POLITICO: Shady accounting underpins Trump’s wealth
Ben White says Trump’s claim of being worth $10 billion is based on overvaluing his properties and ignoring his expenses.
POLITICO spoke with more than a dozen financial experts and Trump’s fellow multi-millionaires about the presumptive Republican nominee’s financial statement. Their conclusion: the real estate magnate’s bottom line – what he actually puts in his own pocket – could be much lower than he suggests. Some financial analysts said this, and a very low tax rate, is why Trump won’t release his tax returns.
“I know Donald, I’ve known him a long time and it gets under his skin if you start writing about the reasons he won’t disclose his returns,” said one prominent hedge fund manager who declined to be identified by name so as not to draw Trump’s ire. “You would see that he doesn’t have the money that he claims to have and he’s not paying much of anything in taxes.”