On The Money: New financial disclosures provide glimpse of Trump's wealth | Walmart, Macy's say tariffs will mean price hikes | Consumer agency says Education Department blocking student loan oversight

On The Money: New financial disclosures provide glimpse of Trump's wealth | Walmart, Macy's say tariffs will mean price hikes | Consumer agency says Education Department blocking student loan oversight

Happy Thursday and welcome back to On The Money, where we're happy to see Jimmy Carter on the mend.  I'm Sylvan Lane, and here's your nightly guide to everything affecting your bills, bank account and bottom line.

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THE BIG DEAL--New financial disclosure forms provide glimpses of Trump's wealth: President TrumpDonald John TrumpTrump campaign buys full page ads in Miami newspapers ahead of Dem debates Trump administration's 'forced diplomacy' with Iran isn't working Roy Moore trails Republican field in Alabama MORE's financial disclosure forms detailing income from various properties and assets during 2018 were released Thursday, providing a snapshot of the president's finances as he faces scrutiny for refusing to release his tax returns.

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The 88-page document, published by the Office of Government Ethics, showed mixed performances for some of the president's most high-profile properties, and revealed that he received a loan for between $5 million and $25 million for a south Florida property. The Hill's Brett Samuels breaks down the details here.

  • The president's Mar-a-Lago resort in Florida, a frequent weekend destination for the president during the winter, saw its revenue decline to $23 million, down roughly $3 million from 2017, the documents show.
  • Trump reported nearly $41 million in income from the Trump International Hotel in Washington, D.C., roughly the same amount as a year earlier.
  • Trump National Golf Club in northern Virginia brought in $13 million in 2018, the forms showed. The president often visits the club during weekends spent in Washington, D.C.
  • The president reported taking in nearly $76 million at Trump National Doral. That figure is up slightly from 2017's reported income. The Washington Post reported Wednesday that business at the Miami resort is in decline since he ran for office.

The snag: The financial disclosure documents provide only a snapshot of the president's finances, as they only require signees to enter a range of numbers in many cases, and do not include net profits or losses.

The full total of Trump's earnings from 2018 was not immediately clear.

 

LEADING THE DAY

CNBC analysis: Trump tariffs among largest tax hikes in decades: President Trump's tariffs have amounted to one of the largest tax increases in recent decades, according to CNBC.

According to the network's analysis, the Treasury has collected $72 billion in import taxes Trump has imposed as part of his trade policy.

When compared to the size of the economy, that figure amounts to 0.34 percent of gross domestic product (GDP), making it the second largest tax increasing measure since 1993.

Since then, only one other act led to a larger revenue increase: the Affordable Care Act, which in its fourth year raised 0.46 percent of GDP. In its first three years, that law raised less than the tariffs as a portion of the economy. The Hill's Niv Elis explores the data here.

 

Business are likely to raise prices on a slew of goods imported from China because of the higher tariffs, and Walmart became the latest retailer to warn customers about the toll of Trump's trade policy.

"We're monitoring the tariff discussions and are hopeful that an agreement can be reached," Walmart's chief financial officer, Brett Biggs, told The Associated Press, adding that increased tariffs "will lead to increased prices for our customers."

The comments came after Walmart posted its best sales performance for the first fiscal quarter in nine years, marking 19 straight quarters of same-store sales gains, the AP noted.

Walmart did not specify the scope of the price hikes, but the warning was echoed by Macy's CEO, Jeff Gennette, who reportedly told investors that prices for both store label and national brands could rise if another round of tariffs are slapped on China.

 

CFPB chief says Education Department blocking oversight of student loans: The head of the Consumer Finance Protection Bureau (CFPB) said in a letter to Sen. Elizabeth WarrenElizabeth Ann WarrenTrump says he'll watch Democratic debate while en route to Japan 'because I have to' The Hill's Morning Report - Democratic debates: Miami nice or spice? 5 things to watch in the Democratic debates MORE (D-Mass.) that Education Department guidelines are making it more difficult for her agency to conduct oversight of student loan servicers, a claim the department denies.

"Since December 2017, student loan servicers have declined to produce information requested by the Bureau for supervisory examinations" related to certain student loans, CFPB chief Kathy Kraninger, a Trump appointee, wrote to Warren in an April letter obtained by NPR.

Kraninger said servicers are not turning over the information, which is "necessary for supervisory examinations" because of the Education Department guidance instructing them not to do so over privacy concerns. The Hill's Rachel Frazin fills us in here.

 

GOOD TO KNOW

 

ODDS AND ENDS