Politics – Encyclopedia.com

Is Trump on the Forbes List?

Makayla — Thu, 24 Oct 2019 17:24:10 +0000

Donald Trump has been the source of much speculation since his election to the presidency in 2016, but is Trump on the Forbes list? His net worth and wealth have been the source of much discussion and misconception. He has famously refused to release his tax statements since being elected despite his promises to the contrary prior to taking office. Well known for many decades as a wealthy real estate tycoon, many wonder is Trump on the Forbes List? Yes, Trump is on the Forbes List but what does that mean exactly? When has Trump been on the Forbes List? Influential business magazine Forbes began publishing its list of the world’s 400 wealthiest individuals in 1982. Known as the Forbes List or Forbes 400, obtaining one of these rankings is a coveted and envied position only experienced the most elite people. Born into wealth and privilege, Donald Trump and his father were featured as a duo in the very first Forbes List. Donald Trump first made the list solo in 1985. He remained on the list for several more years until 1990. That year, Forbes published a shocking article in which it was revealed that a “decline in Atlantic City gaming revenues, unmasking of misstated asset values, declining real estate values and massive debt may have put The Donald within hailing distance of zero.” Furthermore, Fortune Magazine has since stated that “a former Forbes reporter says that President Donald Trump lied to him in order to make the Forbes 400 list of the wealthiest Americans, including impersonating an aide who didn’t exist to claim wealth he didn’t have.” “The reporter, Jonathan Greenberg, says that over time he learned that Trump shouldn’t have appeared on the lists at all. For instance, in his first appearance on the Forbes 400 in 1982, Trump is listed as having $100 million when he was actually worth around $5 million at the time, according to documents that later came to light.” Donald Trump is well known to exaggerate and self-aggrandize his wealth. Combined with his evasiveness in revealing his financial statements, it’s unclear whether any of Trump’s subsequent inclusions on the Forbes 400 List are deserved. However, Forbes has broken down his net assets here and included him on the Forbes 400 List for the past few years. Is Trump still on the Forbes List? Trump is still on the Forbes 400 List as of 2019. Forbes estimates “that Donald Trump is still worth $3.1 billion” making him “now the 275th-richest person in America.” Whether he will remain on the list over the next few years remains to be seen. Keeping with the trend of lying about what he is worth, it’s reported that Donald claims his current worth is over $10 billion. His claims have grown more outlandish over the years, however his licensing deals and inherited real estate properties are keeping on the list of the wealthiest in the country. If Trump does continue to be on the Forbes list, he claims it won’t be because of tax dollars. Trump repeatedly makes it known that he isn’t taking a salary while he is President.

The post Is Trump on the Forbes List? appeared first on Encyclopedia.com.

Is it True That Victoria’s Secret is Closing?

Makayla — Thu, 24 Oct 2019 16:43:09 +0000

Victoria’s Secret is closing 53 stores this year. The one time lingerie giant has been taking quite a hit in profits over the last decade. In 2018, the CEO of L Brands (the company that owns VS), announced that Victoria Secret is closing 53 of their locations before the end of this year. Does this mean Victoria Secret is closing? Yes. It means Victoria Secret is closing some stores but they are not shutting down entirely. Executives from the brand said that in addition to closing 53 locations in 2019 they also planned to evaluate everything about what they were doing. After seeing drastic decreases in profits over the last year, the company is closing almost 4x as many stores as it typically does annually. It’s normal for brands to climb up the ladder and then come back down but the dive their stores has taken is a little off trend. According to some business experts, it looks like Victoria’s Secret isn’t doing as well as other more modern and inclusive brands. It’s been reported that they have seen a steady decline and even same-store sales were down by a full 3%. It doesn’t sound like a big difference but in the business world it’s the difference between making it work and calling it quits. Why is Victoria’s Secret closing so many stores? Experts at Business Insider say, Victoria’s Secret is closing nearly 4% of their stores because they don’t seem to be keeping up with trends.Their profits started to take the plunge when they refused to change the models and the ideas behind their runway show. It seems that pissing off the Millennials does eventually have consequences for those who fail to adapt and become more inclusive. Some say this is exactly why Victoria’s Secret is closing so many of their stores. As the profits of VS began to fall, sales for more inclusive (and comfortable) brands like Aerie (by American Eagle) and Lively started to climb. Accused of using only cis-gendered females of a particular stature and look, Victoria’s Secret’s leadership team didn’t do a good job of defending themselves. They did such a bad job of responding that their comments in interviews only created more backlash that did reportedly translate into decreased sales and profits. Victoria’s Secret is closing and it’s because people voted with their dollar. Victoria’s Secret hasn’t yet jumped on board with inclusive models and representation. As their reputation was diminishing online and their competitors were embracing the inclusive future, Victoria’s Secret did the only thing that could have made it worse. They had a runway show using the same old practices they had been called out for. As if that wasn’t bad enough, just before the runway show aired, one of the executives made some controversial comments about plus size folx and transpeople during a Vogue interview. Experts say that since that interview and runway show, the profit for VS has steadily decreased. It’s no doubt that their refusal to evolve and adapt to a future that includes all bodies of all sizes, all colors, all identities, and all abilities is one of the top reasons that Victoria’s Secret is closing so many stores.

