Trump was inaugurated as the 45th president of the United States on January 20, 2017. During his first week in office, he signed six executive orders: interim procedures in anticipation of repealing the Patient Protection and Affordable Care Act (Obamacare), withdrawal from the Trans-Pacific Partnership negotiations, reinstatement of the Mexico City Policy, unlocking the Keystone XL and Dakota Access Pipeline construction projects, reinforcing border security, and beginning the planning and design process to construct a wall along the U.S. border with Mexico.
From 1996 to 2015, Trump owned all or part of the Miss Universe pageants, including Miss USA and Miss Teen USA. Due to disagreements with CBS about scheduling, he took both pageants to NBC in 2002. In 2007, Trump received a star on the Hollywood Walk of Fame for his work as producer of Miss Universe. After NBC and Univision dropped the pageants from their broadcasting lineups in June 2015, Trump bought NBC's share of the Miss Universe Organization and sold the entire company to the William Morris talent agency.
More InfoTrump has often said he began his career with "a small loan of one million dollars" from his father, and that he had to pay it back with interest. In October 2018, The New York Times reported that Trump "was a millionaire by age 8", borrowed at least $60 million from his father, largely failed to reimburse him, and had received $413 million (adjusted for inflation) from his father's business empire over his lifetime. According to the report, Trump and his family committed tax fraud, which a lawyer for Trump denied. The tax department of New York said it is "vigorously pursuing all appropriate avenues of investigation" into it. Analyses by The Economist and The Washington Post have concluded that Trump's investments underperformed the stock market. Forbes estimated in October 2018 that the value of Trump's personal brand licensing business had declined by 88% since 2015, to $3 million.
More InfoIn April 2019, the House Ways and Means Committee made a formal request to the Internal Revenue Service for Trump's personal and business tax returns from 2013 to 2018. Two deadlines to provide the returns were missed, then Treasury secretary Steven Mnuchin in May 2019 ultimately denied the request. Committee chairman Richard Neal then subpoenaed the Treasury Department and the IRS for the returns. These subpoenas were also defied in May 2019. A fall 2018 draft IRS legal memo asserted that tax returns must be provided to Congress upon request, unless a president invokes executive privilege. Congress need not justify the request, the memo stated, contradicting the administration's justification that a legislative purpose is needed to produce the tax returns. Mnuchin asserted the memo actually addressed a different matter.
More InfoTrump acquired a third casino in Atlantic City, the Taj Mahal, in 1988 in a highly leveraged transaction. It was financed with $675 million in junk bonds and completed at a cost of $1.1 billion, opening in April 1990. The project went bankrupt the following year, and the reorganization left Trump with only half his initial ownership stake and required him to pledge personal guarantees of future performance. Facing "enormous debt", he gave up control of his money-losing airline, Trump Shuttle, and sold his 282-foot (86 m) mega yacht, the Trump Princess, which had been indefinitely docked in Atlantic City while leased to his casinos for use by wealthy gamblers.
More InfoTrump attracted public attention in 1978 with the launch of his family's first Manhattan venture, the renovation of the derelict Commodore Hotel, adjacent to Grand Central Terminal. The financing was facilitated by a $400 million city property tax abatement arranged by Fred Trump, who also joined Hyatt in guaranteeing $70 million in bank construction financing. The hotel reopened in 1980 as the Grand Hyatt Hotel, and that same year, Trump obtained rights to develop Trump Tower, a mixed-use skyscraper in Midtown Manhattan. The building houses the headquarters of the Trump Organization and was Trump's primary residence until 2019.
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