After Donald Trump miraculously won the 2016 election – with perhaps a little help from the Russians – he swore to disconnect himself entirely from his business affairs. His idea of detaching involved opening a trust that he can access at any moment and putting his sons in charge of the Trump family business.
There have been numerous questionable instances where Trump appears to be leveraging his presidency to profit or get free advertisements for his properties.
A new report caught Trump using shady business practices to rake in $35 million in real estate deals in 2017. According to USA Today, the buyers of the Los Angeles Trump properties used LLCs to conceal their identities.
What makes the deals even shadier is the last-minute provision added to the GOP tax reform before Trump signed it into law. The rule gives real estate investors who use LLCs a tax break. A mere 4% of buyers used the LLC loophole before Trump became the GOP nominee, while the figure has since jumped to 70%.
Aside from the Los Angeles properties, Reuters found that 63 buyers with “Russian passports or addresses” have purchased $100 million worth of Trump properties in South Florida.
Trump told Americans the tax reform would “cost me a fortune,” yet here he is blatantly profiting from it. Also never forget that shortly after signing the tax bill into law, Trump told his friends at Mar-a-Lago, “You all just got a lot richer.“