Tag Archives: trust

Trump Can Pull Money From His Businesses Whenever He Wants—Without Ever Telling Us

by KieranE25pdjh Posted on April 3, 2017

Mother Jones

<!DOCTYPE html PUBLIC “-//W3C//DTD HTML 4.0 Transitional//EN” “http://www.w3.org/TR/REC-html40/loose.dtd”>

This story originally appeared on ProPublica.

When President Donald Trump placed his businesses in a trust upon entering the White House, he put his sons in charge and claimed to distance himself from his sprawling empire. “I hope at the end of eight years I’ll come back and say, ‘Oh you did a good job,'” Trump said at a January 11 press conference. Trump’s lawyer explained that the president “was completely isolating himself from his business interests.”

The setup has long been slammed as insufficient, far short of the full divestment that many ethics experts say is needed to avoid conflicts of interest. A small phrase buried deep in a set of recently released letters between the Trump Organization and the government shows just how little separation there actually is.

Trump can draw money from his more than 400 businesses, at any time, without disclosing it.

The previously unreported changes to a trust document, signed on February 10, stipulate that it “shall distribute net income or principal to Donald J. Trump at his request” or whenever his son and longtime attorney “deem appropriate.” That can include everything from profits to the underlying assets, such as the businesses themselves.

Here is the new clause, from page 161:

“It’s incredibly broad language,” said Frederick J. Tansill, a family estate and trust attorney outside Washington, DC, who reviewed the documents for ProPublica.

There is nothing requiring Trump to disclose when he takes profits from the trust, which could go directly into his bank or brokerage account. That’s because both the trust and Trump Organization are privately held. The only people who know the details of the Trump trust’s finances are its trustees, Trump’s son Donald Jr., and Allen Weisselberg, the company’s chief financial officer. Trump’s other son, Eric, has been listed as an adviser to the trust, according to this revised document.

The Trump Organization did not answer detailed questions about the trust. In a statement to ProPublica about the companies’ corporate structures, a Trump Organization spokeswoman, Amanda Miller, said, “President Trump believed it was important to create multiple layers of approval for major actions and key business decision” (Sic. Read the full statement.)

There is a chance Trump will list his profits in his next federal financial disclosure, in May 2018, but the form doesn’t require it. The surest way to see what profits Trump is taking would be the release of his tax returns—which hasn’t happened. Income has to be reported to the IRS, whether it comes from a trust or someplace else.

“For tax purposes, it’s as if the trust doesn’t exist at all,” said Steven Rosenthal, a senior fellow at the Urban-Brookings Tax Policy Center. “It’s just an entity on paper, nothing more.”

It’s not clear why Trump added the language to the trust document. His original trust document, which ProPublica obtained in January, designated Trump as the “exclusive beneficiary.” It did not include any restrictions on when Trump could get the money.

Taking profits regularly could benefit Trump in a variety of ways. It would give the president yet more details on the ongoing finances of his businesses. Trump’s son Eric recently told Forbes he plans to update his father on the company regularly, though the revised trust document states that the trustees “shall not provide any report to Donald J. Trump on the holdings and sources of income of the Trust.”

Trump could also simply find the income helpful, even as president. The trust document shows that Trump has “broad rights to the trust principal and income to support him as necessary,” Tansill said.

The General Services Administration released the document last week when it approved the Trump Organization’s plan to address conflicts involving the Trump International Hotel in DC. (The GSA, which handles procurement for the government, owns the land and Trump has a 60-year lease for the building.) In response to criticism about Trump being, in effect, both tenant and landlord, he agreed to not take any profits from the hotel while in office.

Profits will go into a separate company account, which can only be used for hotel upkeep, improvements or debt payments. Watchdog groups have derided that deal as insufficient, noting that pouring profits back into the hotel will make it more valuable in the long term.

With Trump’s hundreds of other businesses, including golf courses, hotels and branding deals, profits from each go to a holding company and eventually into Trump’s trust. Other corporate documents we obtained, reflecting changes made after Trump’s January 20 inauguration, show how money flows from a golf club outside Philadelphia to the president’s trust.

There soon could be many more Trump family businesses.

