Former President Donald Trump is issuing a stark warning to donors: Support me or face the consequences of President Joe Biden’s reversal of Trump-era tax cuts.
Trump pitched donors with promises to extend tax cuts for the wealthy during an event at a New York hotel earlier in May, as reported by the Washington Post.
“The tax cuts all expire for wealthy and poor and middle income and everything else, but they expire in another seven months and he’s not going to renew them, which means taxes are going to go up by four times,” Trump reportedly said. “You’re going to have the biggest tax increase in history.”
According to the report, Trump made it clear that taxes would rise if he were not reelected, presenting donors with a dilemma: meet his substantial investment requests or risk Biden’s fundraising gains.
This pitch is part of Trump’s ongoing effort to attract significant contributions from wealthy donors. He recently requested $1 billion from major oil companies for his campaign.
“As Joe Biden’s backers in Hollywood and Silicon Valley are withholding their support for Biden’s failing campaign, donors across the country are maximizing their efforts to reelect President Trump because they realize we cannot afford another four years of Joe Biden’s terrible policies,” Trump spokeswoman Karoline Leavitt said in a statement to the outlet.
Speaking at the Pierre Hotel, Trump also reportedly mentioned he recently turned down a donor’s offer of $1 million for his campaign in exchange for lunch, instead asking for $25 million and declining the lunch invitation.
The former president outpaced Biden’s fundraising in April, surpassing him by about $25 million, largely due to a substantial $50.5 million effort at a billionaire investor’s residence. However, Biden still maintains a significant lead in cash on hand.
Truth Voices reached out to the White House and the Biden campaign for comment.
