When it comes to actually creating wealth through the stock market, it's hard to do better than President Joe Biden. Not only has the market’s performance under Biden outpaced Trump, but all three major indexes hit new record highs on Wednesday. On Thursday, the Dow Jones Index cracked the 40,000 barrier for the first time.
While it’s widely known that this benefits the wealthy, it’s actually also great news for the 53% of workers who have a 401(k) or an individual retirement account. In fact, Biden's stock market boom has created a record number of 401(k) millionaires, providing Americans with flexibility and security when it comes time to retire.
Biden is doing this while holding unemployment at record lows, driving inflation down, and creating thousands of new manufacturing jobs. But if regular people are benefiting from Biden's growing economy and investments in the nation, there's one group anxious to welcome back the chaos and uncertainty of Donald Trump: ultra-wealthy Republican donors.
As The New York Times reports, some of the nation’s billionaires and super-rich financiers were willing to go out on a limb and express their distaste for Trump following four years of unpredictable ego-driven leadership, his failure to lead during the coronavirus pandemic, and his attempt to overthrow the government after losing in 2020.
“I still hate the man,” one hedge fund billionaire told the Times.
But despite this, the super wealthy have determined that they don't care if Trump is a threat to democracy, and that the violent 2021 coup attempt is simply not an issue. They are still willing to vote for Trump in 2024 because he promised to extend their tax cuts, this time including a whole new round of new tax cuts even bigger than what came before.
It doesn’t matter to the wealthiest Americans that extending the existing tax cuts would come at a cost to the nation of $4.3 trillion. And why should it? That is $4.3 billion that comes directly out of federal bank accounts and goes straight into theirs, which is what happened with the $1.9 trillion that Trump cut billionaires in their biggest, sweetest break yet.
On the other hand, Biden has proposed a tax on the super rich, which would only hit those with over $100 million. As CNBC explains: “That would lift the average tax rate for America’s 1,000 billionaires from 8.2% and bring it in line with the 25% paid by average American workers, according to Biden.”
Billionaires forced to pay taxes at the same rate as average workers? That is a horror they simply can’t live with.
The wealthy Trump donors aren’t worried about Wall Street, and they’re not worried about what’s best for the nation’s economy or even what drives the stock market. They’re facing a choice between a man who wants to give them trillions of dollars, and a man who wants them to pay their fair share.
What’s a little fascism next to an offer like that?
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