The Trump Organization has recently touted plans to open hotels across the country, including a second one in Washington, DC. “It’s full steam ahead,” Trump Hotel CEO Eric Danziger said recently. “It’s in the Trump boys’ DNA.”

Link: 

Trump Can Pull Money From His Businesses Whenever He Wants—Without Ever Telling Us

Posted in FF, GE, LAI, LG, ONA, ProPublica, PUR, Radius, Uncategorized, Venta | Tagged , , , , , , , , | Comments Off on Trump Can Pull Money From His Businesses Whenever He Wants—Without Ever Telling Us

Hero Mom Has the Perfect Response to Son Begging to Join ISIS

by RosariaRan Posted on February 27, 2015

Mother Jones

Everyone of us can relate to having once been a stupid teenager, irrationally whining to our parents about needing to hang out with that group, wear this outfit, etc.

Such is the case of 19-year-old Akhror Saidakhmetov of Brooklyn who had a burning desire to join club ISIS, like all the cool kids seem to be doing these days. But despite having all the gear to prove he was ready to commit to the band, Saidakhmetov’s dreams were ultimately crushed by a very adolescent roadblock—his mom. From the Times:

Mr. Juraboev and Mr. Saidakhmetov bought tickets, planning to travel to Turkey and then sneak into Syria, court papers say, and as the date of their departure neared, they seemed eager.

But Mr. Saidakhmetov still needed his passport, and on Feb. 19 he called his mother. In a conversation recorded by federal agents, he asked for it. She asked him where he was going. He said to join the Islamic State.

“If a person has a chance to join the Islamic State and does not go there, on Judgment Day he will be asked why, and it is a sin to live in the land of infidels,” he told her, court documents say.

She hung up the phone. It is unclear if he managed to get his passport back. But the government’s informer helped Mr. Saidakhmetov secure travel documents. In the days before he left, he told the informer that he felt that his soul was already on its way to paradise.

Trust us, young Saidakhmetov, you’ll thank your mom one day. We already do.

Link: 

Hero Mom Has the Perfect Response to Son Begging to Join ISIS

Posted in Anchor, Everyone, FF, G & F, GE, LAI, LG, ONA, Paradise, Radius, Ultima, Uncategorized, Venta | Tagged , , , , , , , , , , , | Comments Off on Hero Mom Has the Perfect Response to Son Begging to Join ISIS

Here’s the Easiest Way to Fund the Interstate Highway System: Just Restore the Damn Gas Tax

by PierresHood Posted on April 30, 2014

Mother Jones

<!DOCTYPE html PUBLIC “-//W3C//DTD HTML 4.0 Transitional//EN” “http://www.w3.org/TR/REC-html40/loose.dtd”>

With a few exceptions, the interstate highway system is blissfully toll-free. That may be about to change:

With pressure mounting to avert a transportation funding crisis this summer, the Obama administration Tuesday opened the door for states to collect tolls on interstate highways to raise revenue for roadway repairs.

….The question of how to pay to repair roadways and transit systems built in the heady era of post-World War II expansion is demanding center stage this spring, with projections that traditional funding can no longer meet the need. That source, the Highway Trust Fund, relies on the 18.4-cent federal gas tax, which has eroded steadily as vehicles have become more energy efficient.

….With the trust fund about to run into the red and the current federal highway bill set to expire Sept. 30, Congress cannot — as its members often note — keep “kicking the can down the road.”

Hold on. It’s true that we’re using a bit less gasoline than in the past. But that’s not why the Highway Trust Fund is in dire shape. It’s in dire shape because the federal gas tax has been cut nearly in half since it was last changed two decades ago. In 1993 dollars, it’s now about 11 cents per gallon. If it had just kept up with inflation, highway funding would be in fine shape.

Now, there’s arguably a good reasons to allow tolls. Basically, it makes driving on interstates more of a pain in the ass, which probably means marginally less driving on interstates. And less driving is good for the planet. So if you think that making it less convenient to drive is a good idea, tolls might help.

