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(Trends Wide) — Former US President Donald Trump presented his personal financial report to the Federal Election Commission (FEC) on Friday, offering the public a first glimpse of his post-presidency finances.
The reports, however, provide an inaccurate financial picture because candidates are only required to report their assets and liabilities in broad ranges. The presentation this Friday allows Trump to avoid paying a fine of US $ 200 for delaying the presentation of the report, the first of his candidacy for 2024.
The 101-page report provided some new insight into Trump’s finances since leaving office, including his social media venture and last year’s sale of digital trading cards known as NFTs.
Details of Trump’s finances after his presidency
The filing includes the list of hundreds of Trump assets, from properties like his Mar-a-Lago resort in Florida to royalties from his books.
Trump declared more than $5 million in speaking income, according to the report.
The former president also claimed to have earned between $100,001 and $1 million in NFT revenue, according to the statement.
In addition, he reported that Trump Media & Technology Group Corp, an umbrella company related to his social media company, Truth Social, is valued between $5,000,001 and $25 million. However, Trump, who owns 90% of Trump Media & Technology Group Corp, stated that he made little income from that asset.
The statement underscores the global reach of Trump’s business interests in his presidential campaign, yet again. He declared, for example, more than US$5 million in royalties from what is described as “DT Marks Oman LLC”.
The New York Times reported in November that the Trump Organization reached an agreement with a Saudi Arabian real estate company to build a Trump hotel, villa and golf course in Oman as part of a $4 billion project. .
Of Trump’s 16 books, “The Art of the Deal,” his 1987 memoir giving business advice, was the top-grossing, with royalties from $100,000 to $1 million, according to the statement. Most of the books generated royalties of less than US$201.
According to the statement, the majority of former first lady Melania Trump’s income comes from royalties through MKT World LLC, which she estimates between $1 million and $5 million, as well as rental income from a real estate business in Slovenia, providing income between US$1,000 and US$15,000.
late submission
Last month, Trump’s attorney, Derek Ross, wrote to the FEC, saying the former president needed an “additional 30 days” to finalize and submit his report, given the “complexities of his financial holdings.”
Trump previously requested and was granted two 45-day extensions to the filing deadline, the maximum allowed. Trump’s presentation, after obtaining the two extensions, was due on March 15.
The acting general counsel of the Federal Election Commission, Lisa Stevenson, wrote in response to Ross’ request that Trump had exhausted all of his extensions. And she warned that Trump could face a $200 fine if he did not turn in the report within 30 days, under federal law governing these disclosures.
“President Trump has significant financial holdings, and we have advised the Federal Election Commission that additional time is needed to file their financial disclosure report,” Trump spokesman Steven Cheung said in an email to Trends Wide, when asked. asked about the delay last month.
Most presidential candidates—and White House office holders—also release their tax returns to get a more detailed picture of their finances. Trump flatly refused to do so during his previous candidacy and his tenure in the White House.
Financial report after tax disclosure
Last year, Democrats on the House Ways and Means Committee released six years of Trump’s tax returns, from 2015 to 2020, as the culmination of a year-long legal battle over their disclosure.
The thousands of pages of financial documents, which the commission demanded to obtain after Trump broke decades of tradition of presidential candidates releasing their tax returns, provided the most detailed look to date at Trump’s finances, revealing that the The former president paid little to no income tax for several years after claiming huge business losses before and during his presidency.
A Joint Commission on Taxation report on Trump’s tax returns showed the former president suffered huge net operating losses that often reduced his tax liabilities to zero. Trump paid $750 in taxes in 2016 and 2017 and $0 in 2020, as he declared millions in losses.
The statements showed that Trump had business income, taxes, expenses or other financial items in nearly two dozen countries, as well as multiple offshore bank accounts, including an account in China from 2015 to 2017.
Trump’s financial disclosure form filed in 2020 listed at least $446 million in revenue from dozens of sources, including his hotels, resorts, golf courses and royalties from books and television programming. Trump’s financial disclosure form appeared to list the Trump Organization’s income as “profits,” which typically refers to personal income or participation in an asset, a measure that gave an inflated view of Trump’s wealth.
