Trump 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.
Trump 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 InfoFred Trump started working in real estate with his mother Elizabeth when he was 15, after his father Friedrich had died in the 1918 flu pandemic. By 1926, their company, "E. Trump & Son", was active in the New York boroughs of Queens and Brooklyn. It would grow to build and sell tens of thousands of houses, barracks, and apartments. Fred claimed to be Swedish amid the anti-German sentiment sparked by World War II; Donald Trump also claimed Swedish heritage until 1990. Trump's mother Mary Anne MacLeod was born in Scotland. Fred and Mary were married in 1936 and raised their family in Queens. Trump grew up with three elder siblings – Maryanne, Fred Jr., and Elizabeth – and younger brother Robert.
More InfoFred Trump started working in real estate with his mother Elizabeth when he was 15, after his father Friedrich had died in the 1918 flu pandemic. By 1926, their company, "E. Trump & Son", was active in the New York boroughs of Queens and Brooklyn. It would grow to build and sell tens of thousands of houses, barracks, and apartments. Fred claimed to be Swedish amid the anti-German sentiment sparked by World War II; Donald Trump also claimed Swedish heritage until 1990. Trump's mother Mary Anne MacLeod was born in Scotland. Fred and Mary were married in 1936 and raised their family in Queens. Trump grew up with three elder siblings – Maryanne, Fred Jr., and Elizabeth – and younger brother Robert.
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 InfoThe alt-right movement coalesced around Trump's candidacy, due in part to its opposition to multiculturalism and immigration.Members of the alt-right enthusiastically supported Trump's campaign.In August 2016, he appointed Steve Bannon – the executive chairman of Breitbart News – as his campaign CEO; Bannon described Breitbart News as "the platform for the alt-right". In an interview days after the election, Trump condemned supporters who celebrated his victory with Nazi salutes.
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