Sunday, August 7, 2022

Latest Posts

How Much Money Is Trump Making As President

Trumps 2024 Presidential Run Plans

Trump’s White House Has Been A Money-Making Machine

In February 2022, The Washington Post reported that Trump hinted at running for president again. In June, NBC News reported that Trump was bored and leaning toward running again, with his advisors split on whether he should declare his candidacy around July 4 or after the midterm elections in November.

Trump spokesman Taylor Budowich told NBC News via text message that many voters are interested in a Trump candidacy.

America was strong, prosperous and greatly respected under President Trump, and thats why he continues to have unprecedented strength through his endorsement record and the demand for his leadership has never been higher, Budowich said.

More From GOBankingRates

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.

It’s Unclear What Donald Trump Plans To Do With The Money

No matter how big Donald Trump’s war chest is, no one is still clear on what it is he plans to spend it on. As The Washington Post pointed out, he could use it to fund a 2024 run for the White House. He could use it to pay for unspecified travel and political activities meant to influence 2022’s midterm elections. He could even use the money in the event the Trump Organization’s legal troubles overwhelm his personal finances.

And even though he’s proven his mettle as a fundraiser, Trump doesn’t appear to want to spend very much of the cash he’s got in hand. He has only written checks worth about $3 million in total the lion’s share of that amount went to a pro-Trump research group, and $68,000 went to his hotels . None of the cash went to any of the candidates he has endorsed, and whose own fundraising activities have fallen behind those of their competitors. For example, Reuters, which also reported on Trump’s war chest, pointed out that Alaska Senator Lisa Murkowski has more funds at her disposal than her Trump-endorsed rival, Kelly Tshibaka. Time will tell how the twice-impeached president will roll out his cash.

You May Like: Cost Of Room At Trump Tower

Trump Has Donated His Presidential Salary

Trump is not the first president to donate his salary. Former Presidents John F. Kennedy and Herbert Hoover, both wealthy before they took office, donated all their earnings. Forbes reports Trumps net worth as of July 9 at $2.1 billion, making him the first president to be a billionaire.

When Trump announced his decision to forgo a salary, critics expressed doubt because presidents are required to be compensated for their work. To get around this, Trump takes $1 each year from his paychecks.

According to news coverage and White House news releases, Trump has written checks equal to a quarter of his $400,000 annual salary every quarter to various government agencies:

2017

Trump and his constituents have not yet announced where he will donate his salary for the first and second quarters of 2020.

The president came under scrutiny for donating $100,000 to the Department of Health and Human Services after proposing a 10% budget cut totaling billions of dollars. Hes also proposed cuts totaling amounts larger than his donations for the National Parks Service and the Department of Education.

More:Fact check: US government did not engineer COVID-19

Who Is Cassidy Hutchinson And Why Is She Important To The Jan 6 Hearings

Awesome Coins Ideas: Trump making money off the presidency

Cassidy Hutchinson, an aide to Trump chief of staff Mark Meadows, offered new details during June 28 testimony before the House Jan. 6 committee about what former President Donald Trump and Meadows knew in the days before the attack and how they responded while it was underway, including a first-hand account of the presidents frustration and an attack on security detail who told him they could not secure a trip to the Capitol amid the unfolding violence by rioters.

Hutchinson detailed a slow response from Meadows as details emerged about weapons and threats to the vice president, who was at the Capitol overseeing the counting of electoral votes, and Trumps resistance in the aftermath to publicly acknowledge the violence of rioters, or that the election was over and that he had not won.

She told the committee that agency heads, White House staff, advisers and lawyers had expressed concern about Jan. 6 and the presidents participation in it. Much of that guidance reached the president himself, but the first line of defense was often Meadows, who was with the president throughout the election aftermath and the events of that day. In her role as senior adviser, Hutchinson accompanied Meadows almost everywhere, including alongside the president and in frequent trips to Capitol Hill and meetings with lawmakers, she said.

