In the United States, five months before the presidential election, Donald Trump is once again seducing the bosses. A very opportunistic blowback for the populist candidate as well as for the leaders of large American companies.
There were about two hundred of them last week who participated in a private meeting organized by Business Round Table, their influence tool, to listen to candidates’ proposals. Joe Biden was represented. Donald Trump came in person, as a candidate who urgently needs to receive donations from American companies to finance his campaign. In April, he raised more funds than Joe Biden for the first time. A first sign of support from management circles. A 180° turn compared to 2020. After the victory of Joe Bidenthe leaders of the largest listed companies condemn the capitol insurrection and the stubbornness of the outgoing president incapable of accepting his defeat.
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Bosses seduced despite protectionism
But since he is officially the Republican candidate, he has regained their favor. The boldest, especially in the financial sector, are now publicly displaying their preference. The ideas defended by Donald Trump are a priori contrary to theirs. The majority of American big bosses are pro-immigration while he wants to expel undocumented foreigners. They are supporters of globalization while he wants to introduce a new 10% tax on all imported products. They are attached to social peace, which is more conducive to business, while the Republican candidate tends to fracture American society.
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Tax gifts in perspective
On the other hand, when it comes to taxes, Donald Trump is the best candidate for them. It is on this subject that he scores points in the bosses’ camp. Because he promised to renew the tax gifts he granted to businesses in 2017. These benefits, which are supposed to expire at the end of next year, allowed American businesses to save $240 billion in tax exemptions between 2018 and 2021. The icing on the cake, Donald Trump, who reduced corporate tax from 37 to 21%, wants to lower it further to 20%. Joe Biden, on the contrary, wants to raise this tax to 28% and tax inheritances above $400,000 in assets. Supporting Donald Trump means the prospect of new years of tax gluts, and therefore substantial increases in profits.
The rejection of regulation
However, the big bosses experienced prosperous years during the mandate of Joe Biden. Despite inflation and wage increases obtained by their employees in a tight job market, their profits and personal income have soared. Their increases were four times greater than those of median salaries between 2023 and 2022. But if the American economy continued its upward cycle with Joe Biden, businesses have also had to submit to increased constraints. Tougher regulations on employee rights, on the climate, on income transparency. And Donald Trump promises to break these shackles.
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