Trump's financial disclosure report released, showing assets and liabilities

By Kathryn Watson

/ CBS News

Trump lost $1 billion in a decade, report says

President Trump's annual financial disclosure report has been released through the Office of Government Ethics, revealing his assets and liabilities.

Wednesday marked the deadline for the president, vice president and other top executive branch officials to file detailed information about income, assets and liabilities. Last year, it took a day for Mr. Trump's financial disclosure to be posted to the web after the ethics office received it.

The report is a window into Mr. Trump's personal financial situation, offering general information on income, assets and liabilities in ranges, but not specific dollar amounts. The report does not specify whether Mr. Trump's businesses ran a profit that year, or offer any insight into what kind of taxes the president paid.

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Last year's 92-page report revealed the previously undisclosed reimbursements made to his former lawyer and fixer Michael Cohen, after the president's lawyer Rudy Giuliani acknowledged on live television that Mr. Trump reimbursed Cohen despite Mr. Trump saying he was unaware of the payments. The disclosure was made as a footnote in a section on Mr. Trump's liabilities. The head of the Office of Government Ethics (OGE) flagged that discrepancy to then-Deputy Attorney General Rod Rosenstein in case it was "relevant to any inquiry you may be pursuing."

The president's report last year also shows him reaping significant revenue from his Trump International Hotel – blocks from the White House in Washington, D.C. – while the profits of many other Trump properties around the country foundered.

Mr. Trump did not divest his businesses as many critics called on him to do, handing day-to-day responsibilities to his sons Donald Trump Jr. and Eric Trump instead.

The president has declined to release his tax returns, which would give a fuller picture of the president's financial situation. The Treasury Department declined a request from the House Ways and Means Committee Chairman Richard Neal to obtain the last six years' worth of the president's tax returns.

The New York Times reported earlier this month that Mr. Trump lost more than $1 billion over a decade during the 1980s and 1990s. Citing printouts of IRS tax transcripts, the Times reported Mr. Trump lost roughly $1.17 billion between 1985 and 1994 from his business endeavors involving casinos, hotels and residential properties.

First published on May 15, 2019 / 5:12 PM

© 2019 CBS Interactive Inc. All Rights Reserved.

Kathryn Watson

Kathryn Watson is a politics reporter for CBS News Digital.

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