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Trump Advocates Tax Cut Extension for Wealthy Donors in Private Speech: Report

Trump tells billionaires he’ll keep their taxes low at $50 million fundraising gala

Former President Donald Trump delivered a speech emphasizing the significance of extending his hallmark tax cuts to affluent political donors during a private event in Palm Beach, Florida, according to details provided by a Trump campaign official.

The speech, lasting approximately 45 minutes, outlined key priorities such as energy production, border security, inflation reduction, tax cuts extension, elimination of Joe Biden’s electric vehicle mandate, Israel’s protection, and prevention of global conflict.

Despite requests, the Trump campaign declined NBC News’ attempts to have a reporter present for the speech or to release a full transcript. The dinner, held at billionaire John Paulson’s home, raised $50.5 million for various political entities linked to Trump, nearly double the fundraising achieved by President Joe Biden’s recent event featuring Barack Obama and Bill Clinton.


Donald Trump (Credits: Reuters)

Biden criticized Trump for his pledge to extend the 2017 tax cuts beyond 2025, highlighting a video where Trump allegedly promised tax cuts to his wealthy associates. Trump, on the other hand, attempted to reconcile his fundraising from elite donors with his populist political image, claiming that both affluent and less privileged individuals desire change.

During the event, Trump commended the expertise and leadership of the donors present. The speech lasted 45 minutes and was followed by a dinner featuring upscale dishes. Additionally, several of Trump’s former primary rivals and Republican National Committee officials addressed the audience.

Trump’s 2017 tax cut reduced income tax rates for most Americans, including top earners and lower-income workers. However, many of its provisions are set to expire in 2025, including benefits for pass-through businesses favored by hedge funds and private equity partnerships. Extending these provisions could result in significant revenue losses, with estimates suggesting a $700 billion deficit over a decade, according to the Center for Budget and Policy Priorities.

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