Trump claims FEC filing demonstrates sky-high wealth, income

Miami /
May.May 19, 2016 02:15 PM

From the New York websitePresumptive Republican presidential nominee Donald Trump has long said he’s worth $10 billion, and now claims a new conflict-of-interest disclosure filing proves it. It doesn’t.

Trump’s filing showed the businessman’s “tremendous cash flow” and was “the largest in the history of the F.E.C.” his campaign claimed in a news release, referring to the Federal Election Commission.

On the form, which requires all presidential candidates to disclose the sources of their income and the business entities they own, Trump claims an income of at least $615 million, according to the New York Times with large parts of his income stemming from his sale of the Miss Universe pageant and revenues from his many golf courses.

He reported assets of at least $1.5 billion, and liabilities of about $315 million, according to the Times.

But those numbers need to be taken with a hearty grain of salt.

The F.E.C. form, unlike Trump’s tax return – which the candidate has so far refused to release – is only designed to disclose potential conflicts of interest. Only income and revenue matter for that purpose, not business expenses, so the disclosure of those latter figures is optional, an F.E.C. official confirmed to The Real Deal.

In addition, incomes and company values on the form are given as wide ranges rather than specific figures, such $1 million to $5 million, with the highest range going to infinity (over $5 million, in the case of income).

Still, the forms are audited by the U.S. Office of Government Ethics. Craig Holman, a government affairs lobbyist at the nonprofit Public Citizen, told TRD earlier this year that candidates are expected to “provide a reasonable estimate of the value [of their assets] and the source of that value.”

TRD analyzed Trump’s brand income – for which expenses aren’t an issue – using his previous disclosure filing in its April issue, finding he made between about $9 million and $36 million from his name between January 2014 and June 2015.

In 2013, TRD undertook a more thorough review of the mogul’s assets around the world.


Related Articles

arrow_forward_ios
Eric and Lara Trump with 502 Bald Eagle Drive in Jupiter (Getty, Google Maps)
Trump town: Eric and Lara buy home near Don Jr. in Jupiter
Trump town: Eric and Lara buy home near Don Jr. in Jupiter
Fontainebleau Miami Beach, Jeffrey Soffer and former President Donald Trump (Ebyabe/Wikipedia, Getty, iStock)
Gambling portability a no-go in Florida this year for Jeffrey Soffer, Trump
Gambling portability a no-go in Florida this year for Jeffrey Soffer, Trump
Gil Dezer (Photos by Sonya Revell)
The Closing: Gil Dezer
The Closing: Gil Dezer
Brad Parscale and 2319 Desota Drive (Getty, Google Maps)
Brad Parscale, ex-Trump campaign manager, sells Fort Lauderdale home
Brad Parscale, ex-Trump campaign manager, sells Fort Lauderdale home
Donald Trump with sons Eric and Don Jr. and 1125 South Ocean Boulevard (Getty, Google Maps/Illustration by Alexis Manrodt for The Real Deal)
Trump lists beachfront mansion next to Mar-a-Lago for $49M
Trump lists beachfront mansion next to Mar-a-Lago for $49M
Photo illustration of Donald Trump at Mar-a-Lago (iStock, Getty/Illustration by Kevin Rebong for TRD)
Trump argues to live in Mar-a-Lago — as an employee
Trump argues to live in Mar-a-Lago — as an employee
535 North County Road and Mark Pulte with former President Donald Trump (Google Maps; Pulte Family Foundation; Getty)
Spec home built on Trump’s former Palm Beach property under contract for $140M
Spec home built on Trump’s former Palm Beach property under contract for $140M
Trump Plaza’s condo board votes to remove ex-president’s name from West Palm towers
Trump Plaza’s condo board votes to remove ex-president’s name from West Palm towers
Trump Plaza’s condo board votes to remove ex-president’s name from West Palm towers
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...