounded interest. He invested a minimum of $ 70 million in stock. Although real estate is still the most favored asset class, Trump became an active financial market investor in 2011 after the disappointment of the stressed US real estate market and investments in Federal Reserve interest on CDs was nothing. Trump stated that he was not enthusiastic about being a stock market investor, but prime real estate with good prices was hard to find at the time and that stocks and equity securities were cheap and generated good cash flow from dividends. He benefited from 40 of the 45 stocks he bought he sold in 2014, making him almost 90% success rate in capital appreciation in addition to millions in the resulting dividends. The largest earnings in its stock portfolio are Bank of America Corporation, The Boeing Company and Facebook, Inc. earning unexpected gains of $ 6.7 million, $ 3.96 million and $ 3.85 million, respectively.
Trump's stock portfolio is priced between $ 33.4 million and $ 87.9 million in 2015 and is invested in many sectors, including public companies such as tobacco distributors, retail outlets, pharmaceutical companies, industrial manufacturing companies, financial conglomerates, oil companies, technology companies high and defense contractors. Public share investments in its portfolio include General Electric, Chevron, UPS, Coca-Cola, Home Depot, Comcast, Sanofi, Ford, ConocoPhillips, Energy Transfer Partners, Altera, Verizon Communications, Procter & amp; Gamble, Bank of America, Nike, Google, Apple Inc., Philip Morris, Citigroup, Morgan Stanley, Whole Foods, Intel, IBM, Bristol-Myers Squibb, Johnson & Johnson, Caterpillar, Kinder Morgan, AT & amp; T and Facebook. He has at least $ 78 million invested in various paper assets such as stocks, bonds, mutual funds, private equity funds, funds funds, and hedge funds. Financial market investment accounts are kept in JPMorgan, Barclays, Deutsche Bank, and Oppenheimer. Her Barclays account includes investments in 32 entities and a cash value of between $ 49,021 and $ 396,001 and has shares in two accounts on Deutsche Bank containing cash, treasury bills and shares in 173 entities. His investment account with Oppenheimer contains cash and has 31 positions worth between $ 10,380,031 and $ 33,301,000. His account with JPMorgan contains shares in 60 companies valued between $ 1,251,008 and $ 2,617,000.
Trump also invests in funds focused on medium and small businesses such as Tesla Motors, an electric car maker and has invested internationally in emerging markets, growth and hedge funds located in Europe and Asia. He also invests in a number of private equity and hedge funds including $ 1 to $ 5 million at Advantage Plus, $ 1 to $ 5 million in AG Diversified Funds, $ 2 million in MidOcean Credit Opportunities, $ 4 million at Paulson & Co., and about $ 5 million with Angelo, Gordon & amp; Co.. Trump's biggest fundraising is at Black Rock's Obsidian Fund, where its shares are estimated to be between $ 25 million and $ 50 million. Almost all of Trump's open-end mutual fund investments are concentrated in Baron Capital Management, a middle-class mutual fund family led by mutual funds alongside Ronald S. Baron. Trump invested $ 16.2 million in Baron Capital Management, making it a significant minority shareholder. He revealed that he earned over $ 22 million with his personal equity, hedge funds, and mutual fund investments and earned between $ 1.5 million and $ 10 million in almost all income from investments such as dividends, capital gains and interest. Trump also has a portion of its portfolio invested in US Treasury bonds.
On a government form submitted in 2015, Trump reportedly held a number of physical gold, worth between $ 100,001 to $ 250,000.
Taxes and revenues
Trump has released some financial information, but has refused to publicly announce any full tax returns, saying that it will do so before the 2016 election if what his lawyer described as an ongoing audit by the Internal Revenue Service (IRS) completed covering tax returns for from 2015 to 2016. According to a July 2015 press release from his campaign manager, Trump's "revenue" for 2014 was $ 362 million ("which excludes dividends, interest, capital gains, rent and royalties"). Disclosure of its disclosure for 2015 states that its total gross revenues exceed $ 611 million.
Fortune magazine has reported that the $ 362 million figure as stated in the Federal Election Commission (FEC) filing is not "income" but gross income before salary, interest payments on unpaid debts, and others related to business costs; Trump's net profit is "most likely" about a third of it. According to public records, Trump received a 302 dollar New York tax rebate in 2013 (and in the last two years) awarded to couples earning less than $ 500,000 annually, who filed as evidence of their federal tax returns. The Trump campaign manager has suggested that the Trump tax rebate is a mistake.
In October 2016, it was revealed that Trump had claimed a $ 916 million loss in its 1995 tax return. Since tax losses of one year can be applied to offset income from the coming years, a loss of $ 916 million allows it to reduce or eliminate its taxable income (and consequently its US federal income tax) over an eighteen-year period. Trump acknowledges that he used the loss but refused to provide details such as the specific years in which the loss was applied.
An investigative story by the New York Times found that in the early 1990s to avoid the "financial collapse" of the Trump business used the "legally questionable" method of avoiding paying taxes, and that Trump's attorney himself described the activity as "inappropriate". An independent tax expert states that "any gap is not 'exploited' here, but stretches beyond any confession" and that it involves "magic". Since the tax was linked to the trumpet debt reduction on Trump's massive trash at the time and the bankruptcy of three Trump casinos, the method used may be related, according to the report, to Trump reported a reported $ 916 million loss in 1995 on its tax return.
