$8 Trillion In New Legislation And White House Policies
During President Trumps four years in office, he signed legislation that cumulatively added $7,787 billion to 10-year deficits. His policies reduced tax revenues by $2,098 billion, increased spending by $4,912 billion, and added $777 billion in interest costs.
The main components are listed in Figure 4, and summarized below:
Trump Engaged In Suspect Tax Schemes As He Reaped Riches From His Father
The president has long sold himself as a self-made billionaire, but a Times investigation found that he received at least $413 million in todays dollars from his fathers real estate empire, much of it through tax dodges in the 1990s.
President Trump participated in dubious tax schemes during the 1990s, including instances of outright fraud, that greatly increased the fortune he received from his parents, an investigation by The New York Times has found.
Mr. Trump won the presidency proclaiming himself a self-made billionaire, and he has long insisted that his father, the legendary New York City builder Fred C. Trump, provided almost no financial help.
But The Timess investigation, based on a vast trove of confidential tax returns and financial records, reveals that Mr. Trump received the equivalent today of at least $413 million from his fathers real estate empire, starting when he was a toddler and continuing to this day.
These maneuvers met with little resistance from the Internal Revenue Service, The Times found. The presidents parents, Fred and Mary Trump, transferred well over $1 billion in wealth to their children, which could have produced a tax bill of at least $550 million under the 55 percent tax rate then imposed on gifts and inheritances.
The Trumps paid a total of $52.2 million, or about 5 percent, tax records show.
The presidents brother, Robert Trump, issued a statement on behalf of the Trump family:
One-Man Building Show
Fred And Mary Anne Macleod Trump Overview Donald Trumps Parents
Currently in power, Donald John Trump is the 45th President of the United States. He was a controversial television personality and businessman before he entered into even more controversy in the field of politics. His parents, Fred and Mary Anne left him with several properties and establishments when they died in June 1999 and August 2000, respectively.
Fred and Mary Anne Trump first met at a party in the 1930s. On that same night, Trump senior said to his mother that he had found his future wife in Mary Anne. The two married on January 11, 1936, at the Madison Avenue Presbyterian Church. Fred was a prominent real-estate developer with properties all over New York, while his wife Mary Anne was a housewife and participated in numerous charitable activities.
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Carrie Sheffield: Bidens Alarming Leftward Turn
President Joe Bidens first 100 days featured a sharp leftward turn far from the bipartisanship he promised during his campaign.
After Democrats previously complained about executive overreach during the Trump administration, Biden, in his first days in office, signed a flurry of executive orders, including suspending the migration protocol protections, or the remain in Mexico policy, for asylum-seekers. Not surprisingly, a surge of migrants tried to cross the border shortly after, including a record number of unaccompanied minors. Bidens team failed to acknowledge the crisis for weeks.
After saying he didnt support packing the US Supreme Court, Biden signed an executive order to form a commission to, among other court reforms, consider the possibility of just that. Yet, multiple polls from late 2020 show Americans reject expanding the high court.
Biden halted construction of the Keystone XL Pipeline and put a moratorium on new oil and gas leases on federal lands. This not only kills some American jobs, but it also aids Russia and oil-exporting countries.
And Bidens new multitrillion dollar infrastructure spending plan would grow our national debt, make us less globally competitive by hiking the corporate tax rate to 28%, and likely lead to job losses among working-class Americans.
Americans deserve better in the next 100 days and beyond.
Carrie Sheffield is a senior fellow at Independent Womens Forum.
How Rich Is Former President Donald Trump As He Turns 76
Donald Trump has held numerous titles in his first 75 years: father of five, grandfather of 10, husband , billionaire, developer, reality television show host, president of the United States and impeached president . As he turns 76 on June 14, Trump undoubtedly has his sights set on more titles, perhaps even 2024 presidential candidate.
Trump lost roughly half of his net worth during his time in office as president as several organizations stopped doing business with Trump or any of his properties. Forbes listed him with a net worth of $4.5 billion in 2016 and $2.1 billion in 2020.
Trumps net worth had rebounded to $3 million, with roughly $430 million of those assets coming from investments in the Trump Media and Technology Group, the parent company of his newest endeavor Truth Social as of June 2022, Forbes reported. Trump announced the formation of the platform in October 2021 and launched it in February 2022. As of June 10, Trump had 3.2 million followers on Truth Social, Variety reported.
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New York Tax Law And Investigations
In May 2019, both houses of the New York State Legislature, which is based in Trump’s native and business home of New York, approved a bill which allows the state’s tax commissioner to release any state tax return requested by the leaders of the House Ways and Means Committee, the Senate Finance Committee or the Joint Committee on Taxation for any “specific and legitimate legislative purpose”.
