How rich is Trump?
Wealth of Donald Trump
The net worth of Donald Trump, the 45th president of the United States, stood at $3.1 billion as of 2018, according to "Forbes". Various organizations have estimated and investigated Trump's wealth. Trump has often stated higher values for his wealth than organizations estimating it.
Donald Trump and golf
Following his election in 2016, Trump announced that he would not divest his business holdings, as other recent presidents had. Instead, Trump kept his ownership stake in The Trump Organization and appointed his sons Donald Trump Jr. and Eric Trump to manage the business. In an unusual rebuke from the Office of Government Ethics, director Walter Shaub called Trump's actions "wholly inadequate" and "meaningless from a conflict of interest perspective." In an interview with "The New York Times", Trump explained: "As far as the, you know, potential conflict of interests, though, I mean I know that from the standpoint, the law is totally on my side, meaning, the president can’t have a conflict of interest."
Just days after his inauguration, a lawsuit was filed in federal court seeking to block the president from receiving payments from foreign government entities at his businesses. The lawsuit alleged that these payments constitute a violation of the Foreign Emoluments Clause of the United States Constitution. In February 2017, the president invited Prime Minister of Japan Shinzō Abe to play at the Trump International Golf Club in Florida and stay at Trump's Mar-a-Lago resort. Legal and ethical concerns were raised by organizations such as the Sunlight Foundation over foreign payments the president may receive from the visit. Trump has vowed to donate any such payments to the Treasury Department, although the specifics of this arrangement remain unclear. In June 2017, the attorney generals of Maryland and the District of Columbia filed a separate lawsuit, claiming the president was "flagrantly violating" the Emoluments Clause.
TrumpNation
O'Brien, citing three anonymous people who worked with Trump, wrote in the book that Trump "was not remotely close to being a billionaire," stating that his actual net worth ranged between $150 million and $250 million. O'Brien also wrote that Trump was "bored" with Marla Maples at the time of their marriage: "I was bored when she was walking down the aisle. I kept thinking, 'What the hell am I doing here?'" O'Brien also stated that Trump was once asked by boxer Mike Tyson if he had an affair with his wife, Robin Givens. O'Brien quoted Trump: "He said, 'Could I ask you, Are you fucking my wife?' Now, if I froze, I'm dead ... You would have zero chance. Here's the heavyweight champion of the world, and he's a solid piece of fucking armor."
TrumpNation
Also during depositions, O'Brien's attorney, Andrew Ceresney, asked Trump about earlier claims made in two ghostwritten books credited to him – "How to Get Rich" (2004) and "Trump 101: The Way to Success" (2006) – which stated that he was $9.2 billion in debt during the early 1990s. Trump stated that the number was a mistake made by ghostwriter Meredith McIver, and that he was unaware of the exact number, but preferred to say "billions". Trump had previously said in 1997, "I owed the banks as much as $9 billion". "The Washington Post" later wrote, "It appeared that Trump had exaggerated the lows, to make his comeback seem even more impressive."
Business career of Donald Trump
Donald Trump is an American businessman, former television personality, and the 45th President of the United States. He began his real estate career at his father's company, Elizabeth Trump and Son, which he later renamed The Trump Organization. He rose to public prominence after concluding a number of successful real estate deals in Manhattan and New York City, and his company now owns and develops lodging and golf courses around the world. Trump partly or completely owned several beauty pageants between 1996 and 2015. He has marketed his name to many building projects and commercial products. Trump's unsuccessful business ventures have included several casino and hotel bankruptcies, the folding of his New Jersey Generals football team, and the now-defunct Trump University.
Trump National Golf Club (Washington, D.C.)
In 2016, Trump's financial disclosures indicated the property earned $17.5 million in revenue. Eric Trump now manages the club. President Trump visited the club six times between mid-March and the end of May 2017.
Donald Trump 2016 presidential campaign
According to "Bloomberg News", Trump's general election campaign raised over $500 million, roughly half the sum raised by the Clinton campaign. By October 19, Trump had "put $56.2 million of his own [money] into the campaign, leaving him with scant time to put in the rest of the $100 million he's pledged to spend."
Legal affairs of Donald Trump
In 2014, Trump sued his former company to remove his name from the buildings since he no longer ran the company, having no more than a 10% stake; he lost the suit. Trump Entertainment Resorts filed again for bankruptcy in 2014 and was purchased by billionaire philanthropist Carl Icahn in 2016, who acquired Trump Taj Mahal in the deal.
Donald Trump
Trump is the wealthiest president in U.S. history, even after adjusting for inflation. He is also the first president without prior government or military service. Of the 43 previous presidents, 38 had held prior elective office, two had not held elective office but had served in the Cabinet, and three had never held public office but had been commanding generals.
Ivanka Trump
In January 2017 it was announced that Trump and her husband had made arrangements to establish a family home in the Kalorama neighborhood of Washington, DC. Federal filings implied that, in 2017, Trump and her husband may have assets upwards of $740 million.
Donald Trump
, the Trump Organization owns or operates 18 golf course and golf resorts in the United States and abroad. According to Trump's FEC personal financial disclosure, his 2015 golf and resort revenue amounted to $382 million, while his three European golf courses did not show a profit.
Foreign policy of Donald Trump (2015-2016)
In June 2016, Trump maintained that "Iran is now the dominant Islamic power in the Middle East and on the road to nuclear weapons." Trump opposes the international nuclear agreement with Iran (negotiated with the United States and five other world powers) that was made in 2015, calling it "terrible" and saying that the Obama administration negotiated the agreement "from desperation." Trump has claimed that he has "studied this issue in great detail  ... actually greater by far than anybody else." Trump opposed the sanctions relief in the agreement, saying: "we're giving them billions of dollars in this deal, which we shouldn't have given them. We should have kept the money." Trump has claimed that the United States gives Iran $150 billion as part of the Iran deal, a statement rated false by FactCheck.org. FactCheck.org notes that the Iranian assets that were unfrozen as part of the deal were held mostly by banks and other financial institutions outside the United States, and that the value of the assets is estimated to be between $25 billion and $56 billion. Trump has claimed that "when those restrictions expire (in the Iran nuclear deal), Iran will have an industrial-size military nuclear capability ready to go," a statement rated "false" by PolitiFact.com. Trump was critical of State Department officials as they negotiated the Iran deal, saying that "It's a one-day deal. This whole thing should have taken a day."
Trump Tower Punta del Este
Trump was involved in the project through a licensing agreement that would allow the building to use his surname. From the deal, Trump was to earn royalties of $100,000 to $1 million. The circular-shaped building, located along Playa Brava Beach and designed by Dujovne-Hirsch & Associates, was initially planned to include 23 floors and 125 apartment units, with prices ranging from $700,000 to $2.5 million. The project's target market was wealthy residents of Buenos Aires, Argentina; São Paulo, Brazil; and New York.
The Trumps: Three Generations That Built an Empire
In his 2000 "The New York Review of Books" entitled "Golden Boy", James Traub questioned why bother revisiting Trump in 2000, when he is "an almost sickeningly familiar figure to much of the reading public". Traub said that "Donald Trump is the price you pay for living in a marketplace culture". He wrote that Blair's strategy of turning "Trump’s life into the final stage of a multigenerational saga" made sense in New York, where "real estate has been a family business...since the time of the Astors and the Goelets in the late eighteenth century".
TrumpNation
In March 2013, Trump said about the lawsuit: "Essentially the judge just said 'Trump is too famous. He's so famous that you're allowed to say anything you want about him.' Well, I disagree with that." In July 2015, O'Brien, who was now working for Bloomberg View, wrote a column titled "Dear Mr. Trump: I'm Worth $10 Billion, Too," in which he exaggerated the value of his belongings in the same way as Trump.
Wealth of Donald Trump
In April 2011, amid speculation whether Trump would run as a candidate in the United States presidential election of 2012, Politico quoted unnamed sources close to him stating that, if Trump should decide to run for president, he would file "financial disclosure statements that [would] show his net worth [was] in excess of $7 billion with more than $250 million of cash, and very little debt." Although Trump did not run as a candidate in the 2012 elections, his "professionally prepared" 2012 financial disclosure was published in his book, which claimed a $7 billion net worth.