Net worth
In 2016,
On June 16, 2015, shortly before announcing his candidacy for the president of the United States, Trump released a one-page financial report "from a major accounting firm - one of the most respected" - which claims a net worth of $ 8,737,540,000. "I'm really rich," Trump said. Forbes believes its claim of $ 9 billion is "a big lie," estimating it's actually $ 4.1 billion. In June 2015, Business Insider published Trump's June 2014 financial report, noting that $ 3.3 billion of that total was represented by "Licensed Real Estate Offers, Brand and Brand Development", described by Business Insider as "basically [implies] that Trump appreciates his $ 3.3 billion character." In July 2015, federal electoral regulators released new details of Treasury wealth and ownership self-reported when he was a Republican presidential candidate, reported that his assets were worth over $ 1.4 billion, which included at least $ 70 million in stock, and debt at least $ 265 million. According to Bloomberg, for the purposes of filing FEC Trump, Trump "only reported revenues for its golf property in its campaign submission even though the disclosure form requested earnings", noting independent submissions showing that the three major European golf properties are not profitable.
Mortgages on Trump's main property - including Trump Tower, 40 Wall Street, and Trump National Doral golf course - fall into the "above $ 50 million" range, the highest category that can be reported on FEC submissions, with interest rates on Trump payments ranging from 4% to 7,125%. Mortgages on these three properties are separately reported as $ 100 million, $ 160 million, and $ 125 million in 2013. Trump is the holder of the lease, not the owner, of land under 40 Wall Street. Other outstanding mortgages and debts are pegged at the current market rate. The 2012 report from the Trump accounting firm estimates $ 451.7 million in debt and other collateral obligations. Filings in 2015 revealed a debt of $ 504 million, according to Fortune magazine. Bloomberg documented a debt of at least $ 605 million in 2016. Trump's tremendous debt was at least $ 650 million in August 2016, in addition to an extraordinary loan of $ 950 million to Bank of China and Deutsche Bank (among others creditor) at 1290 Avenue of the Americas, where Trump is a minority owner.
Trump was listed on the Forbes list of rich people in 1982 as having $ 200 million in wealth, including part of his $ 200 million father's net worth. After several years on the list, Trump's financial losses in the 1980s caused him to fall from 1990 to 1995, and reportedly required him to borrow from his brother's trust in 1993; in 2005, The New York Times refers to Trump's "billions of oral" in a skeptical article about Trump's self-reported wealth. At the time, three people with direct knowledge of Trump's finances told reporters Timothy L. O'Brien that Trump's true net worth was between $ 150 and $ 250 million, although Trump then publicly claimed a net worth of $ 5 to $ 6 billion. Claiming defamation, Trump sued reporter (and book publisher) for $ 5 billion, lost the case, and then lost again on appeal; Trump refused to refund his non-acting tax despite his support for his case. In a sworn statement, Trump testified that he had borrowed $ 9.6 million from his father, calling it "a very small amount of money", but can not remember when he did it; Trump has since told a campaign audience he started his career with a "one-million-dollar small loan" from his father, which he pays back with interest: "it's not easy for me," Trump told one of the New Hampshire crowds.
In April 2011, amid speculation whether Trump will run for candidate in the 2012 US presidential election, Politico cited anonymous sources close to him stating that, if Trump had to decide to run for president he would file a "financial disclosure statement which [will] show a net worth of more than $ 7 billion with over $ 250 million in cash, and very little debt. "Although Trump does not run for candidates in the 2012 elections, his" professionally prepared "financial disclosure of 2012 is published in his book , which claims a net worth of $ 7 billion.
The July 2015 campaign press release was issued one month after Trump announced his presidency, saying that the FEC filing "was not designed for a man of Mr. Trump's great wealth" and that his "net worth is more than TEN BILLION DOLLAR [sic] ". However, Trump has testified that "my net worth fluctuates, and ups and downs with markets and with attitude and with feelings - even my own feelings." On the same day, Trump's own estimates of his net worth had varied by $ 3.3 billion. Trump also acknowledged that his excessive estimate of wealth in the past was "good for financing". Forbes has said that although Trump "shares a lot of information with us that helps us reach the numbers we publish," he "consistently drives for higher net worth - especially when it comes to the value of his personal brand." Forbes reduced the estimate of Trump's net worth of $ 125 million after Trump's controversial 2015 comment on illegal Mexican immigrants, ending Trump's business contract with NBCUniversal, Univision, Macy's, Serta, PVH Corporation, and Perfumania. Young & amp; internal; Rubberam's research on Trump brands among high-income consumers shows a "falling" rating for traits such as "prestige," "upscale," and "glamor" by the end of 2015, suggesting that Trump businesses can face market difficulties and funding challenges. in the future.
Trump's brand value may have fallen because of its presidential campaign. Some consumers said they avoided the purchase of Trump-branded products and services in protest against Trump and his campaign. Booking and pedestrian traffic in trumped hotels and casinos dropped sharply in 2016, driven primarily by a decrease in traffic to property by women. After the release of the Access Hollywood tape in October 2016, the Trump brand value is reported to have suffered a further blow, with an estimated drop in brand-added value of up to 13 percentage points.
See also
- Donald Trump's pseudonym
- Filmography Donald Trump
Note
Further reading
- Frank, Thomas (January 12, 2018). "Secret Money: How Trump Makes Millions Sell Condos to Unknown Buyers." BuzzFeed News.
References
Source of the article : Wikipedia
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