Trump ‘Mr. Money Bags’ Boasts About Income

Trump ‘Mr. Money Bags' Boasts About Income (Image: MGN)

• Trump has finally released his financial tax forms, in a 104-page document that details everything from his Manhattan estate to other sprawling assets.
• Trump boasted that his net worth is above $10 billion and his income for the last year was over $557 million.
• Trump filed at least $215 million in liabilities on the form , many of which top over $50 million each.
• Trump bragged that his filing was the largest in the FEC.

Donald Trump has filed his second annual financial disclosure form, a 104-page document detailing many of the Manhattan real estate tycoon’s sprawling assets that span the globe.

Trump boasted Tuesday that his income was more than $557 million and a net worth of above $10 billion, though the Federal Election Commission forms — which cover the past 17 months — are not specific enough to assess Trump’s true net worth.

Many of his assets and liabilities are simply too large — reaching far above the top disclosure threshold on the filing — for their value to be captured in the report. Trump, for instance, reported at least $215 million in liabilities on the form, many of which are loans and mortgages on his properties. Five of his liabilities topped $50 million each.

Trump also listed board positions on 564 different entities in his filing and hundreds of financial holdings in everything from golf courses to real estate to blue-chip companies, including Google, Goldman Sachs and General Electric.

The form discloses that Trump made between $1 million and $5 million last year for his book “Crippled America”. Royalties for many of his other books were less than $201, though he did earn between $100,000 and $1 million for “Time to Get Tough,” published in 2011, and between $50,000 and $100,000 for “The Art of the Deal,” which he cites regularly on the campaign trail and was published in 1987.

Trump’s assets include a pension from the Screen Actors Guild, presumably from his days in television, including as the longtime host of The Apprentice.

Trump also reported $3.71 million in income from TAG AIR INC., which the financial form says was established to lease his 757 airplane. His campaign has made numerous payments to TAG AIR for use of Trump’s private plane.

Upon releasing his filing, Trump bragged that it was “the largest in the history of the FEC.”

“I have built an incredible company and have accumulated one of the greatest portfolios of real estate assets, many of which are considered to be among the finest and most iconic properties in the world,” he said.

Hillary Clinton and her allies have demanded that Trump releases his tax returns for additional disclosure. So far he has refused, saying he is being audited by the Internal Revenue Service.

Source: Politico