Document Just Released Shows Trump Still Profits From Business
Before taking office, Donald Trump promised that he would not divest from his company but instead place his assets in a trust that would divide him from his company while he ran the country.
A newly released document shows that Trump still retains a direct tie to his business interest. The document shows that trump is the sole beneficiary of the company.
Trump will be receiving reports on any profit, or loss, on his company as a whole, and has the power to revoke their authority at any time.
The Donald J. Trump Revocable Trust’s purpose is to hold assets for the “exclusive benefit” of the president. This trust remains under Mr. Trump’s Social Security number, at least as far as federal taxes are concerned.
The documents were first obtained by ProPublica, an investigative news service. It was then published by the New York Times, who showed in the following charts, how trump is directly involved in his business:
“I don’t see how this in the slightest bit avoids a conflict of interest,” said Frederick J. Tansill, a trust and estates lawyer from Virginia who examined the documents at the request of The New York Times. “First it is revocable at any time, and it is his son and his chief financial officer who are running it.”
In most cases people who places assets in a trust also put themselves as beneficiaries, but in Donald Trump’s situation doing this could mean huge conflicts of interest. Trump is trying to trick people by making this trust and yet he’s still benefiting from it.
The Trump Organization declined to comment for this article.
According to a report by the Washington Post:
“The question of Trump’s continued ownership stake has been particularly nettlesome at his Washington hotel, which is located in the Old Post Office building and is owned by the federal government. The terms of the 2013 lease agreement with the General Services Administration prohibit any elected official from benefiting from the property.
It is not yet clear whether placing his shares in the hotel under the control of the trust will provide sufficient legal separation to satisfy the terms of the lease. The GSA, which controls the lease, indicated on Jan. 27 that it had received new information from the Trump Organization and was “reviewing and evaluating this information to assess its compliance with the terms and conditions of the Old Post Office lease.”
Congressional Democrats, including Representative Elijah E. Cummings, have been pressing the GSA to conclude that the Trump Organization is out of compliance with the lease.
“This legal concoction from President Trump’s lawyers does nothing to address his conflicts of interest or the breach of the lease for his hotel,” Cummings said in a statement.”