New Records Suggest Donald Trump Misled the Public About His Income

[highplainsdem]

Source: Mother Jones

According to his FEC financial disclosure form, which was submitted in May, Trump collected $296 million in "golf related revenue"—a full 42 percent of the income he cited in the debate. But this figure did not take into account the costs of running all his courses and resorts. Most of Trump's businesses, including his golf courses, do not have to publicly disclose how much revenue or profit they yield annually. But there are three exceptions: his two Scottish golf courses and one Irish course. Corporations in the United Kingdom and Ireland must submit public reports that list revenue, expenses, and profit.

Trump's FEC financial form noted that his two Scottish golf courses earned him a combined $23 million in "golf related revenue" last year, with Turnberry pulling in $18.1 million and Aberdeen making $4.8 million. But the public filings the courses submitted in the United Kingdom tell a much different story. Trump's prized course at Turnberry—where he made a much ballyhooed appearance right before the Brexit vote—reported $16.8 million in revenue in 2015 and $18.6 million in expenses. When interest, depreciation, and currency exchange losses are factored in, Trump's Turnberry course lost over $2 million in 2015. And the corporate filings in the United Kingdom show that Trump's Aberdeen course lost about $1.6 million.

That means that Trump's reported income on the FEC financial disclosure forms regarding just these two projects is $26 million more than what they actually made. If these courses are representative of Trump's overall finances—$23 million in "golf related revenue" is really a $3 million loss—his declared $296 million in total "golf related revenue" may well be highly overstated.

-snip-

The golfing revenue discrepancies call into question much of what Trump reported in his FEC financial disclosure form. On that filing, $415 million of the $694 million Trump touted at the debate was described as some kind of "revenue." And the rest of that amount was money that also might not take into account the costs of his ventures, such as rent and land sales. Perhaps a large percentage of his reported revenue might have been profit, but the FEC form provides no way to determine that. Trump's income could be dramatically less than what he claimed.

Read more: http://www.motherjones.com/politics/2016/10/new-documents-show-trump-misled-about-his-income

[Roy Rolling]

1. He makes it up as he goes along. n/t

[apnu]

2. Hold up, this dumb ass is citing gross revenue as his income?

Not only is he a misogynist, a racist, and a bigot, but he's also a fucking moron.

[subterranean]

8. Yes, on the FEC disclosure form, but not necessarily on his tax return.

That could be one reason why he refuses to release his tax returns. They might show that his actual income was much less than what he claims.

[apnu]

18. I think so to.

I've often wondered that the real reason Trump won't release his taxes is because they'll show a much smaller number than he claims. And the crowd he runs with is dead serious about income and worth. To the jet set, lying about how rich you are is the sin of sins. Going to Thiland and sleeping with an underage hooker? that's fine, but saying you're a billionaire when you're maybe a millionaire, that gets you thrown out of the club.

Trump knows all this and he's desperate to appear he belongs in the club. His whole identity and self-worth is tied up in that appearance.

I also suspect he's running a leech on the ass of the 1% and the second its found out he's not worth what he says he's worth, the gravy train of gullible rich rubes will stop and he might, *gasp!* have to work for a living.

[TexasProgresive]

10. Not much difference between gross and net

When you don't pay your bills.

[True Dough]

3. He's misled the public on practically everything he says

Can't trust a word out of his rotten mouth.

[TryLogic]

5. Bingo! (Exactly correct)

[Angry Dragon]

15. I agree

[Lefthacker]

4. There are

Very few golf facilities running at a profit right now.
There is no way his courses are making money. It will only continue to get worse, as golfers will make a effort to stay away from any course with his name on it.

[Wellstone ruled]

6. What we see here is this,

a Ponzi scheme of a Maddoff nature. How is Guy accounting for his 800 million loans from Deutche Bank and the Saudi's. And Golf Courses and the Golf Industry is in major contraction. This in it's self shows this Guy will have to BK some time soon.

[Still In Wisconsin]

9. I wonder how long after the election his next bankruptcy will occur...

I give it six months, tops.

[sarcasmo]

11. Trump = Ponzi Scheme billionaire.

[TexasBushwhacker]

24. Yup. One scheme using other people's money to another

Always getting his cut off the top. He's a one man hedge fund. There's also his Apprentice income and whatever he gets from selling his shit on Amazon since Macy's kicked him to the curb.

[Wuddles440]

12. Would someone please explain to me...

why Hillary has been labeled as the "liar" and "untrustworthy" when almost everything that the CONald says or does qualifies as such.

[NewJeffCT]

16. she's been called a liar and dishonest

almost constantly since 1991 or so. It's been beaten into the public for 2 and 1/2 decades. Trump has only started being called out for his lies over the past few months.

[Buckeye_Democrat]

17. She's been on the receiving end of those accusations for DECADES.

Some desperate, wicked wealthy men have tried for years to bury the Clintons under a deluge of accusations, hoping that something "stuck" along the way.

[benld74]

13. Grifter

[NewJeffCT]

14. We know his total real income in total the past 20 years

has not been enough to offset the $916 million loss from 1995. If his income had gone over that amount, he would have had to have paid income taxes on it.

$916 million / 20 - $45.8 million per year, on average.

[Spitfire of ATJ]

19. If he denies exaggerating nail him on what he dismissed as "locker room talk".

[world wide wally]

20. Trump sets traps for himself.. LOL

He wants to brag about how rich he is so he inflates his income to impress people. Then when he has to pay taxes on it, he squirms like a worm looking for somewhere to hide.

[Maraya1969]

21. I have thought that this is the real reason he is not releasing his tax returns.

He has a lot less money then he says he has.

[sofa king]

22. I get the idea that there's a "dirt dump" going on.

Perhaps it's just the expression of my own personal wishes, but I have this idea that editors around the nation are deciding that Donald Trump's shelf life may not extend to the actual election, so they're dishing their dirt now while it's still relevant, rather than risk sitting on a blockbuster Trump story that nobody will care about in three weeks.

That leads in turn to a critical mass which increases the chances of a total implosion before the election.

Just a hunch. What do you folks think?

[Major Nikon]

23. So a dipshit that can't tell the difference between gross and net is a tax genius?

[LonePirate]

26. I'm shocked ... that it took so long for someone to report this.

[Retired George]

27. Surely you jest!

[texanwitch]

30. He is robbing Peter to pay Paul.

Now all the lawyers he will need.

[Maeve]

31. Question--is there a penalty for lying on an FEC form?

Is it perjury?