Donald Trump
Trump receives a pension as a member of the Screen Actors Guild. His financial disclosure forms mentioned an annual pension of $110,000 in 2016 and $85,000 in 2017.
Donald Trump 2016 presidential campaign
In October 2015 Trump had said: "I am self-funding my campaign and therefore I will not be controlled by the donors, special interests and lobbyists who have corrupted our politics and politicians for far too long. I have disavowed all super PACs, requested the return of all donations made to said PACs, and I am calling on all presidential candidates to do the same." Politifact reports that Trump's claims that he is "self-funding" his campaign are "half-true." By the end of 2015, Trump's campaign had raised $19.4 million, with almost $13 million (about 66 percent) coming in the form of a loan from Trump himself and the remainder (34 percent) coming from others' contributions. The announcement came a day after a main super PAC backing Trump closed amid scrutiny about its relationship to the campaign itself. Although Trump attended at least two Make America Great Again Super PAC fundraising events, including one at the home of his daughter Ivanka's in-laws, he later said he never gave his endorsement to the super PAC or any of the other eight super PACs supporting his run. In addition to a $100,000 donation from Ivanka Trump's mother-in-law, the Make America Great Again super PAC accepted $1 million in seed money from casino mogul and longtime Trump business partner Phil Ruffin who, according to FEC filings, gave the money just two weeks after the super PAC was established; the super PAC spent about $500,000 on polling, consulting, and legal expenses before shutting down in the wake of "The Washington Post"s coverage.
Economic policy of Donald Trump
Household net worth is the sum of financial, real estate, and business assets (non-corporate), less liabilities. In nominal terms (not adjusted for inflation) it declined in 2008 due to the Great Recession but resumed steadily rising in 2009 and reached its sixth consecutive annual record high in 2017. This was primarily driven by stock market increases, although housing price increases also contributed. The $100 trillion level was reached in Q1 2018, which is approximately $800,000 per household on average. However, the median (50th percentile) family had $100,000 net worth in 2016, an indicator of the dramatic wealth inequality in the U.S.
Donald Trump in music
Many songs, albums, bands and performances have referenced Donald Trump or his various brands, including Trump Tower, his TV show, his hotel chain, and his casinos. Though recent songs refer to Trump's campaign and subsequent election as President of the United States, more than 200 songs refer to Trump prior to his successful presidential campaign between 1989 and 2013. With his victory in the 2016 presidential election, Trump's prominence in hip-hop music has been likened to that of Ronald Reagan's in hardcore punk during the 1980s.
Family of Donald Trump
The family of Donald Trump, the 45th president of the United States, is a prominent American family active in real estate, entertainment, business, and politics. Trump's immediate family circle is the First Family of the United States. They are part of the broader Trump family originating from Germany. Donald Trump's mother, Mary Anne MacLeod, came from the Hebridean island of Lewis, off the west coast of Scotland. Trump has five children (between three wives) and nine grandchildren.
Legal affairs of Donald Trump
Trump is suing the town of Ossining, New York, over the property tax valuation on his Trump National Golf Club Westchester, located in Briarcliff Manor's portion of the town, which Trump purchased for around $8 million at a foreclosure sale in the 1990s and to which he claimed, at the club's opening, to have added $45 million in facility improvements. Although Trump stated in his 2015 FEC filing that the property was worth at least $50 million, his lawsuit seeks a $1.4 million valuation on the property, which includes a 75,000-square-foot clubhouse, five overnight suites, and permission to build 71 condominium units, in an effort to shave $424,176 from his annual local property tax obligations. Trump filed the action after separately being sued by Briarcliff Manor for "intentional and illegal modifications" to a drainage system that caused more than $238,000 in damage to the village's library, public pool, and park facilities during a 2011 storm.
Bloomberg Billionaires Index
While reporting on hidden billionaires, the index provides coverage of and attempts to put in perspective the wealth of the world's richest people, such as the Queen of England and U.S. President Donald Trump.
Business projects of Donald Trump in Russia
On May 9, White House Press Secretary Sean Spicer said, "He [Trump] has no business in Russia. He has no connections to Russia."
On May 9, 2017, Trump's tax law firm, Morgan, Lewis & Bockius, sent a letter to the Senate Judiciary Committee, which said a review of Trump's tax returns for the past 10 years did not find income from Russian sources during that period, save for "a few exceptions". The exceptions were the 2008 sale of a Trump-owned 6.26-acre estate in Palm Beach, Florida, for $95 million to Russian billionaire Dmitry Rybolovlev, who tore down the 62,000-square-foot mansion shortly after and sold 2.72 acres of the site for $34 million, as well as $12.2 million in payments in connection with holding the Miss Universe pageant in Moscow in 2013, plus a number of "immaterial" deals. No independently verifiable evidence was provided, such as tax returns, and it has been noted that even disclosure of tax returns would not necessarily disclose Russian-source income. The letter also said Trump had received undisclosed payments over 10 years from Russians for hotel rooms, rounds of golf, or Trump-licensed products such as wine, ties, or mattresses, which would not have been identified as coming from Russian sources in the tax returns. The letter was a response to earlier requests from Senator Lindsey Graham asking whether there were any such ties.
The Trump Organization
The Trump Organization owns or manages seventeen golf courses in the United States, Scotland, Ireland, and the United Arab Emirates. , Trump listed income of at least $176 million in an 18-month span from his golf courses – about 41% of the low-end estimate of his income.
Many developers pay Donald Trump to market their properties and be the public face for their projects. For that reason, Trump does not own many of the buildings that display his name. According to "Forbes", this portion of Trump's empire, actually run by his children, has valuation of $562 million. According to "Forbes", there were 33 licensing projects under development including seven "condo hotels" (i.e. The seven Trump International Hotel and Tower developments). Trump has generated more than $74 million in real estate licensing deals and has $823.3 million worth of real estate in joint ventures.Trump owns a wide variety of other enterprises outside real estate (which had an estimated 2013 value of US$317.6 million). Other investments include a 17.2% stake in Parker Adnan, Inc. (formerly AdnanCo Group), a Bermuda-based financial services holdings company.
The Trump Organization
Trump's real estate holdings form the core of his assets and provide much of his income, with a wide array of real estate licensing, branding and marketing deals and royalties that provide millions in annual cash flow. Trump-branded condominiums in New York City sold for 36% more than comparable properties, according to the Corcoran Group. In 2015, Trump earned $71 million from condo sales and collects $41.9 million in rental income on his buildings annually.Central Park Carousel: A merry-go-round carousel located in Central Park, Manhattan. In 2010, Trump took over the management of the Central Park carousel, where he promised to revive the merry-go-round after its previous operator was removed by the city's parks department. The carousel generates $589,000 from annual admissions. The Trump Organization has a contract to operate the carousel through 2021.
Trump International Hotel and Tower (Chicago)
In a separate legal development, Donald Trump was sued by former "Chicago Sun-Times" publisher F. David Radler and his daughters in February 2008 for rescinding all "friends and family" condominium purchases, including Radler's. As president of the "Sun-Times" holding company, Radler had negotiated the sale of the paper's headquarters building to Trump's consortium. The price of Radler's condo had been discounted by 10%, and only a 5% deposit was required instead of the standard 15%. Radler and family were part of a group of 40 insiders who were able to purchase property at about . When the market value of the property eventually rose to over , Trump nullified the "friends and family" sales. The insiders were involved in the planning and designing of the building. In January 2007, Trump cited both a clause about "matters beyond [the] seller's reasonable control" and the desire to "have more income to handle potentially higher construction costs". Despite Trump's concerns about higher construction costs, earlier in the same month, Ivanka Trump, his daughter and an executive of the company, had stated that the construction was $50 million under budget. In addition to the Radler suit over the validity of the "friends and family" discount contracts, a group of four owners sued over revisions to the closing terms, which placed limits on the owner occupancy of condo hotel units and excluded the meeting rooms and ballrooms from the common elements of which the owners have an interest.
