The Heritage Foundation, a right-wing think tank, flew an upside-down American flag in support of Donald Trump after he was convicted on 34 felony counts. This action may have surprised some conservative individuals who viewed Heritage as a serious institution. However, Heritage’s real mission has always been to produce arguments for low taxes on the wealthy. Many of America’s plutocrats have been rallying around Trump, despite the fact that they have not suffered financially under President Biden. The wealthy are likely supporting Trump in hopes of lower taxes if he wins the election.
Biden has made it clear that his tax agenda includes raising taxes on high-income Americans and corporations, which may make the rich slightly less wealthy. In contrast, Trump wants to keep his 2017 tax cut in full and aims to starve the Internal Revenue Service of resources, allowing more wealthy Americans to evade taxes. While billionaires are likely to pay less in taxes under a Trump administration, his proposed policies could lead to negative consequences for the U.S. economy, such as a shrinking labor force, global trade war, and serious inflation. Additionally, Trump could potentially use the justice system to target his perceived enemies.
America’s oligarchs may believe that their wealth and influence would protect them from any abuse of power by Trump. While they support him for potential tax cuts, they may not fully comprehend the risks associated with his policies. At the top levels of wealth, status and self-importance are more important than financial gain, leading some billionaires to turn to Trump out of pettiness. Despite Biden not being a class warrior, he does not show the same level of deference and admiration towards the superrich as they expect.
The superrich may be ignorant of history and believe they are immune to potential abuses of power by Trump. Their focus on status and self-importance may outweigh considerations of financial gain when supporting a candidate like Trump. Biden’s lack of admiration for the wealthy and refusal to worship them has driven some billionaires to support Trump out of sheer pettiness. While Trump’s tax policies may benefit the wealthy, they could also lead to negative consequences for the U.S. economy if implemented.
Overall, the support of billionaires for Trump may be driven by a complex combination of factors, including the potential for lower taxes, status, and self-importance. While the superrich may believe they are protected from arbitrary exercise of power by supporting Trump, they may not fully realize the risks associated with his proposed policies. Despite having benefitted financially under President Biden, some wealthy individuals continue to support Trump in the upcoming election for various reasons, including concerns about tax cuts and personal grievances.
