Trump Raises $4 Million In Indictment Cash Grab
The Trump campaign is offering free t-shirts to donors who give $49 or more
Shady accounting underpins Trump’s wealth
Donald Trump claims a net worth of more than $10 billion and an income of $557 million. But he appears to get there only by overvaluing properties and ignoring his expenses.
POLITICO spoke with more than a dozen financial experts and Trump’s fellow multimillionaires about the presumptive Republican nominee’s latest financial statement. Their conclusion: The real estate magnate’s bottom line — what he actually puts in his own pocket — could be much lower than he suggests. Some financial analysts said this, and a very low tax rate, is why Trump won’t release his tax returns.
The documents consisted of three statements of personal net worth, from 2011 to 2013. Cohen testified that Trump provided the statements to Deutsche Bank as part of an inquiry into buying the NFL football team Buffalo Bills, and to Forbes Magazine, which publishes annual lists of the country and world’s wealthiest people.
Trump claimed his net worth in 2011 was $4.2 billion, and $4.5 billion in 2012, according to the documents. The following year, 2013, Trump claimed a net worth of nearly twice as much, $8.6 billion.
Cohen, who worked as Trump’s longtime personal lawyer and fixer, testified Wednesday that Trump sometimes changed his claims about his net worth.
“It was my experience that Mr. Trump inflated his total assets when it served his purposes” such as getting onto the Forbes list of wealthiest Americans, Cohen said. Trump also deflated his assets when doing so helped his business interests…”
Former President Donald Trump has reclaimed his place among the Forbes 400 list of the richest people in the United States after falling off last year.
As a result of his net worth jumping by a whopping $700 million to a six-year high of $3.2 billion, Trump is now ranked the No. 343 richest person in the country, according to Forbes.
TRUMP LIED ABOUT THE VALUE OF:
Mar-a-Lago overvalued by $664 million, business fraud lawsuit against former President Donald Trump claims
The lawsuit alleges that Trump inflated his net worth by billions of dollars, lying about the value of multiple properties including golf courses, hotels and his homes at Mar-a-Lago and Trump Tower.
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