US President Donald Trump Reports Making at Least $434 Million From His Businesses in 2018
US President Donald Trump. (Photo: White House)

Washington, May 17: US President Donald Trump reported income of at least $434 million in 2018, according to his annual financial disclosure released by the White House. The income also includes $40.8 million in revenue from his Trump International Hotel in Washington, DC, just blocks from the White House, CNN quoted the disclosure as saying on Thursday. Trump Terminates Designation of Turkey as GSP Beneficiary Nation.

Trump reported that his Mar-a-Lago resort in Florida generated $22.7 million, a slight drop from the $25.1 million he disclosed for 2017. Overall, Trump's income appears to have gone down from last year, when he reported making at least $450 million.

Trump reported holding outstanding debt of at least $315 million. The disclosure forms allow filers to report ranges, and five of Trump's loans are reported at "over $50 million" making the actual debt total impossible to calculate.

Financial disclosure documents do not reveal as much about finances as a tax return, which include granular details about income and asset valuations, along with other information. Since taking office, Trump has broken presidential precedent by maintaining his interest in the Trump Organization, which is run on a day-to-day basis by his sons Donald Jr. and Eric.

He's also the first President in decades not to release his personal tax returns, though he has submitted his required financial statements each year to the Office of Government Ethics. Trump Proposes Points-based Immigration System, DACA Remains Unresolved.

The fresh disclosures come as the Trump administration faces a Friday deadline to respond to a subpoena from House Democrats for six years of tax records.