In an additional legal issue, on February 8, 2005, Trump had closed on a construction loan of $640 million from Deutsche Bank for the project. He also obtained a $130–135 million junior mezzanine loan from another syndicate headed by Fortress Investment Group. As part of these contracts, Trump had included a $40 million personal guarantee. The contracts also mandated partial repayments for each closed unit sale, and minimum sale prices. In September 2008, due to slow unit sales, Trump sought to extend both loans until mid-2009 because he felt that it was necessary in the business environment and expected from the outset of the contract. On November 10, Deutsche Bank demanded the outstanding loan payment and the $40 million guarantee. Trump filed suit later that month against Deutsche Bank in New York State Supreme Court in an effort to excuse a repayment of more than $330 million that had been due November 7, and to extend the construction loan for an unspecified period of time because of extenuating circumstances arising from the financial crisis of 2007–2010. Trump cited a "force majeure" clause that allowed the borrower to delay completion of the project under a catch-all section covering "any other event or circumstance not within the reasonable control of the borrower". Trump not only sought an extension, but sought damages of $3 billion from the bank for its use of predatory lending practices to undermine the project and damage his reputation, which he claimed "is associated worldwide with on-time, under-budget, first-class construction projects and first-class luxury hotel operations." At the end of November, Deutsche Bank countersued Trump to force him to uphold his personal payment guarantee from February 2005, after he failed to repay the amount due November 7—a date that already had been extended. The suits did not interfere with Trump's ability to continue drawing on the credit line provided by Deutsche Bank, because without the project's continued financing, Deutsche Bank may have had to assume the role of developer. In March 2009, both parties agreed to suspend litigation and resolve the disagreement amicably in an effort to help the project to succeed. In September 2010, an amended loan agreement stopped the litigation and extended the term on an approximately $600 million construction loan for five years.
Economic policy of Donald Trump
In 1999 Trump proposed a massive one-time "net worth tax" on the rich to wipe out the national debt. Elizabeth Warren and Paul Krugman initially agreed with Trump's early positions on taxing the wealthy, but not his published positions going into the election, which dramatically reduced taxes for the wealthy. Paul Krugman wrote in May 2016: "Last fall Mr. Trump suggested that he would break with Republican orthodoxy by raising taxes on the wealthy. But then he unveiled a tax plan that would, in fact, lavish huge tax cuts on the rich. And it would also, according to non-partisan analyses, cause deficits to explode, adding around $10 trillion to the national debt over a decade." In 2011 Trump called for a balanced budget amendment, but it was not part of his campaign website policies.
Business career of Donald Trump
Trump University LLC was an American for-profit education company that ran a real estate training program from 2005 until at least 2010. After multiple lawsuits, it is now defunct. It was founded by Donald Trump and his associates, Michael Sexton and Jonathan Spitalny. The company offered courses in real estate, asset management, entrepreneurship, and wealth creation, charging between $1,500 and $35,000 per course. In 2005 the operation was notified by New York State authorities that its use of the word "university" violated state law. After a second such notification in 2010, the name of the operation was changed to the "Trump Entrepreneurial Institute". Trump was also found personally liable for failing to obtain a business license for the operation.
Donald Trump (Last Week Tonight)
After summarizing his "unpredictable and entertaining" style and acknowledging his appeal to voters disenchanted with the American political establishment, Oliver criticizes Trump as a "serial liar." The comedian outlines that Trump had made dubious and unsubstantiated claims regarding his net worth, then lists several of Trump's failed businesses and investments, including some of his real estate properties. Oliver mentions that Trump claimed to have declined to appear on "Last Week Tonight" but had never been invited; that Trump was not self-funding his 2016 presidential campaign, despite saying otherwise; and that in an interview in the 2003 documentary "Born Rich" Trump's daughter Ivanka had said that her father once portrayed himself as poorer than a homeless person.
Pseudonyms of Donald Trump
In May 1984, "Barron" lied to then "Forbes" reporter Jonathan Greenberg about Trump's wealth and assets to get Trump on the Forbes 400 list. "Barron" stated to Greenberg that "[m]ost of the assets [of Donald’s father Fred Trump] have been consolidated to Mr. [Donald] Trump." In April 2018, Greenberg retrieved and made public the original audio recordings of his exchange with "Barron", and stated that "Trump, through this [Barron] sockpuppet, was telling me he owned 'in excess of 90 percent'" of Fred Trump's assets. Ultimately, Greenberg included Trump at the end of the Forbes 400 list at $100 million, one fifth of the $500 million which "Barron" was claiming as Donald Trump's net worth. According to Greenberg, Donald Trump was only ever worth just under $5 million, which was 5% of the net worth which was attributed to him by Forbes at the time and only 1% of what "Barron" was claiming. Greenberg has corrected the record by stating that, as revealed in court documents in proceedings years later, Donald Trump never owned any of Fred Trump's assets until 1999 after Fred's death, and even then, inheriting only his share of Fred's deceased estate, with Donald Trump's three siblings and some grandchildren beneficiaries inheriting their corresponding shares.
Economic policy of Donald Trump
An analysis by Lily L. Batchelder of New York University School of Law estimated that Trump's new tax plan would cost more than $5 trillion over ten years and would raise taxes for lower and middle income families with children. The research found that the plan would result in gains on standard deduction, but losses on individual deduction. According to the Tax Policy Center, Trump's economic plan would raise taxes on many families. For instance, families with head-of-household filing status making between $20,000 and $200,000, including many single parents, would pay more under Trump's plan than under current tax law. Another study by the Wharton School of Business estimated that Trump's tax plan would create economic growth of 1.12% above the baseline and create 1.7 million jobs in 2018, although there would be a much larger loss of jobs and economic growth by 2027 and further by 2040. The Wharton study results were based on a controversial "dynamic scoring model, rather than a standard static model used by the Tax Center.
The Tax Foundation assessed that by 2025 the Trump tax plan would increase the long-run size of the economy by 6.9% to 8.2%, but by adding $2.6 trillion and $3.9 trillion to federal debt. This growth would lead to an increase in wages of 5.4% to 6.3%, an increase in capital stock of 20.1% to 23.9%, and the creation of 1.8 to 2.2 million jobs.
List of Presidents of the United States by net worth
The peak wealth of Presidents of the United States has varied considerably. Debt and depreciation often meant that Presidents had negative net worth when they died.
Most presidents before 1845 were extremely wealthy, including Andrew Jackson, who was born into poverty, and George Washington. Many of these early presidents were landowners, and some of them owned plantations, including slaves.
Donald Trump 2016 presidential campaign
Trump spent only a modest amount on advertising during the primary—$10 million through February 2016, far behind opponents such as Jeb Bush ($82 million), Marco Rubio ($55 million), and Ted Cruz ($22 million). Trump benefited from free media more than any other candidate. From the beginning of his campaign through February 2016, Trump received almost $2 billion in free media attention, twice the amount that Hillary Clinton received. Trump earned $400 million alone in the month of February. According to data from the Tyndall Report, which tracks nightly news content, through February 2016, Trump alone accounted for more than a quarter of all 2016 election coverage on the evening newscasts of NBC, CBS and ABC, more than all the Democratic campaigns combined. Observers noted Trump's ability to garner constant mainstream media coverage "almost at will".
Economic policy of Donald Trump
As President Trump introduces his budgetary policies, the impact can be measured against the January 2017 baseline. For example, the CBO April 2018 current law baseline included a debt increase of $11.7 trillion for 2018-2027, a $2.3 trillion increase ($18,200/household) versus the January 2017 baseline of $9.4 trillion, mainly due to the Tax Cuts and Jobs Act. The CBO April 2018 current policy or alternate baseline included a debt increase of $13.7 trillion for 2018-2027, a $4.3 trillion increase ($34,000/household) versus the January 2017 baseline. The current policy baseline assumes the tax cuts are extended beyond their scheduled expiration date. The per-household figures are computed using the 2017 figure of about 126.2 million households.
Legal affairs of Donald Trump
In 2018, Noel Cintron, the personal driver for Donald Trump before he became the President of the United States, filed a lawsuit "Cintron v Trump Organization LLC" with the Supreme Court of the State of New York (Manhattan). The lawsuit claims that during his 25-year employment by Trump, he was not compensated for overtime and the second time his salary was raised he was induced to surrender his health insurance, an action which saved Trump approximately $17,866 per year. The lawsuit seeks $178,200 of overtime back pay, plus $5,000 in penalties that are seen under the New York State Labor Law.
