Donald Trump’s Income Isn’t Always What He Says It Is, Records Suggest
Source: New York Times
On the financial disclosure forms that Donald J. Trump has pointed to as proof of his tremendous success, no venture looks more gold-plated than his golf resort in Doral, Fla., where he reported revenues of $50 million in 2014. That figure accounted for the biggest share of what he described as his income for the year.
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Mr. Trump’s lawyer handed the magistrate an income and expense statement showing that the gross revenue had indeed been $50 million. But after paying operating costs, the resort had actually lost $2.4 million.
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The records demonstrate that large portions of those numbers represent cash coming into his businesses before covering costs like mortgage payments, payroll and maintenance. After expenses, some of his businesses make a small fraction of what he reported on his disclosure forms, or actually lose money.
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At some of Mr. Trump’s properties, the cash generated is closer to, or matches, what showed up on his financial disclosure forms. For example, at the first apartment building he developed in Manhattan, Trump Tower, the 18 floors of office and retail spaces that a Trump entity owns produced positive cash flow of $13 million in 2015, even after mortgage payments. That would match the claim on his financial disclosure form of making more than $5 million on the spaces.
Read more: http://www.nytimes.com/2016/11/04/us/politics/donald-trump-money.html?ref=politics&_r=0
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