Private wealth has become an operational arm of the Trump presidency, bankrolling pet projects and policies on a scale unmatched by any previous administration.

Why it matters: The generosity of America's billionaires can't be divorced from the tax incentives and exclusive access that come from orbiting — or serving in — the wealthiest administration in U.S. history.

While some donations are earmarked for the public good — like Michael Dell's historic $6.25 billion gift on Tuesday for "Trump accounts" for kids — many flow into the president's personal ecosystem. • Taxpayer dollars are therefore spared for projects such as the new White House ballroom, but the danger becomes a government more accountable to private patrons than the public interest.

Zoom in: Like any private philanthrop

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