Old money
"Old money" applies to those of the upper class whose wealth separates them from lower social classes. According to anthropologist W. Lloyd Warner, the upper class in the United States during the 1930s was divided into the upper-upper and the lower-upper classes. The lower-upper were those that did not come from traditionally wealthy families. They earned their money from investments and business like John D. Rockefeller, whose father was a traveling peddler, rather than inheritance. In contrast to the "nouveau riche", the upper-upper class were families viewed as "quasi-aristocratic" and "high-society". These families had been rich and prominent in American politics for generations in many cases since before the Revolution when their ancestors had accumulated fortunes as members of the elite planter class, or as merchants, slave traders, ship owners, or fur traders. In many cases, especially in Virginia, Maryland, and the Carolinas the source of these families wealth were vast tracts of land granted to their ancestors by the Crown and or acquired by headright during the colonial period. These families sometimes known as American gentry produced several Founding Fathers of the United States and a number of early U.S. Presidents including George Washington, who with an estimated net worth of $525 million (in 2016 dollars) due to his vast holdings of land and slaves, was the wealthiest man to hold the office prior to the election of billionaire Donald Trump in 2016.
Why We Want You to Be Rich
"Why We Want You to be Rich" debuted at the first spot on "The New York Times" best seller list in its first week of publication. It remained in the top four spots for the next three weeks. The book sold 260,000 copies in its first printing. Trump reported in a 2016 statement he earned less than $201.00 from the book that year. The book saw increased sales in Iran in 2017 prior to Trump's inauguration as U.S. president.
Eric Trump
Eric Frederick Trump (born January 6, 1984) is an American businessman, philanthropist, and former reality television personality. He is the third child and second son of the President of the United States, Donald Trump, and Ivana Trump. Alongside his older brother Donald Trump Jr., he serves as a trustee of The Trump Organization.
Trump University
Trump University was incorporated in 2004 by Trump, Sexton, and Spitalny, as a New York limited liability company. Donald Trump owned 93% of the company. On May 23, 2005, Trump University formally launched its education program. At the opening presentation, Trump said: "If I had a choice of making lots of money or imparting lots of knowledge, I think I'd be as happy to impart knowledge as to make money". The company's original business plan focused on online education, but quickly expanded to include live, in-person instruction as well. The focus of the instruction was real estate investing, with Trump claiming in advertisements, "I can turn anyone into a successful real estate investor, including you." Typically the instruction began with an introductory seminar in rented space such as a hotel ballroom. At the introductory seminar, students were urged to sign up for additional classes, ranging from $1,495 seminars to a $35,000 "Gold Elite" program. Records produced indicate 7611 tickets in total were sold to customers attending courses. Approximately 6000 of these tickets were for a $1,500 3-day course and 1000 tickets were for silver, gold or elite mentored courses ranging in price from $10,000 to $35,000.
Allen Weisselberg
On January 11, 2017, it was announced that Weisselberg would serve as a trustee at the Trump Organization alongside Eric Trump and Donald Trump Jr. while Donald Trump serves as President of the United States. On April 4, 2017, a report by ProPublica revealed Eric Trump was downgraded from trustee to an adviser to the trust, leaving Trump Jr. and Weisselberg as its sole trustees. The report clarifies that the only people who know the details of the Trump trust's finances are its trustees.
Maison de L'Amitie
On January 7, 2005, entrepreneur Donald Trump bought the home for $41.35 million. Trump listed the home in early 2006 for $125 million. An employee of Trump Properties in Florida said that Trump had spent $25 million on renovations, while Trump himself claimed to have spent around $3 million renovating the house. In March 2008, after cycling through several real estate brokers, Trump lowered the asking price to $100 million. On July 16, 2008, Trump sold the home to Russian billionaire Dmitry Rybolovlev through his County Road Property LLC, for $95 million. At the time it was the most expensive residential property sale to ever occur in the United States. The Rybolovlevs had tried to secure a $25 million discount for the property.
George Soros
, "Forbes" magazine listed Soros as the 19th richest person in the world, the world's richest hedge-fund manager, and 19th on its list of the 400 wealthiest Americans, with a net worth estimated at $25.2 billion. Soros lost almost $1 billion in the weeks after the election of Republican Donald Trump as U.S. president in 2016.
Economic policy of Donald Trump
One July 2018 study indicated Trump's policies have had little impact on the U.S. economy in terms of GDP or employment. For example, more jobs were created in President Obama's last 23 months (4.84 million) than in President Trump's first 23 months (4.57 million), through December 2018. However, the fiscal year 2018 budget deficit was up $117 billion or 18% vs. 2017, and the debt additions projected by CBO for the 2018-2027 period have increased from the $9.4 trillion that Trump inherited from Obama (January 2017 CBO baseline) to $13.7 trillion (CBO current policy baseline), a $4.3 trillion or 46% increase. "Gallup" estimated that the number of persons without health insurance increased by about 7 million from Q4 2016 to Q4 2018, due primarily to Trump's policies.
Trump National Golf Club Westchester
When President Obama was in Westchester in 2014, his staff attempted to schedule visits to local golf clubs including Trump National, none of which wanted to close their courses for the president to play. Trump replied to NBC 4 New York's report of the news with a widely circulated and publicized tweet—"If Obama resigns from office NOW, thereby doing a great service to the country—I will give him free lifetime golf at any one of my courses!" In 2015, the club sued the town of Ossining to lower its worth from $13.5 million to $1.4 million in order to reduce property and school taxes; local residents complained because their own taxes would rise. In 2016, the club revised its claims to $9 million, closer to the 2014 town estimate of $14.3 million. In June 2017, Trump disclosed a value of the club at over $50 million, with $9.7 million in personal income in 2016.
Family of Donald Trump
In 1885, Donald Trump's grandfather, Friedrich Trump, emigrated from Kallstadt, Palatinate (then part of the Kingdom of Bavaria), to the United States at age 16. He anglicized his name to "Frederick" in 1892 when he became a U.S. citizen. During the Klondike Gold Rush, he amassed a fortune by opening a restaurant and hotel in Bennett and later Whitehorse, serving gold seekers on their way to the region; one biographer wrote that the business included a brothel, a portrayal Donald Trump has said was "totally false". After his death, his fortune was passed on to his wife and son. Frederick Trump was a second cousin of Henry J. Heinz, founder of H. J. Heinz Company, whose father also came from Kallstadt.
TrumpNation
In March 2016, O'Brien noted that only a few pages of the book revolved around Trump's net worth. O'Brien said that Trump's offense toward the net-worth claim was "a measure of his deep insecurity. His wealth and the size of his wealth ... are integral to how he wants people to perceive him." That month, Trump told "The Washington Post", "I spent a couple of bucks on legal fees, and they spent a whole lot more. I did it to make his life miserable, which I'm happy about." Later that year, Trump said "TrumpNation" "was a zero book. That was a zero. That was total fiction."
Wealth of Donald Trump
Trump was listed on the initial "Forbes List" of wealthy individuals in 1982 as having a share of his family's estimated $200 million net worth. Former "Forbes" reporter Jonathan Greenberg stated in 2018 that during the 1980s Trump had deceived him about his actual net worth and his share of the family assets in order to appear on the list. According to Greenberg, "it took decades to unwind the elaborate farce Trump had enacted to project an image as one of the richest people in America. Nearly every assertion supporting that claim was untrue. Trump wasn’t just poorer than he said he was. Over time, I have learned that he should not have been on the first three Forbes 400 lists at all. In our first-ever list, in 1982, we included him at $100 million, but Trump was actually worth roughly $5 million — a paltry sum by the standards of his super-monied peers — as a spate of government reports and books showed only much later."
Economic policy of Donald Trump
In August 2015, in a televised interview, Trump said "Having a low minimum wage is not a bad thing for this country." On November 10, 2015, speaking at a Republican debate, Trump said he opposed increasing the U.S. minimum wage, saying that doing so would hurt America's economic competitiveness. At the same debate, Trump said in response to a question about the minimum wage and the economy as a whole: "...taxes too high, wages too high, we're not going to be able to compete against the world. I hate to say it, but we have to leave it the way it is."