The post Is it True That Victoria’s Secret is Closing? appeared first on Encyclopedia.com.

Is it True That Amazon Pays No Taxes?

Makayla — Wed, 23 Oct 2019 19:11:37 +0000

It’s a common belief that despite its billions in revenue, Amazon pays no taxes. But is it true that amazon pays no taxes? And if the rumor is in fact true that Amazon pays no taxes, how is it possible for such a profitable company in the public eye to avoid paying any taxes without running afoul of the IRS? The reality is, it is not true that Amazon pays no taxes but the true accounting narrative is fairly complicated. It could easily be argued that although Amazon does pay income taxes, further transparency is needed to investigate the role of tax credits in keeping the tech giant from paying its fair share of federal taxes. Although Amazon does pay income taxes, it did not pay any federal taxes in 2018. Rumor: Amazon pays no taxes Many democratic contenders have used Amazon’s taxes as a talking point to discuss income inequality. Former Vice President and presidential hopeful Joe Biden even tweeted about how Amazon paid a lower tax rate than the average American teacher. Amazon quickly tweeted back citing that they have in fact, paid billions in “corporate taxes” since 2016. Amazon’s tweet also references the complicated U.S. tax code which has led to the misunderstanding surrounding the company’s tax burden. The Wall Street Journal explains how “By one measure—comparing pretax U.S. profit and the company’s “current provision” for U.S. income taxes—Amazon earned $11 billion and had a tax bill of negative $129 million in 2018, essentially getting a net benefit from the tax system.” So while the belief that Amazon pays no taxes is not technically true, there is good reason for the misunderstanding. Does Amazon pay taxes? So are the accusations that Amazon pays no taxes founded? Yes and No. The full picture of Amazon’s financial statement is a bit complicated but in short, “it does pay taxes. In 2017, Amazon paid close to $1 billion in income tax. In 2018, the amount jumped to $1.18 billion, accounting for local, state, and international taxes” according to an analysis by Forbes. However, the company receives extensive tax breaks that result in Amazon paying no federal or corporate taxes. Why would the U.S. tax code create what seem like legal loopholes that allow a financial giant to get away with paying so little? Forbes explains that “Tax deductions can be incorrectly categorized as “crony capitalism.” But tax deductions, tax credits, and other incentives act as an important driver for organizations to then stimulate economic activity, job creation, and innovation.” Amazon gets its tax breaks through three main avenues: by investing in research and development; by investing in property and facilities; and employee stock compensation. The underlying economic assumption is that by making it financially viable for Amazon to invest in these three areas, there will be an overall economic benefit felt by the population at large. Economist Tyler Cowen summarizes Amazon’s tax situation: “the main reason Amazon as a corporate entity does not pay much in taxes is because the company so vigorously reinvests its profit. The resulting expensing provisions lower their tax liabilities, in some cases down to zero or near-zero. That is in fact the kind of incentive our tax system is supposed to create.”

The post Is it True That Amazon Pays No Taxes? appeared first on Encyclopedia.com.

Is Trump Plaza Still Open?

