Donald Trump’s campaign reported pulling in $50 million dollars at a megadonor extravaganza last weekend held by billionaire hedge fund investor, and longtime Trump supporter John Paulson at his home in Palm Beach, Florida. How do you get so much money out of the uber-wealthy? According to NBC News, you just have to promise to extend those tax cuts for the rich.
While no reporters were allowed at the event, according to a readout the Trump campaign provided to NBC, he “emphasized the importance of extending his signature tax cuts.”
A recent Bloomberg News/Morning Consult poll shows that the majority of registered voters in seven swing states support tax increases on billionaires.
The Trump tax cuts served the rich over the majority of Americans in a most lopsided fashion, while also coming up far short of the promised benefits. Extending the tax cuts would be great news for the richest among us.
However, according to the Center for Budget and Policy Priorities, the 2017 law was projected at the time to cost $1.9 trillion over the next 10 years. Extending the cuts beyond 2027 would add another $350 billion a year to that debt.
Last week, before Trump’s big fundraiser, President Joe Biden tweeted a video he made with Sen. Bernie Sanders of the two of them watching Trump speak to a group of people Trump described as “rich as hell,” as the crowd laughs and cheers.
“We’re gonna give you tax cuts,” Trump tells the group in the clip. “We’re gonna pay down the debt.” As Biden and Sanders point out in the video, this is Trump’s economic plan: cutting taxes for his billionaire friends while cutting Social Security and Medicare for the rest of the country.
Tax cuts for the rich is not a plan swing state voters are likely to support, but it seems to be one that helps Trump rake in the dough from his richest donors.
Kerry and Markos talk about Florida, its strict abortion ban, and Democratic challengers’ chances in the Sunshine State.