Business career of Donald Trump
Trump, according to Jack Nicklaus, "loves the game of golf more than he loves money". His handicap is 2.8. The Trump Organization operates many golf courses and resorts in the United States and around the world. The number of golf courses that Trump owns or manages is about 18, according to "Golfweek". Trump's personal financial disclosure with the Federal Elections Commission stated that his golf and resort revenue for the year 2015 was roughly $382 million.
Business career of Donald Trump
Trump's personal financial market investment portfolio is concentrated in the financial and commodities markets. The investment portfolio generates income and cash flow from a variety of mechanisms as dividends, capital gains, and compounded carried interest. He invested a minimum of $70 million in stocks. 
Though real estate is still his most preferred asset class, Trump became an active financial market investor in 2011 following disappointment from depressed American real estate market and various investments in the Federal Reserve's interest yields on CDs were next to nothing. Trump stated that he was not enthusiastic to be a stock market investor, but that prime real estate at good prices was hard to find at that time and that stocks and equity securities were cheap and generating good cash flow from dividends. He profited from 40 of the 45 stocks he purchased which he sold in 2014, making it almost a 90% success rate in capital appreciation in addition to millions in earned dividends. The biggest gainers in his stock portfolio were Bank of America Corporation, The Boeing Company and Facebook, Inc earning a windfall profit of $6.7 million, $3.96 million and $3.85 million, respectively.
2016 United States presidential election
Donald Trump's campaign drew heavily on his personal image, enhanced by his previous media exposure. The primary slogan of the Trump campaign, extensively used on campaign merchandise, was Make America Great Again. The red baseball cap with the slogan emblazoned on the front became a symbol of the campaign, and has been frequently donned by Trump and his supporters. Trump's right-wing populist positions—reported by "The New Yorker" to be nativist, protectionist, and semi-isolationist—differ in many ways from traditional conservatism. He opposed many free trade deals and military interventionist policies that conservatives generally support, and opposed cuts in Medicare and Social Security benefits. Moreover, he has insisted that Washington is "broken" and can only be fixed by an outsider.
Trump support was high among working and middle-class white male voters with annual incomes of less than $50,000 and no college degree. This group, particularly those with less than a high-school education, suffered a decline in their income in recent years. According to "The Washington Post", support for Trump is higher in areas with a higher mortality rate for middle-age white people. A sample of interviews with more than 11,000 Republican-leaning respondents from August to December 2015 found that Trump at that time found his strongest support among Republicans in West Virginia, followed by New York, and then followed by six Southern states.
Wealth of Donald Trump
After several years on the "Forbes List", Trump's financial losses in the 1980s caused him to be dropped from 1990 to 1995, and reportedly obliged him to borrow from his siblings' trusts in 1993; in 2005, "The New York Times" referred to Trump's "verbal billions" in a skeptical article about Trump's self-reported wealth. At the time, three individuals with direct knowledge of Trump's finances told reporter Timothy L. O'Brien that Trump's actual net worth was between $150 and $250 million, though Trump then publicly claimed a net worth of $5 to $6 billion. Claiming libel, Trump sued the reporter (and his book publisher) for $5 billion, lost the case, and then lost again on appeal; Trump refused to turn over his unredacted tax returns despite his assertion they supported his case.
Donald Trump
As a presidential candidate, Trump disclosed details of his companies, assets, and revenue sources to the extent required by the FEC. His 2015 report listed assets above $1.4 billion and outstanding debts of at least $265 million. The 2016 form showed little change.
Starrett City, Brooklyn
The complex is owned by Starrett City Associates, which was originally headed by Disque Deane. U.S. President Donald Trump owns 4% of the complex, inherited from his father Fred Trump. Spring Creek Towers brought Trump revenue exceeding $5 million during the period between January 2016 and April 15, 2017.
Residences of Donald Trump
Donald Trump owns the 38-story Trump Parc condominium skyscraper at 106 Central Park South, and often privately owns multiple units within it, which he rents for up to $100,000 a month.
Frederick Trump
At his death his net holdings included a 2-story, 7-room home in Queens; 5 vacant lots; $4,000 in savings; $3,600 in stocks; and 14 mortgages. Altogether his net worth was $31,359 ($ today). His wife and son Fred continued his real estate projects under the Elizabeth Trump & Son moniker.
Deutsche Bank
Deutsche Bank is widely recognized as being the largest creditor to real-estate-mogul-turned-politician Donald Trump, 45th President of the United States, holding more than US$360 million in outstanding loans to the candidate in the months prior to his 2016 election. Deutsche Bank’s role and possible relevance to an investigation of Trump and Russian parties colluding to elect him were reportedly under F.B.I. investigation as of December 2017.
Tax Cuts and Jobs Act of 2017
Fact-checkers such as FactCheck.Org, PolitiFact and "The Washington Post"s fact-checker have found that Trump's claims that his economic proposal and tax plan would not benefit wealthy persons like himself are likely false. An analysis by "The New York Times" found that if Trump's tax plan had been in place in 2005 (the one recent year in which his tax returns were leaked), he would have saved $11million in taxes. The analysis also found that Trump would save $4.4million on his eventual estate tax bill. Experts say that the financial windfall for the President and his family from this bill is "virtually unprecedented in American political history".
Wealth of Donald Trump
A 2016 analysis of Trump's business career in "The Economist" concluded that his performance since 1985 had been "mediocre compared with the stock market and property in New York." A subsequent analysis in "The Washington Post" similarly noted that Trump's estimated net worth of $100 million in 1978 would have increased to $6 billion by 2016 if he had invested it in a typical retirement fund, and concluded that "Trump is a mix of braggadocio, business failures, and real success."
Think Big and Kick Ass
Trump marketed the work with an interview on the CNN program "Larry King Live", and at appearances in New York City. He promoted sales of the book by doling our currency. At an event in New York City, Trump personally handed out one-hundred-dollar bills to the first 100 purchasers of the book. Trump gave a presentation about the book at the Wharton School of the University of Pennsylvania in an event hosted by MSNBC on January 2, 2008. During a 2008 lawsuit involving Deutsche Bank, attorneys for the finance company quoted from the book as evidence about Trump's views on loan relationships with banks. According to "The Economist", the book became a bestseller in 2007. In July 2015, the book was the highest selling work in the category of personal finance on Amazon.com. Trump declared revenues of less than $201.00 from the book in 2016.
Economic policy of Donald Trump
A "FiveThirtyEight" average of November 2017 surveys showed that 32% of voters approved of the legislation while 46% opposed it. This made the 2017 tax plan less popular than any tax proposal since 1981, including the tax increases of 1990 and 1993. Trump has claimed the tax cuts on the wealthy and corporations would be "paid for by growth", although 37 economists polled by the University of Chicago unanimously rejected the claim. The Washington Post's fact-checker has found that Trump's claims that his economic proposal and tax plan would not benefit wealthy persons like himself are provably false. The elimination of the estate tax (which only applies to inherited wealth greater than $11 million for a married couple) benefits only the heirs of the very rich (such as Trump's children), and there is a reduced tax rate for people who report business income on their individual returns (as Trump does). If Trump's tax plan had been in place in 2005 (the one recent year in which his tax returns were leaked), he would have saved $31 million in taxes from the alternative minimum tax cut alone. If the most recent estimate of the value of Trump's assets is correct, the repeal of the estate tax could save his family about $1.1 billion.
Donald J. Trump Foundation
Until 2017 the board of directors consisted of Donald Trump, his three adult children, and Trump Organization treasurer/CFO Allen Weisselberg. In 2017, Weisselberg claimed in a deposition to New York State investigators he wasn't even aware he was a board member "at least for the last 10 or 15 years". In 2015, a Trump Organization spokesperson told the "New York Post" that Trump made all decisions regarding the granting of the foundation's money.
Donald Trump 2016 presidential campaign
On November 1, 2016, "The Wall Street Journal" published an open letter signed by 370 economists, including eight Nobel laureates, who stated that Trump would be a "dangerous, destructive" choice for president and which encouraged voters to vote for some other candidate. The letter stated that Trump "misinforms the electorate, degrades trust in public institutions with conspiracy theories, and promotes willful delusion over engagement with reality"; that "If elected, he poses a unique danger (...) to the prosperity of the country"; and that he "promotes magical thinking and conspiracy theories over sober assessments of feasible economic policy options".
