Recent data shows that over five dozen billionaires have made contributions to Donald Trump’s campaign.
“While most billionaires typically lean left, some like Elon Musk, Jamie Dimon and Steve Schwarzman are openly endorsing Trump,” said Bryan Kuderna, CFP and host of “The Kuderna Podcast.” “Schwarzman recently stated, ‘Our economic, immigration and foreign policies are taking the country in the wrong direction.'”
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See why Musk and other billionaires endorse Trump.
Elon Musk
Musk, CEO of Tesla, has not been quiet with his support for Trump. In fact, he pledged to donate $45 million per month to Trump’s campaign. Musk wasn’t always a fan of Trump, as he voted blue in 2020.
Musk has made the switch for a few reasons. Trump’s opponent, Kamala Harris, wants to increase the top tax bracket to 39.6% through the expiration of the 2017 Tax Cuts and Jobs Act. The phasing out of the TCJA also would revert the corporate tax rate back to 35% (it dropped to 21% under the TCJA).
Additionally, Harris has proposed a novel minimum tax on high-wealth individuals in the FY 2025 budget. Musk owns multiple businesses, meaning he could see his tax bill almost double, making the support for Trump no surprise.
“Even Elon Musk, one of the greenest icons with the bestselling electric vehicle brand, has endorsed Trump for many reasons, citing immigration problems and the need for business deregulation,” Kuderna said. “His support really began when Twitter banned Trump, something he saw as censorship and an attack on the freedom of speech.”
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David Sacks
David Sacks, a venture capitalist and former CEO of Yammer, and his wife, Jacqueline Sacks, have pledged their support to Trump and running mate JD Vance. The couple recently held a fundraiser for the Trump campaign. David Sacks is a frequent poster on X about his support for Trump, with many posts praising Trump’s willingness to step up and support America.
Similar to Musk, David Sacks supports Trump’s tax initiatives — particularly the corporate tax rate.
Stephen Schwarzman
Another billionaire on Trump’s support list is Schwarzman, Blackstone’s chairman and chief executive officer. Like Musk, Schwarzman favors Trump’s corporate and individual tax policies.
Harris’ proposal to raise the corporate tax rate to 35% means Blackstone would be paying an additional 14% in taxes.
Jamie Dimon
Dimon, the CEO of JPMorgan Chase, fully supports Trump. Dimon’s support is not surprising as Harris once proposed a financial transaction tax on certain Wall Street trades, such as stocks, bonds and derivatives. Such a tax would have a direct impact on JPMorgan Chase, as equity trading revenue increased 21% in Q2 2024 alone.
The addition of a financial transaction tax also could make it harder for Americans to manage individual brokerage accounts with high fees, reducing the savings rates. With the future of Social Security uncertain, it’s important for Americans to have alternative and cost-effective savings strategies to support themselves in retirement. Imposing more fees could cause more long-term harm to the economy.
In a recent interview, Dimon said Trump “grew the economy quite well. Trade tax reform worked. He was right about some of China.”
Bernie Marcus
Another billionaire who supports Trump, though perhaps reluctantly, is Bernie Marcus, who co-founded Home Depot. Marcus believes that Trump can fix various economic issues, such as inflation.
“Trust me, what I give to Trump will not be an enormous amount of money,” Marcus told ABC News in November 2023. “I’m not one of his key supporters, you can bet on that.
“I don’t do any fundraisers, but I do make calls on his behalf, and no matter where I go, people ask my opinion. … He’s an honest guy; this guy does a lot for the world. And I have to trust his judgment.”
Editor’s note on election coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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This article originally appeared on GOBankingRates.com: Why Elon Musk and 4 Other Billionaires Believe Trump Would Be Good for the Economy
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