President Trump’s Business Entities: Incorporation History, Assets, Income, and Liabilities
Trump’s financial disclosures provide far less details than his tax returns would. And the rules governing the 278e, especially as interpreted by Trump, allow for ambiguous or imprecise responses regarding both the president’s income as well as his liabilities.
For income, Trump chose to list the gross revenue of his businesses as opposed to his net income. This raises the prospect that Trump’s businesses may actually be suffering significant net losses in years in which he reports hundreds of millions of dollars of income.
Further, the highest liability category on the form is “Over $50,000,000.” Trump listed five different liabilities in this category. Meaning, Trump may have listed liabilities totaling just hundreds of millions when the real number may be in the billions.
But, since Trump has refused to release his tax returns, the income and liability information disclosed on the form is the only information available to the public. To add value to the disclosure data, Public Citizen investigated the each of the 562 Trump entities and added each entity’s incorporation history to the dataset.