Business career of Donald Trump
Trump has released some financial information, but has declined to publicly release any of his full tax returns, saying that he will do so before the 2016 election if what his attorneys described as an ongoing audit by the Internal Revenue Service (IRS) is completed covering tax returns for the years 2009 through 2016. According to a July 2015 press release from his campaign manager, Trump's "income" for the year 2014 was $362 million ("which does not include dividends, interest, capital gains, rents and royalties"). His disclosure filings for the year 2015 stated that his total gross revenue was in excess of $611 million.
Donald Trump 2016 presidential campaign
In July, the Federal Election Commission released details of Trump's wealth and financial holdings, which he had submitted to them when he became a Republican presidential candidate. The report showed assets above $1.4 billion and outstanding debts of at least $265 million. Shortly afterwards, Trump's campaign released a statement stating that his net worth is over $10 billion, although "Forbes" estimated it to be $4.5 billion. On August 6, 2015, the first Republican primary debate took place on Fox News. During the debate, Trump refused to rule out a third-party candidacy. Eventually, in September 2015, Trump signed a pledge promising his allegiance to the Republican Party.
The Trump Organization
In October 2015 the "Forbes", the owner of the Forbes 400 list published an article titled, "Inside The Epic Fantasy That's Driven Donald Trump For 33 Years" detailing its struggle to estimate the true net worth of Trump and his Trump Organization. In 2018 a former "Forbes" journalist who had worked on the "Forbes" list claimed in an Op-Ed to the "Washington Post" that Trump had lied about his wealth to "Forbes" to get on the list repeatedly and suggested that Forbes' previous low-end estimates of Trump's net worth were still well above his true net worth.
Economic policy of Donald Trump
Real median household income increased 1.8% in 2017, to $61,372, the third consecutive annual increase and the second consecutive record high. The rate of increase was slower in 2017 than 2016 (3.1%) and 2015 (5.1%).
Wealth of Donald Trump
Trump reported a yearly income of $362 million for 2014 and $611 million from January 2015 to May 2016. Trump and his family reported more than $500 million of income in mid-2018 financial disclosure forms.
The Trump Organization
Under the pre-inaugural management agreement, "Forbes" magazine reported in March 2017:
The Trump Organization has curtailed some of its international work, pulling out of deals in Azerbaijan, Georgia and Brazil, while pledging to do no new foreign deals (though it has apparently resurrected an old deal in the Dominican Republic). Trump’s international hotel licensing and management business only makes up $220 million of his estimated $3.5 billion fortune, but it’s the most dynamic part of the Trump portfolio—and it throws off chunks of cash with virtually no risk. As the Trumps have wound down some international deals, they continue to push forward with new domestic agreements.
Eric Trump, in the "Forbes" article, discussed the "clear separation of church and state that we maintain" between the business and his father and said that with his father's U.S. Presidency and related changes "[y]ou could look at it either way" in terms of business prospects. He also said that "he will continue to update his father on the business while he is in the presidency ... 'probably quarterly ... profitability reports and stuff like that'". The article quoted Larry Noble, general counsel of the nonpartisan Campaign Legal Center and a former chief ethics officer at the Federal Election Commission, and President George W. Bush’s former chief ethics lawyer, Richard Painter, as looking negatively at such multiple planned updates of President Trump per year. Noble said in part "if he is now going to get reports from his son about the businesses, then he really isn’t separate in any real way” and Painter said in part "at the end of the day, he owns the business. He has the conflicts that come with it.”
Trump Winery
Donald Trump purchased the vineyard out of foreclosure from three different banks, not from Patricia Kluge directly like some have suggested. Prior to being foreclosed, Patricia Kluge, former wife of American billionaire John Kluge, did own the property. After her divorce in 1990, Kluge spent much of her remaining fortune over the following two decades, in 1999 establishing a winery and continuing to expand its production. She and her new husband also took out $65 million in loans to fund the expansion. In 2011 the couple defaulted on the loans. Bank of America acquired the mortgage on the mansion itself, but the surrounding property was still held in a Kluge family trust. Trump, a longstanding friend of Patricia Kluge, bought the surrounding the property directly from the trust for $150,000. The bank later alleged that Trump subsequently arranged for "No Trespassing" signs to be placed around the property and to allow the lawns to become overgrown in order to ward off potential buyers and to give the appearance of Trump's exclusive access to the property, although the bank's property interest in the main house included right-of-way easements. Trump then purchased the land from Bank of America for $3.6 million, a significant discount from the $16 million the bank had paid at the foreclosure auction to retain the property and to Kluge's original $100 million asking price the prior year.
Trump: How to Get Rich
Trump: How to Get Rich is a 2004 non-fiction book by Donald Trump and Meredith McIver. Like Trump's 16 other publications, it was to an unknown extent ghostwritten. The book was published to take advantage of media attention related to The Apprentice TV series which Trump hosted from January 2004. The book is focused on Trump's fame and public image, and makes statements such as "Emphatically and categorically, no: I do not wear a rug. My hair is 100 per cent mine." While the book forms part of Trump's success creed, it more describes how Trump got richer than being a "how to get rich" guide. The book contains 53 short business "commandments", and finishes with a section dedicated to Trump's role in The Apprentice.
Veracity of statements by Donald Trump
In 2018, journalist Jonathan Greenberg released audio recordings from 1984 in which Trump, posing as his own spokesman John Barron, made false assertions of his wealth to secure a higher ranking on the Forbes 400 list of wealthy Americans, including claiming he owned over 90 percent of his family's business.
Trump family
Fred Trump was one of the biggest real estate developers in New York. Using their inheritance, Fred and his mother Elizabeth founded "E. Trump & Son". Fred married Mary MacLeod (1912–2000), a native of Tong, a small village near Stornoway, in the Western Isles of Scotland. She was the daughter of fisherman Malcolm MacLeod and Mary MacLeod (née Smith). At age 17, she immigrated to the United States and started working as a maid in New York. Fred and Mary met in New York and married in 1936, settling together in Queens. Mary became a U.S. citizen in 1942. Fred was the father of the businessman Donald Trump, who became president of the real estate company in 1971, and renamed it the Trump Organization. Donald Trump has said that he is "proud" of his German heritage, having served as grand marshal of the 1999 German-American Steuben Parade in New York City. While walking through the city and seeing Trump Tower, Donald Trump recalled saying: "This is a long way from Kallstadt."
Trump Tower
Donald Trump, his wife Melania, and their son Barron maintain a three-story residence on the penthouse floors. Until 2017, the tower was their main residence, among the family's other homes at Mar-a-Lago in Florida; Seven Springs in Bedford, New York; and part of an estate in Charlottesville, Virginia. Since January 2017, Trump lives primarily at the White House. Melania and Barron lived in Trump Tower until June 2017, when they moved into the White House. Barron is reported to live on his own floor. Before Trump became president, his offices were located on the 26th floor, and he had a private elevator between the penthouse and his office. In a 1984 article in "GQ" magazine, Trump's then-wife Ivana said that the first floor of the penthouse had the living, dining, and entertainment rooms and kitchen; the second had a balcony over the living room as well as their bedrooms and bathrooms; and the third contained bedrooms for the children, maids, and guests. Angelo Donghia provided the original black-and-white, brass-and-mahogany design for the penthouse, which was later replaced with a gold-and-Greek-column design after Trump reportedly saw the more lavish house of Saudi businessman Adnan Khashoggi.
40 Wall Street
On CNBC's "The Billionaire Inside", Trump again claimed he paid $1 million for the building, but stated the value as $600 million, a $200 million increase from two years earlier. The episode aired October 17, 2007, on CNBC. However, it has also been reported that Trump paid $10 million for the building and the building is now worth $1 billion. According to 2015 Federal Election Commission filings, Trump has an outstanding mortgage on the property in excess of $50 million.
Donald J. Trump Foundation
Trump may have directed income owed to him personally to be sent to the foundation instead, in possible violation of tax rules. "The Washington Post" reported in September 2016 that Donald Trump had directed that $2.3 million owed to him and his organization by various people and organizations should be paid instead to his foundation as donations, possibly evading personal income taxes. The "Post" found old "Associated Press" coverage showing that Trump may have started directing income to the Trump Foundation as early as 1989. IRS rules prohibit individuals from diverting taxable income owed to them toward charities if they benefit directly from those charities, unless the individual declares the income on his personal tax forms. Since Trump had yet to release his personal income taxes at that time, the "Post" was unable to confirm if the income was declared for any of the donations received.