Here are highlights of Hutchinsons testimony:

Warnings about violence

Don’t Miss: How Much Is It To Stay In The Trump Tower

Donald Trumps Wife And Family

Donald Trump has been married three times. He was with his first wife, Ivana, from 1977 to 1992. The couple had three children together: Donald Jr., Ivanka and Eric. The three eldest Trump children along with Ivankas husband, real estate investor and developer Jared Kushner were highly involved in their fathers presidency.

Trump married Marla Maples in December 1993, two months after Maples gave birth to their daughter, Tiffany. The couple divorced in 1999.

Trump has been married to his current wife and former first lady, Melania Trump, who has an estimated net worth of $50 million, since 2005. Melania is the mother of Trumps youngest son, Barron, who was born in March 2006.

The Club For Growth Cements Its Power

The Club for Growth continues to expand its influence as one of the power bases of the Republican Party. The Clubs super PAC arm brought in $6.6 million and has $26.7 million in the bank.

Its largest benefactor continues to be Jeff Yass, who has emerged as one of the most powerful Republican donors in recent years. He personally gave $3 million to the Club, and Kentucky Freedom PAC a super PAC that supports Sen. Rand Paul , and which Yass has funded gave an additional $2 million.

Shipping magistrate Richard Uihlein kicked in an additional $1 million.

The Club has been active in Republican primaries this year, and it has been the largest outside spender of the cycle so far, according to OpenSecrets.

The group which after opposing Trump during the 2016 primaries has closely aligned itself with him ever since has spent heavily backing Rep. Ted Budds Senate bid, as well as Rep. Mo Brooks struggling campaign for Senate.

Kentucky Freedom also gave $750,000 to Protect Freedom PAC, another Paul-aligned group. Protect Freedom recently spent $100,000 on digital ads supporting Harriet Hageman, who is primarying arch-Trump foe Rep. Liz Cheney .

Recommended Reading: Was Melania A Prostitute

Donald Trumps Start In Business

At the time of his inauguration, Donald Trump was the oldest person to be sworn into the office of the president of the United States. He was 70 years, 220 days old on Jan. 20, 2017. . Trump beat out a number of contenders to become the Republican nominee for the 2016 presidential election. He went on to defeat Democratic nominee Hillary Clinton. His term ended on Jan. 20, when Biden began his term as the 46th president.

Live Updates: Child Tax Credit, Inflation and More Economic Updates

Trump was born into a wealthy family and inherited about $40 million from his late father, real estate developer Fred Trump. In 1971, Donald Trump became head of what would later be known as The Trump Organization.

Trumps earnings and inheritance helped him to develop more than 500 companies. The business mogul has held stakes in luxury golf courses, skyscrapers, television shows, casinos, books, merchandise and, now, social media. These endeavors have helped him reach the estimated $3 billion that put him on the Forbes Billionaires List for 2022.

House Subpoenas And Court Rulings

How Trump’s Business Raked In $2.4 Billion While President

On May 10, 2019, House Ways and Means Committee chairman Richard Neal subpoenaed the Treasury Department and the IRS for six years of Trump’s tax returns. Seven days later, Treasury Secretary Steve Mnuchin refused to comply with the subpoenas.

On May 20, 2019, President Trump lost an unrelated lawsuit in which he sought to stop his accounting firm, Mazars USA, from complying with a subpoena from the House Oversight Committee for various financial records. The ruling against Trump was issued by Judge Amit Mehta of the U.S. District Court for the District of Columbia, who also denied the president a stay of the ruling pending any future appeal.

On November 4, 2019, the 2nd U.S. Circuit Court of Appeals in New York upheld the lower court ruling. On December 10, 2019, the 2nd U.S. Circuit Court of Appeals in New York issued a ruling which again found that the lower court had acted properly in upholding the congressional subpoenas for Trump’s financial records, but this time also ordered for Deutsche Bank and Capital One to cooperate in releasing the financial records as well.

On July 9, 2020, the U.S. Supreme Court ruled 72 that Trump cannot continue to keep his financial records secret, but ruled they should instead be given to the Manhattan DA rather than the House of Representatives. The Supreme Court denied a request for a stay on February 22, 2021, and the Manhattan DA received the financial records that same day.