Makayla — Wed, 23 Oct 2019 18:44:26 +0000

Fewer people are spoken or speculated about more than Donald Trump these days. With so much buzz surrounding him, it’s difficult to determine fact from fiction when it comes to Trump and his various business ventures. One such Trump property is Trump Plaza in Atlantic City, New Jersey. Many are wondering is Trump Plaza still open? While the 45th president can be evasive, the fate of Trump Plaza is known to journalists and the general public. Trump Plaza is not still open; the casino and hotel complex closed in 2014. But why did Trump Plaza go out of business? Is Trump Plaza still open? Harrah’s at Trump Plaza opened on Atlantic City’s famed boardwalk on May 14, 1984. The name was changed to Trump Plaza later that year. It operated as Trump Plaza for another 30 years before closing in 2014. So after decades in operation, what led to Trump Plaza closing? The Atlantic City boardwalk peaked in the 1920s as a resort town famous for drinking, gambling and other vices. By the 1980s, the boardwalk was in the shadow of its former glory and in need of revival. Several casinos began opening in an attempt to draw back tourists and drive revenues. In addition to the gaming facilities, Trump Plaza contained a luxury hotel which included a spa, several restaurants and a gym. However, this plan to economically invigorate the boardwalk turned out to be unsustainable. Along with several other similar casinos around that time, Trump Plaza closed in 2014. The building had been planned to be demolished but several demolition deadlines have already passed but nothing has been done. While Trump Plaza’s closure does not seem to have impacted its namesake’s bottom line, unfortunately over 1,000 people lost their jobs as a result. More people connected to one of Trump’s businesses lost their jobs later that year when his Taj Mahal Casino and Hotel also closed. Did Trump Plaza Close or Go Bankrupt? Trump Plaza Hotel and Casino both closed and went bankrupt but not in as straightforward a manner as one might imagine. Although closure and bankruptcy often go hand in hand, that is not necessarily the case. Vox explains how “while bankruptcy can result in the liquidation or sale of a company, it also presents an opportunity for it to restructure while continuing to operate, suspend or reconfigure debt payment, and get back on its feet, so to speak. That was the case for United, Delta, and American, which all exited bankruptcy in less than four years. Since 2017, we’ve seen a wave of once-powerful retailers going the same route, like Sears, Mattress Firm, the clothing brand BCBG, and the accessories chain Claire’s.” Trump Plaza followed a similar approach to these bankrupt but still operating businesses. It filed for bankruptcy in 1992 but remained open for business for more than two decades after. Unfortunately, it seems that like the other closed luxury casinos in Atlantic City, Trump Plaza could not stay afloat.

The post Is Trump Plaza Still Open? appeared first on Encyclopedia.com.

Is Trump the Richest President?

Makayla — Sat, 12 Oct 2019 20:08:20 +0000

According to many sources, Donald Trump is the richest President in history. Using all types of income to calculate worth, experts have estimated his net worth at 3.1 billion dollars as of Spring 2019. This number is significantly lower than what the 45th President repeatedly boasts he is worth. Using inheritance, assets, properties, spouses and other sources of income, a few different sources have calculated the income of various Presidents. Since many Presidents have come from wealthy families that have claimed ownership to land, the numbers collected by researchers had to be adjusted for inflation in some cases. Even with that adjustment Donald Trump is still the richest President in history by a whopping 2 BILLION dollars. Donald Trump is the richest President in history He claims his net worth is more than 3x what Forbes and Bloomberg were able to calculate. Donald claims he is worth $10 billion and while he does own a lot of property – the way he calculates worth just doesn’t add up. Even still, 3.1 billion dollars is not a net worth to be ashamed of. Looking at the history of Trump’s family and his contribution to that net worth, it would seem that he only made money of off his last name. The reputation and building of the businesses he acquired set him up to be the richest President in American history. But Donald Trump didn’t exactly build those businesses. Many left wing media outlets have wrote article after article about the truth of how Trump acquired his money. It seems that even though Trump is the richest President in history, some claim how he got that money isn’t exactly as honorable as he claims. Hearing Trump tell the story of how he became the richest President paints a very different picture of how he obtained his fortune. It seems that more than just the numbers of how much Trump is worth didn’t add up. How did Trump become the richest President? Mostly by capitalizing on the name his father made for himself. Trump’s father was a real estate tycoon making his money by providing not-so-affordable housing for soldiers and their families after the World War II. After Donald became old enough to join the company, he too began to learn the value of transforming discounted buildings into overpriced lodging and housing. After Donald took over his father’s company in 1971, he stayed true to his roots. and stuck to buying condos and apartment buildings. By the 1980s, Donald had began looking for a way to branch out and use his name across the country, even the Globe. He struck up an initial deal with Holiday Inn, which would eventually turn into Trump Plaza before almost going bankrupt. With his empire sinking and his personal debt at an all time high, Trump convinced the top banks in America to give him a loan to bail him out in the nineties. In addition to his loan to build up his brand, hundreds of contractors claim Trump is so wealthy because he did not pay them. Trump is the richest President in America at a net worth of 3.1 billion dollars, 7 billion dollars less than he claims he is worth. Perhaps that extra $7 billion he claims to be worth is actually owed in invoices?

The post Is Trump the Richest President? appeared first on Encyclopedia.com.

Is Trump German?