But you know what else would cut down on driving? Gas taxes restored to 1993 levels. So what’s the point of dicking around instead with tolls and corporate tax reform and all that? The answer, of course, is Republicans, who have sworn a blood oath never to raise taxes, even if “raising” actually means “keeping them at the same level.” So instead of just bumping up the gax tax by a dime or two and then indexing it to inflation—no muss, no fuss—we’re going to play a bunch of idiotic and annoying games merely to keep our roads in decent repair.

Thanks, Republicans. I appreciate it.

Link – 

Here’s the Easiest Way to Fund the Interstate Highway System: Just Restore the Damn Gas Tax

Posted in FF, GE, LG, ONA, Uncategorized, Venta, Vintage | Tagged , , , , , , , | Comments Off on Here’s the Easiest Way to Fund the Interstate Highway System: Just Restore the Damn Gas Tax

Innovative Maryland Program Provides Green Job Training

by Hadwin Partize Posted on September 5, 2013

Members of the 2013-2014 Chesapeake Conservation Corps prepare the ground for planting shrubs before beginning their new assignments. Photo: Chesapeake Conservation Corps

More than two dozen young adults will spend the next year improving Maryland’s environment while getting valuable on-the-job training.

The latest class of the Chesapeake Conservation Corps program, which is administered by the Chesapeake Bay Trust and pairs young adults with conservation-minded organizations throughout the state, rolled up their sleeves and went to work last week. The job training program, created in 2010 by the Maryland Legislature, puts participants to work in areas that will advance conservation efforts and help protect local rivers, streams and the Chesapeake Bay.

“The Maryland Legislature wanted to develop a corps program that engaged young people in the conservation of natural resources,” explains Jana Davis, executive director of the Chesapeake Bay Trust, which manages the Corps. “There were other programs out there, but we added the environmental piece and made it more of a mentorship-based experience.”

While other conservation corps programs typically have a crew-based approach, the Chesapeake Conservation Corps created an individual-focused program, where each participant works with an organization to accomplish conservation goals.

“Each one of the young people has a capstone project they’re responsible for,” Davis says. “It’s a way for them to build new skills, gain professional work experience, and it’s something they can use to market themselves when it’s done.”

As a result, many of the participants end up getting hired by the organization at the end of their one-year assignment. This year, 11 of the 25 participants landed full-time employment when their assignments ended in August. Among those were Ann DeSanctis, who worked as an environmental educator with the Anacostia Watershed Society, then was hired as its volunteer and project coordinator when her one-year term ended.

“This was an invaluable hands-on experience,” she says. “Being able to see how a nonprofit works, and to be able to get involved in a network like this, is so important. For me, it really helped me learn what it was that I wanted to do. It cemented in me that I am in the right field.”

Next page: The Expanding Program

earth911

Continue reading – 

Innovative Maryland Program Provides Green Job Training

Posted in alo, ATTRA, eco-friendly, FF, Free Press, GE, LAI, ONA, Uncategorized | Tagged , , , , , , , , , | Comments Off on Innovative Maryland Program Provides Green Job Training

Our statement on the release of President Barack Obama’s energy blueprint

by Posted on March 15, 2013

back

Our statement on the release of President Barack Obama’s energy blueprint

Posted 15 March 2013 in

National

We commend President Obama’s commitment to move America toward oil alternatives – the best way to reduce pain at the pump and address climate change.

The Energy Security Trust Fund is a major step in this direction, and cost-effective, homegrown renewable fuel will play a central role. The initiative could not come at a better time, as gas prices and global temperatures are on the rise, and the oil industry is redoubling its efforts to block alternatives.

In 2012, 13 billion gallons of domestic, renewable fuel were blended into the American fuel supply, not only contributing to the reduction of carbon emissions by 13% nationally, but also employing over 380,000 Americans. Further innovation and growth of renewable fuel will continue to lower gas prices, reduce harmful emissions and protect us from volatile oil markets.

Renewable fuel is a key facet in President Obama’s energy strategy and the renewable fuel industry is united and ready to contribute to those aims.

Fuels America News & Stories

Fuels
Link:

Our statement on the release of President Barack Obama’s energy blueprint

Posted in Anchor, FF, GE, ONA, Uncategorized | Tagged , , , , , , , , , , | Comments Off on Our statement on the release of President Barack Obama’s energy blueprint