In February 2021, Manhattan DA Cyrus Vance Jr. subpoenaed the New York City Tax Commission as well as Trump’s creditors as part of a criminal investigation into possible property tax fraud by the Trump Organization, suggesting it sought to examine the real estate values Trump had reported. The documents would disclose whether the company inflated the value of properties to secure favorable terms on loans while deflating those values to lower tax bills. In December 2021, two editors at Forbes, who had once written about Trump’s estimated wealth, testified to the grand jury.
In mid-2021, the RNC agreed to pay $1.6 million toward Trump’s legal bills in the New York investigations, although they concern business dealings that occurred before he became president. In October 2021, the RNC paid Trump’s attorneys over $121,000 to address what the RNC claimed were “politically motivated legal proceedings waged against President Trump.”
Wealth Of Donald Trump
|This article is part of a series about|
The net worth of Donald Trump is not publicly known. Various news organizations have attempted to estimate his wealth. Forbes estimates it at $3 billion as of February 17, 2022, with Trump chronically making much higher claims. Trump’s wealth arises from a variety of sources, including gifts, loans, and inheritance from his father, Fred Trump trust funds suspected fraudulent arrangements fundraising and business deals and investments.
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Kate Masur: This President May Take His Cues From Lincoln
Three years into the Civil War, former President Abraham Lincoln wrote to the editor of a Kentucky newspaper: I claim not to have controlled events, but confess plainly that events have controlled me. He had arrived in Washington, DC, believing that if slavery is not wrong, nothing is wrong, but had been equally certain that the US Constitution gave the president no power to interfere with slavery in times of ordinary civil administration.
Then came a cascade of extraordinary events, and with them, the realization that otherwise unconstitutional measures could become lawful if the preservation of the nation were at stake. And so, on January 1, 1863, he issued the Emancipation Proclamation, an emergency executive order that attacked slavery and cemented his place in history.
When Joe Biden became President, he, too, inherited a nation in crisis. His predecessor had challenged the legitimacy of a fair election and roused his supporters to attack the Capitol to preserve his power. Americans mourned over 400,000 lives lost to Covid-19 while suffering economic hardships stemming from the pandemic and decades of deepening inequality.
Biden, in turn, moved beyond the inclinations of his long career as a moderate and embraced immense domestic spending programs, defended the governments capacity to help those who are struggling, insisted on tax increases on corporations and the wealthy, and unabashedly condemned structural racism.
Gop Strategist Karl Rove Questions What Trump Is Doing With $121m War Chest
President Trump and his siblings, Maryanne and Robert, swindled niece Mary Trump out of tens of millions of dollars in inheritance money, new court papers allege.
Her aunt and uncles who called Mary honeybunch promised to watch over her interests for her benefit, Marys Manhattan Supreme Court lawsuit from Thursday says. Instead, they swindled her.
Mary who fought her family in court earlier this year to publish a tell-all book says that the trios scheme to cut her out of her inheritance began when her dad, Fred Trump Jr., died in 1981, when she was just 16, according to court papers.
First, they siphoned money from the business interests that Mary inherited by transferring money to their own companies and masking them as legitimate business transactions, the court papers claim.
Second, for years they made it appear as though Marys interests were worth less than they actually were, in part through bogus appraisals and financial statements, the court documents allege.
Third, they strong-armed Mary into signing an agreement to cut her out of her grandfather Fred Trump Sr.s estate after he passed away in 1999 by threatening to bankrupt her interests and canceling a health care policy for a nephew who had cerebral palsy, the court filing claims.
But these three didnt just plot against Mary, they plotted to cheat on their taxes, steal from business partners and charged their poor tenants high rents, the suit claims.
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Peniel Joseph: Never Bet Against Biden
President Joe Bidens first 100 days have proven to be the most politically progressive presidency since former President Lyndon Johnsons Great Society. His time in office has been marked by a call for democratic renewal, civic activism and robust government intervention largely in response to the pandemic and Americas racial justice reckoning.
The passage of the massive Covid-19 relief plan, which promises to reduce child poverty by half and includes $5 billion for Black farmers systemically denied equitable treatment by the Department of Agriculture, is the most obvious demonstration of that.
But Biden hasnt stopped there. Alongside Vice President Kamala Harris, he has publicly called for the end of systemic racism in American society. Bidens thoughtful words in the aftermath of the Derek Chauvin verdict and his promise to sign the George Floyd Justice in Policing Act exemplify both the arduous road ahead and the steps toward progress that he is committed to making.
The politics of racial, economic and environmental crises that are fast shaping his presidency have made Biden publicly advocate for government intervention backed by science, empathy and imagination. Bidens plain-spoken honesty about the state of the nation has been, so far, matched by federal policy bold enough to meet this critical moment.
