Donald Trump says that he's worth more than $10 billion, and when reporters, debate moderators, and rival candidates ask him why he won't release his tax returns, Trump points to the Personal Financial Disclosure form he submitted to the Federal Election Commission, saying business reporters have looked it over and declared Trump's business to be beautiful and wildly successful. Fortune business reporter Shawn Tully isn't so sure. The most obvious red flag in Trump's filings, he says in the video below, is that Trump "has been reporting his revenues as income."
For most business owners, and most people, income is your revenues minus your expenses, Tully pointed out. "Well, he's saying he has $352 million in income, but when you look at it, those are all revenues." The disclosure forms don't hide that, Tully added, but Trump himself is either confused or being disingenuous. "Certainly, nothing that he disclosed in those statements would imply anything resembling a $10 billion net worth," Tully said.
So how much is Trump worth? Well, in Fortune, Tully estimated Trump's actual annual income at $123 million, which he calls "pretty modest for someone claiming to boast a net worth exceeding $10 billion." When you look at his actual income, Trump's "enterprise looks a heck of a lot smaller than the real estate colossus the candidate claims — and that most of his supporters believe — he presides over," he said, adding: "By the way, it's still impressive." You can check Tully's math at Fortune.
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