Donald Trump says his tax cuts helped friends buy things they didn't need. One bought a 'very expensive private plane'

President Donald Trump recently said that some of his friends bought things they otherwise wouldn’t have purchased, praising the tax provisions in his One Big Beautiful Bill Act.

“I have friends that bought things that frankly they didn’t need,” he said at the Pennsylvania Defense and Innovation Summit on July 15. “I have a friend that never flew on a private plane in his life, and he ended up going out buying a very expensive private plane.”

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Trump Says Tax Breaks Are Driving Investment

Trump made the comments while discussing 100% expensing, a provision in tax law that allows businesses to immediately deduct the cost of qualifying investments rather than spreading those deductions over several years. He argued that the policy encourages companies and entrepreneurs to spend money, expand operations and invest in growth.

“Because of expensing one year, and a lot of you, you’re building your plants, more importantly than an example like that,” Trump said. “You’re building your plant and equipment.” 

“We delivered it 100%, and I felt it was very important to do so, and it goes for a 10-year period,” he added.

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Democrats and Economists Weigh In

Even before Trump’s Pennsylvania speech, Sen. Elizabeth Warren (D-MA) argued that the bill disproportionately benefits high-income Americans. “Because of the Big, Beautiful Bill: A family making $50K will get less than $2 a day from this bill’s tax cuts—while a household in the top 0.1% will receive more than $300K,” she wrote on X on July 7.

She called the legislation “legalized theft from working people to reward the ultra-rich.”

Economist Peter Schiff rejected that characterization.

“Letting people keep the money they earn is not theft,” Schiff wrote. “It’s taking their money and giving it to someone else that’s legalized theft.”

At the same time, Schiff criticized the legislation for failing to significantly reduce government spending. He warned that larger deficits could ultimately fuel inflation, adding that “the resulting increase in deficit spending lead to theft by inflation.”

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Meanwhile, Trump’s private-jet story drew a response from Sen. Mark Kelly (D-AZ).

“Trump’s friends get a tax cut and a private jet while many Americans can’t afford to put food on the table,” Kelly wrote on X after Trump’s comments circulated online.

For many Americans, the purchase of private jets feels far removed from their day-to-day financial reality. Millions still struggle to cover unexpected expenses, with a car repair or medical bill capable of throwing a household budget off track. That’s one reason some investors are paying attention to companies focused on helping people earn extra income. 

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This article Donald Trump Says His Tax Cuts Helped Friends Buy Things They Didn't Need. One Bought a 'Very Expensive Private Plane' originally appeared on Benzinga.com.