TrumpNation
TrumpNation: The Art of Being the Donald is a 2005 biographical book about Donald Trump that was written by Timothy L. O'Brien and published by Warner Books. After the book was published, Trump filed a $5 billion lawsuit against O'Brien, who had written that Trump was not a billionaire and that his net worth actually ranged between $150 million and $250 million. Trump sought $2.5 billion in compensatory damages and an additional $2.5 billion in punitive damages. The lawsuit was dismissed in 2009, and an appeals court affirmed the decision in 2011.
Wealth of Donald Trump
Mortgages on Trump's major properties—including Trump Tower, 40 Wall Street, and the Trump National Doral golf course—each fall into the "above $50 million" range, the highest reportable category on FEC filings, with Trump paying interest rates ranging from 4% to 7.125%. Mortgages on those three properties were separately reported as $100 million, $160 million, and $125 million in 2013. Trump is a leaseholder, not owner, of the land beneath 40 Wall Street. Other outstanding Trump mortgages and debts are pegged to current market interest rates. A 2012 report from Trump's accounting firm estimated $451.7 million in debt and other collateral obligations. Filings in 2015 disclosed debt of $504 million, according to "Fortune" magazine. "Bloomberg" documented debt of at least $605 million in 2016. Trump's outstanding debt was at least $650 million in August 2016, in addition to an outstanding loan of $950 million to the Bank of China and Deutsche Bank (among other creditors) on 1290 Avenue of the Americas, in which Trump is a minority owner.
Economic policy of Donald Trump
He proposed to reduce the number of tax brackets from seven to three, and replace the rates ranging from 10% to 39.6% with 12%, 25% and 33%. He proposed to cut the corporate tax rate from 35% to 15%. "The Washington Post" notes that a 15% corporate tax rate would be put the United States near the bottom of the "major industrialized nations", where the average is about 25 percent. He proposed to repeal the estate tax, which applies to inheritance for estates valued at $5.45 million for individuals and $10.9 million for couples, or roughly the wealthiest 0.2 percent of Americans. Trump also said he would eliminate the carried interest loophole. Trump's plan would also "eliminate the alternative minimum tax and the 3.8 percent net investment income tax, which was levied on high-income households to help fund Medicare expansion under the Affordable Care Act."
Economic policy of Donald Trump
Detailed analyses by both two nonpartisan tax research organizations, the conservative Tax Foundation and centrist Tax Policy Center, concluded that Trump's tax plan would "boost the after-tax incomes of the wealthiest households by an average of more than $1.3 million a year" and significantly lower taxes for the wealthy. The Tax Policy Center "calculated the average tax cuts for the rich and the very rich" under Trump's plan as "$275,000 or 17.5 percent of after-tax income for the top 1 percent, and $1.3 million or nearly 19 percent for the top 0.1 percent (those making over $3.7 million)."
Phil Ruffin
Phillip Gene "Phil" Ruffin (born March 14, 1935) is an American businessman. He owns the Treasure Island Hotel and Casino in Las Vegas, in addition to a number of other enterprises including hotels, casinos, greyhound racing tracks, oil production, convenience stores, real estate, and the world's largest manufacturer of hand trucks. He is also a business partner of Donald Trump, with whom he co-owns the Trump International Hotel in Las Vegas. Long a resident of Wichita, Kansas, Ruffin now lives in Las Vegas, Nevada. On the "Forbes" 2018 list of the world's billionaires, he was ranked #877 with a net worth of US$2.7 billion.
Legal affairs of Donald Trump
By 1994, Trump had eliminated a large portion of his $900 million personal debt through sales of his Trump Taj Mahal and Trump Plaza assets, and significantly reduced his nearly $3.5 billion in business debt. Although he lost the Trump Princess yacht and the Trump Shuttle (which he had bought in 1989), he did retain Trump Tower in New York City and control of three casinos in Atlantic City, including Trump's Castle. Trump sold his ownership of West Side Yards (now Riverside South, Manhattan) to Chinese developers including Hong Kong's New World Development, receiving a premium price in exchange for the use and display of the name "Trump" on the buildings.
Donald Trump
On June 16, 2015, Trump announced his candidacy for President of the United States at Trump Tower in Manhattan. In the speech, Trump discussed illegal immigration, offshoring of American jobs, the U.S. national debt, and Islamic terrorism, which all remained large priorities during the campaign. He also announced his campaign slogan: "Make America Great Again". "Transcript of full speech" Trump said his wealth would make him immune to pressure from campaign donors. He declared that he was funding his own campaign, but according to "The Atlantic", "Trump's claims of self-funding have always been dubious at best and actively misleading at worst."
Donald Trump
Adult film actress Stormy Daniels has alleged that she and Trump had an affair in 2006, which Trump denied. In January 2018, it was reported that just before the 2016 presidential election Daniels was paid $130,000 by Trump's attorney Michael Cohen as part of a non-disclosure agreement (NDA); Cohen later said he paid her with his own money. In February 2018, Daniels sued Cohen's company asking to be released from the NDA and be allowed to tell her story. Cohen obtained a restraining order to keep her from discussing the case. In March, Daniels claimed in court that the NDA never came into effect because Trump did not sign it personally.
The Trump Organization
The Trump Organization is the collective name for a group of approximately 500 business entities of which Donald Trump, the current U.S. President, is the sole or principal owner. Approximately 250 entities use the Trump name. Donald Trump's grandmother Elizabeth Christ Trump and father Fred Trump founded the organization in 1923 as E. Trump & Son, and it was led from 1971 to 2017 by Donald Trump, who renamed the company around 1973.
Economic inequality
According to PolitiFact the top 400 richest Americans "have more wealth than half of all Americans combined." According to "The New York Times" on July 22, 2014, the "richest 1 percent in the United States now own more wealth than the bottom 90 percent". Inherited wealth may help explain why many Americans who have become rich may have had a "substantial head start". In September 2012, according to the Institute for Policy Studies (IPS), "over 60 percent" of the Forbes richest 400 Americans "grew up in substantial privilege". A 2017 report by the IPS said that three individuals, Jeff Bezos, Bill Gates and Warren Buffett, own as much wealth as the bottom half of the population, or 160 million people, and that the growing disparity between the wealthy and the poor has created a "moral crisis", noting that "we have not witnessed such extreme levels of concentrated wealth and power since the first gilded age a century ago." In 2016, the world's billionaires increased their combined global wealth to a record $6 trillion. In 2017, they increased their collective wealth to 8.9 trillion.
The Celebrity Apprentice
After Trump announced his intentions to run for President of the United States in the 2016 election in 2015, NBC began to re-evaluate their business relationship with Trump and whether he could still be host of "The Apprentice" series. NBC stated that they opted to sever their business ties with Trump following politically-charged comments that Trump made in June 2015, and began seeking a new host for the show. However, Trump stated that it was his decision to end the relationship with NBC "out of respect", even though he had been approached by Burnett and NBC to host two more seasons of the show just prior to his presidential bid. In an April 2016 interview, Trump revealed he earned about $213 million from the show over its 14 seasons.
Wealth of Donald Trump
In 2016, "Forbes" estimated Trump's net worth at $3.7 billion, and "Bloomberg" $3 billion. During the three years since Trump announced his presidential run in 2015, Forbes estimated his net worth declined 31% and his ranking fell 138 spots. Discrepancies in estimates of various organizations is due in part to the uncertainty of appraised property values, as well as Trump's own assessment of the value of his personal brand.
Midas Touch (book)
Midas Touch: Why Some Entrepreneurs Get Rich — And Why Most Don't is a non-fiction book about personal finance, co-authored by Donald Trump and Robert Kiyosaki. The book was published in hardcover format in 2011. The coauthors became familiar with each other through mutual work at The Learning Annex, and "The Art of the Deal". Trump was impressed by Kiyosaki's writing success with "Rich Dad Poor Dad". The coauthors then wrote "Why We Want You to be Rich" together in 2006, and followed it up with "Midas Touch" in 2011.
