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President Donald Trump has tried, but so far, to enrich the presidency, but still refuses to divest himself of his business.
Trump's net worth has risen from $ 4.5 billion in 2015 to $ 3.1 billion in two years, dropping it from 138 to one of Forbes' 400 richest Americans, the report said on Tuesday. . Hours after Forbes analysis of Trump's unsuccessful attempts to get rich in the White House, The New York Times issued a report accusing Trump of committing tax evasion with the goal of earning at least $ 413 million from his father's estate empire, thereby thwarting his long-standing claim of being a self-taught billionaire.
Since he became president, Donald Trump held summits in his seaside resort of Mar-a-Lago and termed it "White House", visited his golf courses and started a business. hotel licenses for its supporters. But his polarizing policy has hurt his operations.
Trump's product licensing business, which Forbes valued at $ 23 million in 2015, dropped $ 3 million.
"It's so polarized that people are afraid to do business with it," said Jeff Lotman, Head of Global Icons Licensing, Forbes. "He has considerably tarnished the mark."
according to ForbesTrump Golf Courses recorded a revenue decline of approximately 9% in 2017.
Trump Tower condominium prices have been falling since Trump announced that it would run for office in 2015 and would be about 33% lower than their highest values. Prices at Trump Park East and Trump Park Avenue in New York dropped 23% and 19%, respectively. The value of Trump's residential units in New York City and Chicago has fallen by about $ 50 million, according to Forbes, who interviewed nearly 200 colleagues and Trump partners, as well as industry analysts.
The president's hotel empire lost about $ 30 million, in part after Trump brand hotels in the SoHo neighborhood of New York, Panama and Toronto lost their name.
In addition to the polarization of politics, Trump's decline in wealth is due to the size of its assets, such as its penthouse, and a loss of more than $ 100 million in the value of commercial property, dominated through e-commerce.
As president, Trump is theoretically able to prepare his business to be more successful, such as signing the tax reform last year that benefits his business. Although some of his properties, including Mar-a-Lago and Trump International Hotel, generated more revenue from his job, he overall suffered a significant loss.
"By not disinvesting, he has organized himself so that his actions, as well as those of the people who engage in his business, present perpetual conflicts of interest – or their appearance," said President. Forbes states of analysis. "In the meantime, if he liquidated, paid the capital gains tax on his entire fortune and created a blind trust to invest everything in the booming stock market, Trump would be richer by $ 500 million of that money. 'he is today without the headaches'
Times & # 39; The story told that Trump had won much of the $ 413 million helping his parents avoid taxes by setting up a fake company to conceal millions of dollars in gifts to his parents, helping his father to take care of his family. inappropriate tax deductions and undervaluing the real estate assets of his parents. returns to reduce the amount due.
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