Dan Alexander, a senior editor at Forbes who covers Trump’s businessses, writes that Trump really is a billionaire. His net worth, he says, is about $2.5 billion. That’s after taking into account more than $1 billion in Trump debts.

That makes it even more scandalous that Trump employs every accounting trick to pay no taxes in most years (while deducting $70,000 for his hair stylist), and only $750 in two years when he actually paid something to the government.