Crypto, wallets, bibles: Trump's assets top $1.6 billion in latest disclosure
President Trump has made the presidency extremely profitable for himself.
Why it matters: Trump continues to pursue wealth-building avenues tied to his political agenda as Democrats continue to allege massive conflicts of interest.
Driving the news: The Trump Organization announced a phone business as its next venture on Monday, on the 10th anniversary of Trump announcing his first White House run.
By the numbers: Trump reported more than $600 million in income from his cryptocurrency venture and a broad range of merchandise, according to financial documents released on Friday, the first disclosure of his assets since he returned to the White House.
According to a Reuters calculation, Trump reported assets worth at least $1.6 billion.
Trump disclosed a massive $57 million token sale through WLF Holdco LLC, which owns World Liberty Financial Inc., a Trump family crypto company for which Trump serves as "Chief Crypto Advocate."
What they're saying:"President Trump, Vice President Vance, and senior White House staff have completed required ethics briefings and financial reporting obligations," White House press secretary Karoline Leavitt said in a statement to Reuters. "The Trump Administration is committed to transparency and accessibility for the American people."
Trump's crypto-friendly second-term has raised concerns from progressive Democrats about Trump's own financial stake in crypto, which stands to benefit from pending legislation.
The other side: Concerns over the Trump family's crypto ventures have stalled passage of the bipartisan GENIUS Act, the Senate's first-ever stablecoin regulation.
Some Democrats raised concerns after the New York Times reported that President Trump's family members could profit from the $2 billion deal of their stablecoins that would be used for a foreign transaction involving an Abu Dhabi investment fund.
Merch has also been a boon for the president.
Licensing deals that Trump has with companies selling products using his name and likeness translated to millions of dollars in royalties.
That includes more than $1.3 million from Lee Greenwood's "God Bless the USA" Bible. Trump, while campaigning in 2024, asked supporters to purchase the Bible – for $59.99 per copy – to "make America pray again."
Trump also netted $2.5 million from Trump sneakers and fragrances, $2.8 million selling Trump watches, and more than $1 million on a "45" guitar.
What we're watching: The president's phone venture, "Trump Mobile," is up next.
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In contrast with the House version, the bill sets a lower increase for the child tax credit, raising it to $2,200 per child as opposed to the House's $2,500. The bill creates new deductions for taxes on tips, overtime pay and car loan interest — a priority of Trump's that he campaigned on — but doesn't make them fully deductible. Tips are deductible up to $25,000 through 2028. Overtime pay is deductible up to $12,500, or $25,000 for joint filers, through 2028. Auto loan interest is deductible up to $10,000, also through 2028. Senate Republicans are taking a bigger swing at Medicaid in their version of the bill. The legislation would effectively cap provider taxes at 3.5 percent by 2031, down from the current 6 percent, but only for the states that expanded Medicaid under the Affordable Care Act. The cap would be phased in by lowering it 0.5 percent annually, starting in 2027. Non-expansion states would be prohibited from imposing new taxes, but as was true in the House-passed version, their rates would be frozen at current levels. The lower cap would not apply to nursing homes or intermediate care facilities. Limiting provider taxes is a long-held conservative goal, as they argue states are gaming the current system and driving up federal Medicaid spending. The policies are designed to inflate Medicaid spending on paper to allow states to receive more federal reimbursement dollars. The Senate bill also cuts certain existing state-directed payments to hospitals, which would be a significant hit to the hospitals' bottom line. The House version in contrast limited future payments but grandfathered existing arrangements. The change in the Senate bill is sure to anger Republicans who were already expressing concerns about the impact of the freeze in the House-passed version, including key holdouts like Sens. Susan Collins (R-Maine), Lisa Murkowski (R-Alaska) and Josh Hawley (R-Mo.). Provider taxes have become an important lifeline for hospitals, and rural hospitals would be hit hardest by the cuts. Hawley on Monday night signaled dissatisfaction with the newly unveiled text. Like the House bill, the Senate legislation imposes work requirements on Medicaid beneficiaries beginning at 19 years old. But the Senate version says adults with dependent children older than 14 will also have to prove they work, attend school or perform community service for 80 hours a month, while the House-passed version would exempt all adults with dependent children. The bill includes changes to green energy tax credits that are more flexible than those passed by the House — but would still be a significant rollback. The Senate text appears to eliminate the most stringent provision in the House bill, deleting a measure that would have required climate-friendly energy sources to start construction within 60 days of the bill's enactment to qualify for the credits at all. Instead, things such as solar panels and wind farms would need to begin construction this year in order to receive the full credit amount. Projects that begin construction in 2026 would get 60 percent of the credit, while projects that begin construction in 2027 would receive 20 percent. Projects constructed in 2028 or later would not be eligible for the credit. This, too, appears to be more flexible than the House text, which required projects to not just start construction but actually be producing electricity by the end of 2028 to qualify for the credit. Nevertheless, the Senate provisions are still a major rollback of the tax credits passed by Democrats in their 2022 Inflation Reduction Act. Under that law, the credits would have lasted until either 2032 or when U.S. emissions from the electric sector are 25 percent lower than their 2022 levels, whichever came later. The Senate text also adds carve-outs for hydro, nuclear and geothermal power, allowing them to receive the full credit if they begin construction before 2034. The Senate bill as drafted would keep the cap on state and local tax (SALT) deductions at $10,000 a year, rolling back the deal that Speaker Mike Johnson (R-La.) painstakingly cut with blue state Republicans to raise the limit on SALT deductions to $40,000 a year for households earning less than $500,000 annually. It would permanently extend the $10,000 cap, which is scheduled to expire at the end of this year. Senate Majority Leader John Thune (R-S.D.) told reporters Monday afternoon that the $10,000 deduction cap is a 'marker' for talks with House Republicans, and that they will find a number in the middle that satisfies both camps. But the House's SALT Caucus Republicans are insisting on the $40,000 number. Rep. Mike Lawler (R-N.Y.), a key member of the group, wrote on the social platform X that the proposal was 'DEAD ON ARRIVAL' and warned in a statement that a $40,000 deduction cap 'is the deal and I will not accept a penny less.' The bill would raise the debt ceiling by $5 trillion, instead of the $4 trillion increase adopted by House Republicans. The debt-ceiling language is a major problem for Sen. Rand Paul (R-Ky.), who has told his leadership he won't support the bill if it includes such a large extension of federal borrowing authority. Mychael Schnell and Al Weaver contributed.
