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
Donald Trump, Eric Trump and Donald Trump Jr with 1125 South Ocean Boulevard (Premier Estate Properties, Getty)
Trump’s Palm Beach estate listed for rent asking $208K a month
Trump’s Palm Beach estate listed for rent asking $208K a month
A photo illustration of prominent guests at the Witkoff wedding (via Instagram)
Nuptials Mar-a-Lago style: Donald Trump, Don Peebles, Barry Sternlicht among real estate elite at Witkoff wedding
Nuptials Mar-a-Lago style: Donald Trump, Don Peebles, Barry Sternlicht among real estate elite at Witkoff wedding
Donald Trump and Grant Cardone (Cardone Enterprises)
Presidential surprise: Donald Trump kicks-off Grant Cardone’s 10X Growth Conference
Presidential surprise: Donald Trump kicks-off Grant Cardone’s 10X Growth Conference
Donald Trump and The Mar-a-Lago Club in Palm Beach (Getty Images, LoopNet, iStock/Illustration by Steven Dilakian for The Real Deal)
Trump’s toilet triumph: Guests of the former No. 1 will have more places to go No. 2
Trump’s toilet triumph: Guests of the former No. 1 will have more places to go No. 2
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
arrow_forward_ios

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

Loading...