President Donald Trump promised that he was going to stay away from his business after he was elected president. However, Trump may not have fulfilled this promise as he opened a trust where he could keep getting money and withdraw. Last year, he sold $35 million worth of real estate last years to shady buyers.
Trump sold 41 luxury condos in Las Angeles last year. The buyers all used limited liability companies (LLCs), allowing them to hide their identities, USA Today reported. But that’s not even the most alarming part of this. In a last-minute change to the GOP tax bill that Trump signed into law, the GOP added a tax break to real estate investors who use LLCs.
Before Trump became the Republican nominee, only 4% of buyers used the secretive method to buy properties. After he was elected, the number jumped to 70%.
And then there’s the Russia problem. No, not that Russia problem. Reuters reports that at least 63 buyers with “Russian passports or addresses” have purchased almost $100 million worth of Trump’s property in South Florida. He also sold his personal Park Avenue penthouse in Manhattan to Chinese investor Angela Chen.
“If someone wants to do business with the Trump entities in the form of an LLC, we look behind the LLC to see who the owner of it is and where the funding is coming from,” Bobby Burchfield, the ethics adviser at the Trump Organization, told the newspaper. “If we can’t determine that, we won’t sign off on it.”
They’ll just sign off on a bunch of shell corporations buying condos right as Trump gives them a big tax break. Nothing unethical there at all.