Donald Trump’s campaign is facing financial struggles, with small-dollar donations falling behind their 2020 pace. Big rallies are not bringing in the same cash as before, leading to possible hesitancy among large-dollar donors who fear their money may be used for legal expenses instead of the campaign. To counter this, Trump is seeking support from right-wing billionaires, who may be willing to contribute to his cause despite his authoritarian tendencies.
Despite the stock market hitting record highs and low unemployment rates under President Biden, wealthy individuals may still choose to support Trump in hopes of lower taxes and less regulation if he wins. The modern Democratic Party, while not Marxist or socialist, has a history of increasing taxes on the wealthy to fund social programs. Trump reversed these tax increases with a tax cut that favored the wealthy, and Biden is now proposing tax hikes on corporations and the wealthy.
The allure of lower taxes may not be the only reason billionaires are supporting Trump. For many wealthy individuals, making more money is about prestige and outdoing peers. Higher taxes that apply to everyone would not disrupt this competition. Additionally, a return of Trump to power could make America a more dangerous place, which should be concerning even to billionaires, regardless of their tax rate changes.
The very wealthy may not fully understand the threat that Trump poses to American democracy due to living in a social bubble. Their wealth may lead them to believe that they are insulated from any negative consequences of supporting an authoritarian leader. However, history has shown that even billionaires’ wealth cannot always protect them from the consequences of their actions, as seen with Russian oligarchs who helped install Vladimir Putin in power.
Elon Musk and other billionaires may believe that their wealth will shield them from Trump’s authoritarian tendencies, but this may not be the case. Those who supported Trump and other authoritarian leaders in the past have sometimes found themselves on the wrong side of power once these leaders consolidate control. The idea that such scenarios couldn’t happen in America should be taken with caution, as many Trump alarmists have been proven right in the past. If Trump receives support from billionaires, they may end up regretting their choice once the consequences become clear, but by then, it may be too late.