Also Check: How Much Is A Night At The Trump Hotel

Donald Never Actually Gave Up Control Over His Companies

The answer, one lawyer tells The Washington Post, is because the former president never did what he said he would do which is to give up control over his companies. As Pace University law professor Bridget J Crawford put it, “The fact that it’s in a revocable trust means nothing. That’s the equivalent of passing something from the right hand to the left hand.”

So did the Trump Organization benefit from having its absent boss moonlight as the leader of the free world? From the sound of this Forbes report, it did.

Documents from property records to ethics disclosures and securities filings have uncovered $2.4 billion in revenues that went into the company between January 2017 to December 2020. The biggest moneymakers were Trump’s membership clubs and golf properties, which earned as much as $940 million in four years. The biggest moneymakers were Trump National Doral in Miami, which earned $270 million in total Mar-a-Lago earning $90 million, and the Trump golf club in Bedminster, New Jersey which earned $60 million.

The Big Democrat Donors To Watch

In addition to Eychaners big splash with House Majority PAC, Democratic megadonor George Soros political committees gave $2.5 million to SMP and $2 million to the super PAC arm of American Bridge, the political communications and research operation that is part of operative David Brocks sprawling network.

Soros also personally gave $500,000 to the Democratic Grassroots Victory Fund, a fundraising arm of the DNC and a group of state parties.

Another major Democratic donor in February was Deborah J. Simon, the heir to a shopping mall empire. Simon gave $1 million to Bridges super PAC, and she also sent $875,000 to the DGVF. Simon was one of the largest hard-money donors of the 2020 cycle.

Simon joined the board of EMILYs List, the powerful liberal group that supports Democratic pro-choice women, in 2021.

Kyle Cheney contributed to this report.

  • Filed under:

Recommended Reading: Trump Lies To Date

How Much Did Past Presidents Make

Since the first president was elected in 1789 there have been five pay raises, the most recent in 2001. It might seem like past presidents didnt make that much, but if you take inflation into account, that amount of money in 1789 would be worth a lot more today. Check out these hidden talents of 24 U.S. presidents.

1789: $25,000

How Much Money Trump Makes Per Year From Investments

Trump promises to spend âthe most money everâ on opioid crisis

Trump makes $43 million a year from investments. Thats basically what he earns in interest. Not a bad return, considering most savings accounts pay about $9 in ten years on a $10,000 investment.

It shouldnt come as a surprise that Trump holds hundreds of stocks in various companies. It might be more shocking that he owns less than $15,000 in Halliburton stock. He also owns between $1 million and $5 million in Apple stock.

One of Trumps highest paying investments is a multimillion dollar U.S. T-Bill holding. That investment paid Trump somewhere between $100,000 and $1 million in 2014. Trump also made over $5 million trading Bank of America stock and millions trading stock in Apple, Boeing and Facebook.

Also see: How Much Does Hillary Clinton Make in a Year?

Read Also: Was Melania A Hooker

Trump Raised $200m From False Election Claims What Happens To The Money Now

The president could use the funds to ensure he and his allies remain a powerful force in US politics

The battle is lost. The supreme court and electoral college have spoken. Even the Senate majority leader, Mitch McConnell, so adept at remaking the rules for political advantage, has acknowledged that Donald Trump will not be the next president.

But the money flowing into Trumps political coffers suggests that defeat will not drive the soon-to-be-former president into the political shadows.

Trump has been on a fundraising drive since the election, rapidly bringing in an astonishing $200m or more on the back of his false claims that the vote was rigged.

His campaign bombarded supporters with emails and text messages as many as 30 a day pleading for donations to a fighting fund to challenge the result. But with the election settled, that is not where the money is going.

Most of the cash is directed to Save America, an organisation formed as a leadership political action committee shortly after the election. Leadership Pacs were designed to allow individuals to raise money in support of a favoured candidate and Trump cannot legally use the proceeds to directly fund a run for office himself, such as another bid for the presidency in four years.

But Brendan Fischer, a campaign finance specialist at the Campaign Legal Center, said Trumps fundraising was unprecedented and evidence of undimmed political ambition.

Latest Posts

Popular Articles