Makayla — Wed, 09 Oct 2019 23:19:19 +0000

Donald Trump is German – American. It wasn’t really something that many people were interested in knowing until his stance on immigration became apparent during his campaign; but the truth about Donald Trump being German soon came out. Trying to dig up dirt, many reports traced the history of his family back to Germany but it seemed that even Donald himself wasn’t sure which Trump was German. On more than one occasion, Donald has claimed that his father, Fred Trump, was German and born in Germany. Of course, many people have called his bluff. It’s since been proven he wasn’t wrong about the Trumps being German but instead about which Trump was born in Germany. Trump’s Grandfather was German. Born in Kallstadt Germany in 1869, Trump’s grandfather was named Friedrich Trump. He came from a long line of winemakers but he was a hairdresser. He immigrated to the United States from Germany when he was just 16 years old. Learning from a cousin, Henry Heinz – yes from Heinz ketchup – he began to sell something people needed. Shortly after he became a US citizen, Trump’s German Grandfather capitalized on the people traveling to take part in the Alaska Gold Rush. His restaurants and hotels would be the first of the Trump empire. The wealth he accrued providing for people looking for gold would eventually turn into a Presidential legacy. But Trump and Germany had strong ties After he became a citizen, he changed the spelling of his name to reflect his new American citizenship. Friedrich Trump became Frederick Trump and father to Fred Trump, real estate developer and Father of Donald Trump. After making his fortune, Fredrick returned to Germany and found love. In 1902, he married Donald Trump’s German grandmother. They would stay together in Germany until just 3 months before Donald Trump’s father was born in the Bronx. Some sources claim that Frederick did not plan to stay in America. These claims weren’t unfounded, as evidence did surface that he was deported from Germany. After a letter written by Trump’s German grandfather was uncovered, it seemed he was pleading to not be deported and for his rights to stay in Germany. In the summer of 1905, he and his wife boarded a ship to America, which some believe to be proof that he was deported in spite of his efforts. Is Donald Trump German? Even though both of his grandparents migrated from Germany, his father was born in America, barely. Just three months after the Trump’s were no longer German, Fred Jr. was born. This Trump would go on develop a large portion of New York city and make millions from the progress of America. Later, Fred passed on his business and some of those millions to his son, Donald to start his own business. Donald Trump followed the footsteps of his father and turned his inheritance into a fortune and then later a successful Presidential campaign. Donald Trump and German have been mentioned together quite often since news of his grandfather’s migrant status was found out. While he technically is not German, his grandfather was and probably still would have been had he not been kicked out for failing to complete the required military duty in Germany.

The post Is Trump German? appeared first on Encyclopedia.com.

Is Trump Being Impeached?

Makayla — Wed, 09 Oct 2019 21:27:55 +0000

It’s a question on everyone’s mind – Is Trump being impeached? The answer isn’t as simple as one may think. Some activist groups and Senators have been calling for Trump’s impeachment since his inauguration. They have had several reasons to drag the real estate tycoon turned leader of the free world – and he just keeps giving them more. Between the Twitter rants he’s indulged in and the variety of evidence piling up, it may seem pretty clear that Trump is being impeached. But impeaching Trump, or any President, isn’t something that just happens overnight. Whether or not Trump is being impeached has been part of news articles since his initial scandal with Russia. Back then, it seemed that the rumors about Trump being impeached were just a ploy from democrats to rally a base with a hard election coming up. However, recent events have made it seem that Trump getting impeached could actually happen. But what would that take? How could Donald Trump be impeached? The process of impeachment was written in the Constitution of the United States in the event that a President committed a crime, bribery or an act of treason. Contrary to popular belief, the impeachment of Trump would not necessarily remove him from office. Impeachment is only part of the process of removing a President from office. It takes a large vote and quite a bit of proof that a President committed a crime for the impeachment to turn into removal. That being said, after his talks with Ukraine about Biden, his opponent in the 2020 election, the rumors about Trump being impeached could finally come true. House Speaker, Nancy Pelosi has also decided that enough is enough and called for Trump’s impeachment. Since the impeachment process starts in the House of Representatives, this is a big deal. To impeach Trump, the House of Representatives must build a case against him that proves he committed the crimes they are accusing him of. Once they gather enough evidence, the process is in full swing. Will Trump Be Impeached? After the House gathers sufficient evidence that Trump did something wrong by trying to bribe leaders of other countries, the House will vote on the impeachment. It’s likely that Trump’s impeachment will get past the House vote as only a majority is required. Then – the Senate will determine whether or not Trump is being impeached. After passing the House vote, Trump’s impeachment will go to trial in the Senate. This trial will decide if Trump will be removed from office and convicted. Impeachment is usually haulted here, because a two-thirds majority is needed to remove him from office. The likelihood of Trump being impeached and removed from office is slim to none, since it’s never happened in American history. As the votes mount up, it’s unclear if Trump is being impeached or not. Some news sources have started to claim he could be the very first President officially removed from office after an impeachment trial. Even though the impeachment proceedings have already started, there is no guarantee that the administration will provide the documents needed to prove wrongdoing.

The post Is Trump Being Impeached? appeared first on Encyclopedia.com.