Donald Trump
The Trump name has also been licensed for various consumer products and services, including foodstuffs, apparel, adult learning courses, and home furnishings. In 2011, "Forbes" financial experts estimated the value of the Trump brand at $200 million. Trump disputed this valuation, saying his brand was worth about $3 billion. According to an analysis by "The Washington Post", there are more than 50 licensing or management deals involving Trump's name, which have generated at least $59 million in yearly revenue for his companies. "The Post" reported in April 2018 that — of the 19 consumer goods companies Trump said in 2015 were licensing his name — only two continue to do so, in Panama and Turkey.
Economic policy of Donald Trump
On May 9, 2016, Trump said on "Meet the Press": "The thing I'm going to do is make sure the middle class gets good tax breaks. For the wealthy, I think, frankly, it's going to go up. And you know what, it really should go up." The following day, Trump backtracked on his comment on taxation of the wealthy, "saying he had been referring to potential adjustments to his own tax policy proposal" and did not support an increase in taxes of the wealthy from current levels. Trump's has frequently throughout his presidential campaign changed his view as to whether the wealthy should see tax cuts or increases.
Why We Want You to Be Rich
Why We Want You to Be Rich: Two Men, One Message is a non-fiction book about personal finance, co-authored by Donald Trump and Robert Kiyosaki. The book was first published in hardcover format in 2006. The coauthors became familiar with each other through mutual work at The Learning Annex and Trump being impressed by Kiyosaki's writing success with "Rich Dad Poor Dad". Trump and Kiyosaki co-authored another book together in 2011, "Midas Touch: Why Some Entrepreneurs Get Rich-And Why Most Don't". The book discusses American economic problems including the middle-class squeeze, economic globalization, and the national debt of the United States. The authors advise the reader to gain financial literacy and delve into entrepreneurship. Trump and Kiyosaki criticize mutual funds and advocate real estate investing as a way to build wealth.
Sheldon Adelson
, Adelson was listed by "Forbes" as having a fortune of US$33.3 billion, making him the 15th-richest person in the world. He is a major contributor to Republican Party candidates. He has been the largest donor, of any party, in both the 2012 and 2016 presidential campaigns. He had sat out the Republican primary season for the 2016 presidential election and on September 23, he announced a $25 million donation to Donald Trump's 2016 presidential campaign, making him the largest donor to the Trump campaign and the largest donor in the presidential election (although this was less than the $100 million donation some had initially predicted).
Wealth of Donald Trump
In a sworn deposition, Trump testified that he once borrowed $9.6 million from his father, calling it "a very small amount of money", but could not recall when he did so. Trump has since told campaign audiences he began his career with "a small loan of one million dollars" from his father, which he paid back with interest: "it has not been easy for me", Trump told one New Hampshire crowd. Trump has often repeated this claim. In October 2018, "The New York Times" published an "exposé" drawing on more than 100,000 pages of tax returns and financial records from Fred Trump's businesses, and interviews with former advisers and employees. The "Times" concluded that Donald Trump "was a millionaire by age 8", and that he had received at least $413 million (adjusted for inflation) from his father's business empire over his lifetime. According to the "Times", Trump borrowed at least $60 million from his father, and largely failed to reimburse him.
Business career of Donald Trump
Trump has also invested in funds that focus on middle and smaller sized businesses such as Tesla Motors, the electric car maker and has invested internationally in a number of emerging market, growth and hedge funds located in Europe and Asia. He has also invested in a number of private equity and hedge funds including $1 to $5 million in Advantage Plus, $1 to $5 million in AG Diversified Funds, $2 million in MidOcean Credit Opportunities, $4 million in Paulson & Co., and around $5 million with Angelo, Gordon & Co.. Trump's biggest fund holding has been in Black Rock's Obsidian Fund, where his stake is estimated to be between $25 million to $50 million. Nearly all of Trump's open end mutual fund investments are concentrated in Baron Capital Management, a mid-sized mutual fund family headed by mutual fund mogul Ronald S. Baron. Trump invested $16.2 million in Baron Capital Management, making him a significant minority shareholder. He revealed that he earned over $22 million with his private equity, hedge fund, and mutual fund investments and generated between $1.5 million and $10 million in income almost all of it from investments such as dividends, capital gains, and carried interest. Trump also has a portion of his portfolio invested in U.S. Treasury bonds.
Trump Tower
In 2006, "Forbes" magazine valued the of office space at up to $318 million; the tower itself was valued at $288 million, since the Trump Organization had a $30 million mortgage on the property. , that mortgage had risen to $100 million. The valuation of the building rose from $490 million in 2014 to $600 million in 2015 due to increased rent payments by anchor store Gucci. This revaluation made the tower the single most expensive property under Trump's ownership.
Donald Trump
Trump has often said that he began his career with "a small loan of one million dollars" from his father, and that he had to pay it back with interest. In October 2018, "The New York Times" reported that Trump "was a millionaire by age 8", borrowed at least $60 million from his father, and largely failed to reimburse him, and had received $413 million (adjusted for inflation) from his father's business empire over his lifetime. According to the report, Trump and his family committed tax fraud, which a lawyer for Trump denied; the tax department of New York says it is "vigorously pursuing all appropriate avenues of investigation" into it. Analyses by "The Economist" and "The Washington Post" have concluded that Trump's investments have under-performed the stock market. Forbes estimated in October 2018 that the value of Trump's personal brand licensing business had declined by 88% since 2015, to $3 million.
American gentry
George Washington, the first president of the United States was also the wealthiest man to ever hold the office until the election of Donald Trump in 2016 according to valuations of his putative assets. He was a commercial farmer much interested in innovations, and happily quit his public duties in 1783 and again in 1797 to manage his plantation at Mount Vernon. Washington lived an upper-class lifestyle—fox hunting was a favorite leisure activity enjoyed by gentry, worldwide. Like most planters in Virginia, Washington imported luxury items and other fine wares from England. He paid for them by exporting his tobacco crop.
Business career of Donald Trump
Trump's stock portfolio was valued somewhere between $33.4 million and $87.9 million in 2015 and was invested in many sectors, including public companies such as tobacco distributors, retail outlets, pharmaceutical companies, industrial manufacturing companies, financial conglomerates, oil companies, high technology firms and defense contractors. Public stock investments within his portfolio include General Electric, Chevron, UPS, Coca-Cola, Home Depot, Comcast, Sanofi, Ford, ConocoPhillips, Energy Transfer Partners, Altera, Verizon Communications, Procter & Gamble, Bank of America, Nike, Google, Apple Inc., Philip Morris, Citigroup, Morgan Stanley, Whole Foods, Intel, IBM, Bristol-Myers Squibb, Johnson & Johnson, Caterpillar, Kinder Morgan, AT&T and Facebook. He has at least $78 million invested in a variety of paper assets such as stocks, bonds, mutual funds, private equity funds, fund of funds, and hedge funds. His financial market investment accounts are kept at JPMorgan, Barclays, Deutsche Bank and Oppenheimer. His Barclays account includes investments in 32 entities and cash worth between $49,021 and $396,001 and having stock in two accounts at Deutsche Bank that contain cash, treasury bills, and stock in 173 entities. His investment account with Oppenheimer contains cash and has 31 positions worth between $10,380,031 and $33,301,000. His account with JPMorgan contains stock in 60 firms valued between $1,251,008 and $2,617,000.
Legal affairs of Donald Trump
Trump's fourth corporate bankruptcy occurred in 2009, when Trump and his daughter Ivanka resigned from the board of Trump Entertainment Resorts; four days later the company, which owed investors $1.74 billion against its $2.06 billion of assets, filed for Chapter 11 bankruptcy. At that time, Trump Entertainment Resorts had three properties in Atlantic City: Trump Taj Mahal, Trump Plaza Hotel and Casino (closed in 2014), and Trump Marina (formerly Trump's Castle, sold in 2011). Trump and some investors bought the company back that same year for $225 million. As part of the agreement, Trump withdrew a $100 million lawsuit he had filed against the casino's owners alleging damage to the Trump brand. Trump re-negotiated the debt, reducing by over $1 billion the repayments required to bondholders.