Trump plans on raising $1B to build his presidential library in downtown Miami

The foundation behind Donald Trump’s presidential library plans on raising nearly $1 billion over the next two years in tax-exempt contributions to build the Miami landmark, according to a report.

Tax documents, obtained by the Miami Herald, suggest that Trump’s presidential library foundation is planning to bring in hundreds of millions over the next two years as the president hopes to transform a plot of land in downtown Miami into a building honoring his legacy.

The foundation expects to rake in $950 million — $50 million this year, $300 million in 2026 and $600 million in 2027 — through “gifts, grants and contributions,” according to its IRS application for tax-exempt status.

That $50 million figure this year stems from media companies that have pledged to give tens of millions to the library foundation as part of their settlements with Trump. ABC News agreed to donate $15 million toward the library, Meta agreed to give $22 million, and CBS News agreed to pay nearly $16 million.

This figure is staggering when compared to how much his predecessors raised for their presidential libraries. Barack Obama’s library foundation garnered $5.4 million in donations in its first year while George W. Bush’s foundation raised nearly $2.8 million.

Trump’s foundation was granted tax-exempt status in the middle of the longest-ever government shutdown, the Miami Herald reported.

The foundation asked the IRS for “expedited processing” on its tax-exempt status on October 10. The agency replied on October 20, saying that the foundation was exempt from federal income tax.

While Trump’s foundation took only 10 days to get approved during the shutdown, the agency noted on its website that 80 percent of such applications typically take six months to receive a determination. The Independent has asked the IRS for more information.

The application also shed light on the foundation’s plans.

It plans to spend the next four to five years on “site acquisition, design, capital fundraising, facility construction, acquisition, and preliminary cataloging of artifacts,” according to the documents. Eventually, the foundation also expects to launch a scholarship program for college students studying history, political science, public service or library sciences, the outlet reported. Eligible students include citizens or “lawful permanent residents,” the records state.

The application also specified how much it plans to spend this year.

The filings said that $130,000 has gone toward fundraising and $490,000 has been spent on “professional fees.” Another $400,000 has been used to pay its directors and trustees. Eric Trump, Michael Boulous — the husband of the president’s daughter Tiffany Trump — and James Kiley — an attorney for the president, serve as the foundation’s trustees.

In another filing, obtained by New York Times, the foundation said that none of those officers expected to be paid.