Starting in spring 2020, Trump began to sow doubts about the election, repeatedly warning that the election would be "rigged" and claiming without evidence that the expected widespread use of mail balloting would produce "massive election fraud". When the House of Representatives voted for a $25 billion grant to the post office, to allow them to handle the expected surge in mail voting, Trump said he would not agree to the grant because he wanted to prevent any increase in voting by mail. In what The New York Times called an "extraordinary breach of presidential decorum", Trump raised the idea on July 30 of delaying the election. He has refused to say whether he will accept the results of the election if he loses.
Trump 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 2013, the State of New York filed a $40 million civil suit against Trump University; the suit alleged that the company made false statements and defrauded consumers. In addition, two class actions were filed in federal court; they named Trump personally as well as his companies. Internal documents revealed that employees were instructed to use a hard-sell approach, and former employees said in depositions that Trump University had defrauded or lied to its students. Shortly after he won the presidency, Trump agreed to pay a total of $25 million to settle the three cases.
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 InfoTrump signaled his intention to run for a second term by filing with the FEC within a few hours of assuming the presidency. This transformed his 2016 election committee into a 2020 reelection one. Trump marked the official start of the campaign with a rally in Melbourne, Florida, on February 18, 2017, less than a month after taking office. By January 2018, Trump's reelection committee had $22 million in hand, and it had raised a total amount exceeding $67 million by December 2018. Trump became the Republican presumptive nominee on March 17, 2020, after securing a majority of pledged delegates. Trump's re-election campaign saw declining poll numbers by mid-2020, reflecting dissatisfaction with his handling of the COVID-19 pandemic and widespread racial justice protests following the killing of George Floyd.
More InfoIn April 2019, the House Oversight Committee issued subpoenas seeking financial details from Trump's banks, Deutsche Bank and Capital One, and his accounting firm, Mazars USA. In response, Trump sued the banks, Mazars, and committee chairman Elijah Cummings to prevent the disclosures. In May, DC District Court judge Amit Mehta ruled that Mazars must comply with the subpoena, and judge Edgardo Ramos of the Southern District Court of New York ruled that the banks must also comply. Trump's attorneys appealed the rulings, arguing that Congress was attempting to usurp the "exercise of law-enforcement authority that the Constitution reserves to the executive branch".
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