Trump was laughed out of court in 2007 for grossly overstating his assets

Trump first played the part of a billionaire by faking his way onto the Forbes 400 richest list in 1984 when his assets were actually $5 million.¹ He continued to display the trappings of a billionaire, such as gold plated or gold painted toilet fixtures at various properties yet took a middle-income New York State tax deduction in two quarterly filings in 2016.²

In 2011, his wildly fluctuating claims of billionaire worth were laughed out of court. The saga began in 2005 when Trump's net worth was estimated at $150 to $250 million by New York Times editor Timothy O'Brien based on sources intimately familiar with Trump's finances.³ Then touting his wealth at $5 to 6 billion, Trump sued O'Brien for libel.⁴ That prompted a court-ordered close examination of his financial records, including five years of tax returns.⁵

In a two-day deposition in December 2007, Trump was caught inflating assets, understating liabilities and lying 30 times.⁶ Even his own accountant wouldn't vouch for the reliability of his figures.⁷ "My net worth fluctuates," Trump explained in the deposition, "with attitudes and with feelings, even my own feelings."⁸ His libel suit was dismissed, this dismissal upheld on appeal in 2011, with a stinging rebuke by the judge.⁹

1. The Washington Post, "Trump lied to me about his wealth to get onto the Forbes 400. Here are the tapes.," April 20, 2018, https://www.washingtonpost.com/outlook/trump-lied-to-me-about-his-wealth-to-get-onto-the-forbes-400-here-are-the-tapes/2018/04/20/ac762b08-4287-11e8-8569-26fda6b404c7_story.html.
2. CNN, "Trump campaign insists income-based New York tax credit is in error," June 6, 2016, https://www.cnn.com/2016/06/06/politics/donald-trump-new-york-tax-credit-income-error/index.html.
3. Timothy O'Brien, TrumpNation: The Art of Being the Donald, Kindle Ed. (New York: Open Road Media, 2015), Loc. 78-79; Bloomberg, "Dear Mr. Trump: I'm Worth $10 Billion, Too," July 21, 2015, https://www.bloomberg.com/view/articles/2015-07-21/dear-mr-trump-i-m-worth-10-billion-too-; Bloomberg, "Trump's Financial Report? That's Rich," May 20, 2016, https://www.bloomberg.com/view/articles/2016-05-20/trump-s-financial-report-that-s-rich; David Cay Johnston, The Making of Donald Trump (New York: Melville House, 2016), p. 78.
4. Bloomberg, May 20, 2016, op. cit.; Johnston, The Making of Donald Trump, p. 78.
5. Johnston, The Making of Donald Trump, pp. 78-80; The Washington Post, "Trump: A True Story," August 10, 2016, https://www.washingtonpost.com/graphics/politics/2016-election/trump-lies/; Bloomberg, "I Saw Trump's Tax Returns. You Should, Too.," May 12, 2016, https://www.bloomberg.com/opinion/articles/2016-05-12/time-for-donald-trump-to-release-his-tax-returns.
6. Forbes, "How Donald Trump Exaggerates And Fibs About His $4.5 Billion Net Worth," March 31, 2016, https://www.forbes.com/sites/chasewithorn/2016/03/31/how-donald-trump-exaggerates-and-fibs-about-his-4-5-billion-net-worth/; The Wall Street Journal, "Trump on Trump: Testimony Offers Glimpse of How He Values His Empire," May 18, 2009, https://www.wsj.com/articles/SB124261067783429043; The Washington Post, August 10, 2016, op. cit.
7. Johnston, The Making of Donald Trump, pp. 78-80.
8. The Wall Street Journal, May 18, 2009, op. cit.; Bloomberg, May 12, 2016, op. cit.; Johnston, The Making of Donald Trump, pp. 78-79.
9. The Washington Post, August 10, 2016, op. cit.; Bloomberg, July 21, 2015, op. cit.; Johnston, The Making of Donald Trump, pp. 79-80.