As the 2024 U.S. Presidential Election nears its conclusion, Forbes reports that more Billionaires Supporting Kamala Harris than Donald Trump, shedding light on the financial dynamics behind the campaigns.
Billionaires Supporting Kamala Harris
The race to the White House has drawn attention not only for its political implications but also for the financial powerhouses backing the candidates.
According to a recent report by Forbes, 82 billionaires are supporting the Democratic candidate and current Vice President Kamala Harris in her bid for the presidency. In contrast, 52 billionaires have pledged their support to her Republican opponent, former President Donald Trump.
This growing support for Harris is significant, considering the high-profile names among her backers. The business leaders who have publicly endorsed her include former 21st Century Fox CEO James Murdoch, Laurene Powell Jobs (widow of Apple co-founder Steve Jobs), and entrepreneur Mark Cuban.
The letter, signed by over 90 business leaders, outlines their reasoning, emphasizing that Harris would continue to champion policies that promote fairness, stability, and the rule of law. These billionaires believe that Harris offers a business-friendly approach that balances corporate success with social responsibility.
Interestingly, this support comes despite Harris’s proposals to increase the corporate tax rate from 21% to 28% if she wins the election. Harris’s plan to raise taxes on the wealthy and large corporations forms a key part of her campaign’s broader effort to address income inequality and invest in working-class Americans.
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On social media platform X (formerly Twitter), Harris shared her belief that billionaires should not be paying less in taxes than working-class Americans, stressing the need for a minimum billionaire tax to ensure fairness in the economic system.
Despite the potentially controversial nature of these proposals, many business leaders continue to back Harris. The Forbes report highlights that several high-profile billionaires have elected to remain on the sidelines, watching the race unfold without explicitly backing either candidate.
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Prominent figures like Warren Buffett and Mark Zuckerberg have chosen not to make their political preferences public, although their influence on the business world is undeniable.
Donald Trump Retains Strong Support from Business Leaders
While Kamala Harris has garnered significant support from a growing number of billionaires, Donald Trump still enjoys backing from a host of influential figures. Fifty-two billionaires, including major investors and corporate leaders, have publicly aligned themselves with Trump’s campaign.
Among these prominent supporters is Tesla CEO Elon Musk, who has been vocal in his support of Trump, even going so far as to stump for him on social media.
Other notable business leaders in Trump’s corner include Howard Lutnick, Bill Ackman, casino magnate Steve Wynn, and venture capitalist Marc Andreessen.
Their support signals a belief in Trump’s vision for the U.S. economy and his promise to bring back a “golden age” of prosperity. Trump has positioned himself as the champion of American industry, arguing that under the Biden-Harris administration, America’s greatness has been diminished, and economic policies have hurt U.S. businesses.
Trump’s campaign has focused heavily on issues of deregulation, lower taxes, and creating a more favorable business environment.
At the Republican National Convention, Trump’s running mate J.D. Vance reiterated the campaign’s message, stating that the country needs a leader who will not be “in the pocket of big business” but will stand up for American companies and workers.
This populist rhetoric has resonated with many business leaders who feel that Trump’s policies will allow them to thrive and avoid burdensome regulations. In recent weeks, there have been reports of business leaders, particularly in Silicon Valley, reconnecting with Trump’s campaign as it appears he may be on the verge of winning key swing states.
Many business executives are reportedly trying to rebuild relationships with Trump in anticipation of his potential victory, in an effort to protect their businesses and navigate any changes his administration may bring. The New York Times reported that several top business leaders met with Trump last week to discuss their strategies should he win the election, underscoring the financial stakes involved in this year’s race.
The Influence of Billionaire Donations on the Election
The financial backing from billionaires in this election cycle is expected to play a pivotal role in shaping the final weeks of the campaign. As the 2024 U.S. Presidential Election approaches its November 5 finish line, the impact of these donations on the candidates’ campaigns is becoming increasingly evident.
While the details of many of these billionaires’ donations will not be known until the Federal Election Commission releases its final reports in December, the influence of their financial support is already being felt.
On September 6, a coalition of business leaders, including over a dozen billionaires, openly expressed their support for Kamala Harris. These leaders praised her commitment to advancing policies that would create a predictable and fair business environment, which they believe is essential for long-term economic growth.
Harris’s focus on addressing economic inequality while promoting stability and the rule of law appears to have resonated with many in the business community, leading to an outpouring of support from those who control vast financial resources.
In contrast, Trump’s base of billionaire supporters has remained steadfast, with his backers drawn to his message of deregulation and economic freedom. For many, Trump’s promise of cutting red tape and reducing corporate taxes remains a compelling reason to support his candidacy.
Elon Musk, one of the most prominent supporters of Trump, has used his platform to advocate for policies that would favor innovation and entrepreneurship, which he believes Trump’s administration would deliver.
While many billionaires have chosen to remain quiet about their political preferences, preferring to stay out of the spotlight, their financial contributions could still have a significant impact on the election’s outcome.
Political action committees (PACs) funded by billionaire donors will likely play a key role in shaping the messaging and outreach strategies for both campaigns. With the final weeks of the campaign fast approaching, both Harris and Trump will rely on these influential supporters to fund advertising, outreach efforts, and last-minute rallies to get voters to the polls.
The backing of billionaires in the 2024 U.S. Presidential Election highlights the significant financial stakes at play as both Kamala Harris and Donald Trump vie for the presidency. While Harris leads in the number of billionaire supporters, Trump continues to enjoy strong support from a dedicated base of business leaders.
The ultimate impact of these financial contributions on the election will become clearer once all donations are made public in December, but for now, both candidates are making their final appeals to voters with the backing of some of the world’s wealthiest individuals.
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