President Donald Trump welcomed Swiss president Ueli Maurer to the White House Thursday, amid rising tensions with Iran. Asked by reporters if the U.S. is going to war with Tehran, Trump responded, “I hope not.” (May 16)
WASHINGTON – It’s not his tax returns, but a financial disclosure statement by President Donald Trump provides a rare peek into his business dealings.
Trump reported income in the millions of dollars in 2018 from hundreds of businesses and other assets, with wide ranges of revenues from each one, according to the 88-page report filed with the Office of Government Ethics.
The form also listed liabilities that included mortgages and loans, again within wide ranges. For example, Trump listed a 30-year loan of between $5 million and $25 million from a bank in Florida, at an annual interest rate of 4.5%, for a property near his Mar-a-Lago resort in Palm Beach, Fla.
The ethics office posted the document on its website Thursday.
The picture is incomplete. The report, required to be filed annually, lists net revenues for Trump properties and businesses but does not specify how much Trump personally made from them.
The filing shows that the Trump golf course near Washington, D.C., had income of about $13.3 million last year, while the Trump hotel in downtown Washington, D.C., had income of $40.8 million.
Vice President Mike Pence also filed his financial disclosure form. It stated that Pence has established a legal defense fund in connection with the 2016 election, but did not detail its specific purpose.
In last year’s filing, Trump formally disclosed he paid his attorney as much as $250,000 in reimbursements for expenses that included $130,000 in hush money to adult film star Stormy Daniels, who says she had a sexual encounter with him.
Attorney Michael Cohen pleaded guilty to campaign finance violations in connection with the Daniels payments, and federal prosecutors are believed to be investigating Trump along the same lines.
The president, vice president and other top executive branch officials are required to file an annual statement listing their income, assets and liabilities. The broad ranges of income in the disclosure form raised questions, public interest groups have said.
A spokesman for Citizens for Responsibility and Ethics in Washington (CREW), a frequent critic of the president, noted that the forms are an incomplete picture of Trump’s wealth, but demonstrated how his businesses have profited from his presidency.
“Because President Trump has not publicly released his tax returns, these financial disclosures to the Office of Government Ethics are one of the only public views into the president’s finances,” Jordan Libowitz, CREW communications director, said. “They give far from a complete picture of the president’s finances, but reveal many potential conflicts from a president who continues to profit from his presidency.”
Other disclosures on Trump’s filing:
► The president’s Doral golf club in Miami generated nearly $76 million in revenue in 2018.
► A Trump golf course in Ireland had income of more than $14 million.
► An “investment in gold” valued between at between $100,000 and $250,000.
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