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.
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 InfoTrump was born and raised in Queens, a borough of New York City, attended Fordham University for two years and received a bachelor's degree in economics from the Wharton School of the University of Pennsylvania. He became president of his father's real-estate business in 1971, renamed it The Trump Organization, and expanded its operations from Queens and Brooklyn into Manhattan. The company built or renovated skyscrapers, hotels, casinos, and golf courses. Trump later started various side ventures, mostly by licensing his name. He bought the Miss Universe brand of beauty pageants in 1996, and sold it in 2015. Trump and his businesses have been involved in more than 4,000 state and federal legal actions, including six bankruptcies. He produced and hosted The Apprentice, a reality television series, from 2003 to 2015. As of 2020, Forbes estimated his net worth to be $2.1 billion.
More InfoAfter Senate Republicans revealed the Better Care Reconciliation Act of 2017, their discussion draft of a health care bill to replace the Affordable Care Act, on June 22, Obama released a Facebook post calling the bill "a massive transfer of wealth from middle-class and poor families to the richest people in America." On September 19, while delivering the keynote address at Goalkeepers, Obama admitted his frustration with Republicans backing "a bill that will raise costs, reduce coverage, and roll back protections for older Americans and people with pre-existing conditions."
More InfoTrump identifies as Presbyterian. He went to Sunday school and was confirmed in 1959 at the First Presbyterian Church in Jamaica, Queens. In the 1970s, his parents joined the Marble Collegiate Church in Manhattan, which belongs to the Reformed Church. The pastor at Marble, Norman Vincent Peale, ministered to Trump's family until Peale's death in 1993. Trump has described Peale as a mentor. In 2015, after Trump said he attends Marble, the church publicly stated he "is not an active member" of the church. In November 2019, Trump appointed his personal pastor, televangelist Paula White, to the White House Office of Public Liaison.
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.
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