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Donald Trump Is At Least $1 Billion In Debt

by : Emma Rosemurgey on : 16 Oct 2020 14:53
 Donald Trump Is At Least $1 Billion In Debt in list Being Written Donald Trump Is At Least $1 Billion In Debt in list Being WrittenPA Images

President Donald Trump is said to be in more than $1 billion debt, according to new reports.

The POTUS is said to owe large sums for loans taken out over a number of his various assets, from golf courses to mansions and hotels.

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The majority of the loans are listed on the financial disclosure report, however, two – which are believed to amount to $447 million – are not, Forbes reports.

Trump Tells Crowded Florida Rally He'll Give Them All 'Big Fat Kiss'Trump Tells Crowded Florida Rally He'll Give Them All 'Big Fat Kiss'PA Images

It comes after an exposé on the Republican came out on September 27, indicating years of tax avoidance and an awful lot of debt.

The New York Times obtained more than two decades of tax returns for Trump, which revealed $421 million worth of loans that will mostly need to be paid back in the next four years.

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‘In the 1990s, Mr Trump nearly ruined himself by personally guaranteeing hundreds of millions of dollars in loans, and he has since said that he regretted doing so. But he has taken the same step again, his tax records show. He appears to be responsible for loans totaling $421m, most of which is coming due within four years,’ the report read.

TrumpTrumpPA Images

According to the publication, the majority of it comes from Trump’s various different properties, $125 million for the Doral Golf Resort in Florida and $160 million for his Washington hotel.

Forbes has been careful to note that the president is not broke. He owns assets which amount to around $3.66 billion, and so the publication has estimated his net worth at sitting around $2.5 billion.

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The reason why it’s unclear how much Trump actually owes is because the loans aren’t transparent, which means it’s currently unknown who he owes these sums of money to.

Trump Tells Crowded Florida Rally He'll Give Them All 'Big Fat Kiss'Trump Tells Crowded Florida Rally He'll Give Them All 'Big Fat Kiss'PA Images

An example of one of the miscellaneous debts revealed in the report is $285 million owed for 1290 Avenue of the Americas, of which Trump owns 30%. This appears to be the biggest debt of all, however it doesn’t appear on his financial disclosure report.

Perhaps it should have been expected that something was amiss, after the 74-year-old refused to release his tax records to the public when he first ran for office in 2016. The report also noted that he had paid no federal income taxes in 11 of 18 years the newspaper looked at.

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You can read the full list of Trump’s debts in Forbes’ report here.

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Emma Rosemurgey

Emma Rosemurgey is an NCTJ trained Journalist who started her career by producing The Royal Rosemurgey newspaper in 2004, which kept her family up to date with the goings on of her sleepy north east village. She graduated from the University of Central Lancashire in Preston and started her career in regional newspapers before joining Tyla (formerly Pretty 52) in 2017, and progressing onto UNILAD in 2019.

Topics: News, Forbes

Credits

Forbes and 1 other
  1. Forbes

    Donald Trump Has At Least $1 Billion In Debt, More Than Twice The Amount He Suggested

  2. New York Times

    President Donald Trump's Debts