Docs Show Trump Still Tied To His Business With Assets In A Trust

Douliery Olivier/Sipa USA USA

Though President Donald Trump signed over his business to a trust led by his eldest son, Donald Trump, Jr., and another Trump Organization employee, documents show that Trump still has close ties to his business.

The documents filed to a board that oversees liquor licenses in Washington, D.C., were obtained by ProPublica and first reported on by the New York Times.

The filing shows that Trump is still the only beneficiary of the trust and that he has the power to revoke the trust.

The Times explains:

While the president says he has walked away from the day-to-day operations of his business, two people close to him are the named trustees and have broad legal authority over his assets: his eldest son, Donald Jr., and Allen H. Weisselberg, the Trump Organization’s chief financial officer. Mr. Trump, who will receive reports on any profit, or loss, on his company as a whole, can revoke their authority at any time.

What’s more, the purpose of the Donald J. Trump Revocable Trust 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.

ABOUT THE AUTHOR

Caitlin MacNeal is a News Writer based in Washington, D.C. Before joining TPM, Caitlin interned and wrote for the Huffington Post, the Sunlight Foundation and Slate. She is a graduate of Georgetown University.
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