“Allowing Him to Service His Debts, Improve His Properties, Pay His Kids and Live Like a King”: Trump’s Business Earnings During Presidency
PHOTO: JOE RAEDLE/GETTY IMAGES
Donald Trump’s refusal to relinquish his business interests when he entered the White House in 2016 ensured he earned more money as commander-in-chief than any other U.S. president in history, a Forbes financial analysis revealed Monday.
Trump’s substantial yet elusive earnings between 2016 and 2020 amounted to more than $250 million, according to Forbes’ analysis of his tax returns, bond filings, and credit reports, writes senior editor Dan Alexander.
“For Trump, who earned even more before becoming president, the money was critical,” Alexander writes, “allowing him to service his debts, improve his properties, pay his kids, and live like a king — all while governing the nation.”
Alexander meticulously breaks down the financial gains and losses for each of the four years Trump resided in the White House, beginning with how Trump managed to turn around an apparent loss in 2017.
“Shortly after winning the 2016 election, Trump agreed to a $25 million settlement to resolve allegations that his for-profit education enterprise was a fraud, wiping out 15% of his estimated annual profit,” writes Alexander. “The good news? He got to list a $25 million loss for Trump University on his tax filings.”
In 2018, properties that did not bear Trump’s name reportedly performed well. Two buildings at 1290 Sixth Ave. in New York City and 555 California St. in San Francisco, in which Trump held a 30 percent stake, brought him $55 million, accounting for a third of his estimated operating income, Forbes reports.
“Trump’s business stabilized in the middle of his presidency, though weak spots remained, especially in liberal-leaning city centers,” Alexander writes in 2019. “In New York City, income dropped at Trump Tower and 40 Wall Street. At Trump’s Chicago hotel, a slight profit flipped to a loss. And in D.C., losses mounted at the most polarizing hotel in the world.”
However, Trump’s fortunes took a significant hit in 2020 as the COVID-19 pandemic devastated the nation, and he faced an increasingly desperate and ultimately unsuccessful bid to reclaim the White House in 2021, Alexander notes.
Trump’s hotels lost about $23 million, and his management business shrank from about $29 million in 2017 to just $4.5 million, the Forbes analysis concludes. “Office buildings acted as a short-term savior,” writes Alexander, “collecting rent from marquee tenants locked into long-term leases.”
Overall, while Trump faced various financial challenges during his presidency, his ability to leverage his business interests allowed him to maintain a significant revenue stream, underscoring the complex interplay between his business empire and his political career.
