President Donald Trump’s latest personal financial disclosure, released Thursday, shows that he borrowed millions in 2018, Mother Jones reports.
Trump borrowed between $5 million and $25 million in 2018 from a Florida bank.
The president borrowed money from Professional Bank, which specializes in real estate and construction loans. The money, borrowed at 4.5 percent interest, was used to finance the purchase of a mansion located next to Trump’s Mar-a-Lago club.
The funds were borrowed through a limited liability company called 1125 South Ocean LLC, and the mansion — 1125 South Ocean Avenue — is owned by Maryanne Trump Barry, the president’s sister.
Local media reported that Donald Jr. and Eric Trump, the president’s sons, purchased Maryanne Trump Barry’s property, but according to the president’s annual financial disclosure the company behind the transaction is controlled by him personally. According to land records, Trump’s latest loan was $11.2 million.
As Mother Jones notes, Trump already owed more money than any president in United States history.
It perhaps comes as no surprise that Trump is borrowing enormous amounts of money, given that his tax returns — which The New York Times had access to and wrote about in early May — show that he spent a “decade in red.” Between 1985 to 1994, Trump lost billions of dollars.
In fact, Trump lost so much money that he did not even pay taxes for eight years.
“In fact, year after year, Mr. Trump appears to have lost more money than nearly any other individual American taxpayer, the Times found when it compared his results with detailed information the I.R.S. compiles on an annual sampling of high-income earners. His core business losses in 1990 and 1991 — more than $250 million each year — were more than double those of the nearest taxpayers in the I.R.S. information for those years.”
The New York Times report paints an unflattering picture of a businessman on the verge of complete bankruptcy, which is exactly the opposite of how Trump presented himself. In 2016, relying on his image of a savvy businessman, Trump campaigned on creating jobs and reviving the American working class.
The revelation that he is not nearly as savvy of a businessman as he claimed not only damages Trump’s public image, but also jeopardizes his chances of winning re-election, at least according to Trump biographer and executive editor of Bloomberg Opinion, Tim O’Brien.
Trump appears to have earned less from his vast financial empire last year, financial disclosure shows.— Bloomberg (@business) May 16, 2019
Trump’s income was at least $421.3 million, down from $452.6 million he reported the year before https://t.co/kyBQBJ8047
As previously reported by The Inquisitr, O’Brien suggested in a recent interview that Trump’s image of a capable businessman had been irreparably ruined by the publication of his tax returns, adding that the president is now likely to lose the swing states he won by campaigning on economic populism.