Donald Trump Isn’t as Rich as He Says…but He’s Still Pretty Rich

Donald Trump Isn’t as Rich as He Says…but He’s Still Pretty Rich

Republican presidential candidate Trump gestures after speaking and taking questions at a rally in Manchester
REUTERS/Dominick Reuter
By Millie Dent

“I’m really rich,” Donald Trump boasted last month when he announced he was running for president. A new analysis by Bloomberg confirms that claim, but finds that the real estate mogul and presidential candidate is worth about $7 billion less than he claims.

When he announced his presidential bid, Trump touted a net worth of about $8.7 billion, a figure that soon ballooned to $10 billion. But Bloomberg calculates his wealth closer to around $2.9 billion. The Bloomberg Billionaires Index, a daily ranking of the world’s biggest fortunes, arrived at the value using both prior-known information and a 92-page personal disclosure form that Trump filed with the Federal Election Commission.

Related: 7 Revelations from Donald Trump’s Financial Disclosure​

The federal form that all presidential candidates are required to submit asks only for broad ranges in asset values, not specific sums. Anything above $50 million in value is lumped together in one category, which in Trump’s case left plenty of room for questions about just how valuable some of his assets are. The federal report also doesn’t require candidates to list personal property like art, clothing or real estate that’s for his own use.

The Bloomberg analysis went into much more depth, using figures such as purchase dates, square footage, rental rates and more.

The disclosure form revealed that most of Trump’s fortune comes from real estate holdings, such as the Trump Doral resorts in Florida and Trump Tower on Fifth Avenue in New York City. Other lucrative properties include premier golf courses in the U.S., Ireland and Scotland.

Related: Donald Trump Just Showed Why His Campaign Is Doomed​​

Trump had valued his golf and resort properties at $2 billion. Bloomberg, using price-to-sales ratios for similar properties, put the value at a combined $570 million.

The Bloomberg methodology also doesn’t put much value in the Trump brand, counting only the cash being held as part of licensing or other business deals. “Trump’s own estimations,” Bloomberg noted, “include much higher values for his brand.”

Top Reads from The Fiscal Times:

Quote of the Day: A Big Hurdle for the Tax Cuts

Reuters/Joshua Roberts
By The Fiscal Times Staff

“He goes in and campaigns on an issue, and the challenge is he then talks about executing drug dealers. Why do you think the press is going to cover the tax cuts if you’ve given them the much more exciting issue?”

-- Grover Norquist, president of tax-cutting advocacy group Americans for Tax Reform, on President Trump’s failure to sell the tax law.

The Obamacare Mandate That Could Produce $12 Billion in Fines in 2018

FILE PHOTO: A sign on an insurance store advertises Obamacare in San Ysidro
MIKE BLAKE
By Michael Rainey

Republicans effectively eliminated the individual Obamacare mandate in the tax package signed late last year. Although the new regulation reducing the mandate penalty to zero doesn’t take effect until 2019, President Trump has cited the rule change as a victory over the health law so many conservatives oppose. “Essentially, we are getting rid of Obamacare. Some people would say, essentially, we have gotten rid of it," Trump told a crowd in Michigan two weeks ago.

However, many parts of the Affordable Care Act are still in effect and will continue to operate even after the individual mandate is eliminated in 2019.

In particular, the employer mandate, which requires companies with more than 50 employees to offer health benefits or face fine of roughly $2,000 per worker, will continue to play a significant role in the Obamacare system. The Congressional Budget Office estimates that the mandate will produce more than $12 billion in fines in 2018 alone.

Some conservative groups are pushing lawmakers to stop enforcing the employer mandate, but the IRS is still working to enforce the law. According to The New York Times Monday, the IRS is sending out notices to more than 30,000 businesses that have failed to comply. 

Chart of the Day: It’s Still the Economy, Stupid

iStockphoto
By Yuval Rosenberg

Security may be the top policy issue for Republican voters, but the economy is the top concern for Democrats, independents and voters overall, according to Morning Consult’s latest polling on the midterm elections. Health care is third on the list, followed by “seniors’ issues.” The results are based on surveys with more than 275,000 registered U.S. voters from February 1 to April 30.

Number of the Day: $13 Billion

A congressional aide places a placard on a podium for the House Republican's legislation to overhaul the tax code on Capitol Hill in Washington
JOSHUA ROBERTS/Reuters
By The Fiscal Times Staff

An analysis by Bloomberg finds that the roughly 180 companies in the S&P 500 that have reported earnings for the first three months of the year saved almost $13 billion thanks to the corporate tax cut enacted late last year. Those companies’ effective tax rate dropped by more than 6 percentage points on average. About a third of the tax savings went to 44 financial firms.

How a Florida Doctor with Social Ties to Trump Delayed a $16B Billion VA Project

McDonald delivers an apology, for recent misstatements about his military record, to reporters outside VA headquarters in Washington
REUTERS/Jonathan Ernst
By The Fiscal Times Staff

A West Palm Beach doctor who is friends with Ike Perlmutter, the chairman of Marvel Entertainment and an informal adviser to President Trump on veterans’ issues, has held up “the biggest health information technology project in history — the transformation of the VA’s digital records system,” Politico’s Arthur Allen reports. Dr. Bruce Moskowitz “objected to the $16 billion Department of Veterans Affairs project because he doesn’t like the Cerner Corp. software he uses at two Florida hospitals, according to four former and current senior VA officials. Cerner technology is a cornerstone of the VA project. … Moskowitz’s concerns effectively delayed the agreement for months, the sources said.” Read the full story.