Trump's Washington hotel saw almost $20 million in revenue

Elias Hubbard
June 18, 2017

"President Trump welcomed the opportunity to voluntarily file his personal financial disclosure form", the White House said in a statement, adding that the form was "certified by the Office of Government Ethics pursuant to its normal procedures". He has said he's under audit, and won't release the documents until the audit is over.

The president was not required to file a new financial disclosure with the Office of Government Ethics until next spring, but Trump chose to voluntarily submit an updated report in his first year in office, following the tradition of past presidents including Barack Obama and George W. Bush.

U.S. presidents are not required to release their tax returns but have done so voluntarily since the 1970s.

Trump has made his wealth a key element of his political brand, and his refusal to relinquish ownership of his company has spurred ethics complaints and legal challenges. The report, which presents an imperfect window into Trump's assets, debt and income, is the third of its kind released since he announced his candidacy in 2015.

Interestingly, the places that Trump had not spent much time in as president reported nearly no changes in income.

Some of Trump's ventures appear to be making more money than they had a year earlier.

Trump also seems to have divested from a majority of his stock holdings.

However, he did sell dozens of stocks he held in brokerage accounts, including shares in Amazon, Exxon Mobil, Goldman Sachs, Microsoft, Toyota and other companies. ETP, whose CEO Kelcy Warren is a Trump donor, is facing new challenges in court to the pipeline, which the Trump administration approved by executive order shortly after taking office.

The Trump International Hotel in Washington, which opened in September, listed hotel-related revenue of $US19.7 million, according to the form.

Critics across the United States have raised questions about what Trump's tax returns say about his net worth and various business ties.

The form lists at least six new entities as assets that were formed over the past year, including DT Marks Vancouver, for which Trump listed more than $5 million in royalties, and DT Tower Kolkata LLC, for which he listed royalties of as much as $1 million.

His assets probably exceeded $1.4bn because the disclosure form provided ranges of values.

Trump brought in approximately $600 million to $650 million in employment assets and income.

Because the ranges required for disclosure under government ethics laws are so wide - Mr Trump's documents list five separate liabilities each at "over 50,000,000 dollars" - it is impossible to tell whether his debt load has changed appreciably. That's a 139 percent increase in income, part of which may have to do with the doubling of membership fees at Mar-A-Lago earlier this year. The building is owned by the federal government, and elected officials were specifically excluded from the lease. Trump broke a modern precedent when he refused to release his tax returns during both his campaign and presidency so far.

The graph below shows the the breakdown of the monthly income that Trump has listed on his three financial disclosure forms. Trump is partnering with a billionaire Indonesian, Hary Tanoesoedibjo, on the two ventures.

Other reports by Click Lancashire

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