'Generally the American public, when you survey people, thinks that rich people don't pay enough taxes...and a lot of that has to do with the tax law,' janetnovack tells _Brittanylewis on 'Forbes Newsroom.'
Eva Marie Uzcategui/Getty Imagesews broke Wednesday morning that Donald Trump paid $0 of income taxes in 2020, rekindling a longstanding theory that the former president is not actually a billionaire.
In fact, Trump is a multibillionaire, worth $2.5 billion, by our count. His portfolio, which includes commercial buildings, golf properties and branding businesses, is worth an estimated $3.66 billion before debt. The president has a fair amount of leverage—adding up to a roughly $1.13 billion—but not enough to drag his net worth below a billion dollars.
Trump’s operating income is real and documented, laid out in paperwork from local tax offices, the Securities and Exchange Commission and the president’s business partners. Don’t be fooled: The news is not that the president is broke . The news, instead, is that Donald Trump seems to have avoided paying much in taxes despite significant operating profits at certain properties. In other words, he figured out how to share very little of his fortune with the country he now leads.
The president’s partner at 555 California Street, a publicly traded real estate firm named Vornado, disclosed in public filings that its 70% share of the building kicked off $60 million of net operating income in 2019; that means Trump’s 30% stake produced $26 million. A document connected to a loan against 1290 Avenue of the Americas, another building in which Trump holds a 30% interest, lists $96 million of 2019 net operating income, suggesting the president’s share was $29 million.
The skyscraper at San Francisco's 555 California Street, in which Donald Trump owns a 30% stake, helps define the city's skyline.rump has previously proclaimed
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