$39 Trillion In Additional Deficits
When President Trump took office in January 2017, he inherited a growing economy and budget deficits that had gradually fallen to 3% of GDP in the years since the Great Recession. At this time, the Congressional Budget Office projected that the $585 billion budget deficit from 2016 would dip to $487 billion by 2018, before the baby boomerdriven rise in Social Security and Medicare costs would gradually push deficits up to $1.4 trillion by 2027. Overall, CBO projected that $10.0 trillion in deficits over the 20172027 period would drive the debt held by the public to $24.9 trillion .
Instead, as Trump left office, the 20172027 budget deficits were estimated at $13.9 trillion$3.9 trillion higher than the inherited projection. During each of Trumps four years in the White House, the actual deficit exceeded the original CBOs projections by at least $100 billion. For the first time in American history, the deficit in fiscal year 2020amid a massive bipartisan fiscal response to the pandemicreached $3 trillion .
The president left office with a $2.3 trillion deficit projected for 2021. Potential budget savings forecast for the 2022 through 2027 period are driven by the expiration of expensive legislation as well as economic and technical re-estimates, not by any deficit-reduction legislation signed by President Trump.
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Jill Filipovic: Were Just Beginning To See What This President Can Do
President Joe Biden has spent his first 100 days cruising through an ambitious sea of policy proposals, legislative actions and executive orders. On a raft of issues, like Covid-19 relief, climate change and forever wars, he has helped American families and has begun to undo some of the worst actions of his predecessors.
Bidens many achievements are worth celebrating, but theyre less about the man himself a steady if malleable moderate than the increased strength of the progressive wing of the Democratic Party. Biden is the one signing the papers, but its the leftists, feminists and racial justice advocates who deserve much of the credit.
Biden wound up the unlikely head of a fractured Democratic Party and the leader of a deeply divided nation. He campaigned as a Scranton guy who knows the pain of the blue-collar worker. Progressives hardly lined up behind Biden in the Democratic primary, instead favoring Sens. Bernie Sanders or Elizabeth Warren. But the sharper observers among them recognized Biden for what he is: a man whose politics are pliable.
So they pushed him and plied him. And Biden has responded, adopting an agenda that, while not everything on the left-wing wish list, is more progressive than that of any president in recent memory.
Jill Filipovic is a journalist based in New York and author of the book OK Boomer, Lets Talk: How My Generation Got Left Behind. Follow her on
Are These Purely Republican Deficits
Partisans often rate each partys commitment to fiscal responsibility by the budget surplus and deficit changes during their respective presidencies. This approach is flawed for several reasons. First, each president inherits a vastly different federal budget baseline, consisting of budget surpluses or deficits that are rising or falling almost entirely on autopilot. Second, as this report shows, much of the movement in the surplus or deficit is driven by economic and technical factors that are mostly outside of White House influence. Consequently, assessing a presidents deficit performance should be based largely on the legislation enacted rather than the inherited baseline or the economic and technical movements of that baseline.
Even when it comes to enacted legislation, however, presidents are also limited to signing what Congress will pass. And during the Trump presidency, much of the $8 trillion in enacted legislation was passed by overwhelmingly bipartisan Congressional majorities.
Consider the eight bills that Congress passed and President Trump signed costing at least $100 billion over the baseline, plus a separate pandemic relief bill that accelerated nearly $100 billion in previously enacted expenses. The most partisan of these nine bills was obviously the 2017 tax cuts . That law was passed exclusively by Republicans without a single Democratic vote.
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The New York Times Revealed How Fred Trump Funneled $413 Million To His Son Donald Will That Change American Opinion
On Tuesday, a New York Times special investigation revealed that President Trump received at least $413 million in todays dollars from his fathers real estate empire over the course of his life income that he shielded from inheritance taxes. The Times report concluded that Trump had participated in dubious tax schemes …including instances of outright fraud.
These revelations, while new to many Americans, are familiar to longtime Trump observers. Trump has downplayed his fathers role, asserting that Fred Trump gave him only a small loan of $1,000,000. Yet well before the new report was published, journalists and biographers had reported on court documents showing the presidents father provided loans, guaranteed loans and even bailed out Donald Trumps Atlantic City casino by buying $3.5 million worth of chips, an illegal way to underwrite a casino.
Do voters care about the source of Donald Trumps wealth?
The recent report from the Times, while not the first to examine Trumps finances, is perhaps the most comprehensive. It details not only the scope of his fathers involvement but also the possibly illegal ways both Fred and Donald Trump avoided paying taxes.
But politicians character traits and personal biography matter to voters
Will new information change the way Americans view Trump?