Apple’s Cook, Open AI’s Altman, Amazon, Google & GM Among Biggest Donors–All Could be Deeply Impacted by GOP Tax Legislation
Billionaires and big corporations that will be deeply impacted by Republican tax-and-spending plans are trying to curry favor with the GOP by contributing record sums to Donald Trump’s inauguration festivities. Republicans have made a tax package that overwhelmingly would benefit the rich and big corporations a legislative priority this year and the nation’s monied interests want to make sure they come out ahead at the end of the process.
Amazon–founded by billionaire Jeff Bezos–has pledged $2 million to the inaugural, while Meta (Facebook)–brainchild of billionaire Mark Zuckerberg–will give $1 million. General Motors, Google, and Microsoft have each also offered $1 million. Apple CEO and billionaire Tim Cook will personally donate $1 million, as will billionaire OpenAI CEO Sam Altman and billionaire hedge-fund manager Ken Griffin.
The cryptocurrency industry–hoping to avoid more rigorous regulation–made its first big foray into politics in last year’s campaigns. This year, the CEO of a crypto firm tops the list of inauguration donors with a $5 million contribution of its own form of digital cash.
With most of their 2017 tax law expiring at the end of this year, Republicans are struggling with how to extend provisions whose cost has continued to rise in recent years. A top adviser to Trump has called for higher taxes on the rich and corporations, and Republican House members are considering raising the corporate tax rate. Majorities of Republican voters want to raise taxes on the rich and big corporations.
“Billionaires and massive corporations are donating for one reason—they want President Trump to do their bidding in office,” said David Kass, executive director of Americans for Tax Fairness. “These economic elites recognize that the American public, regardless of political views, is frustrated with the wealthy and well-connected failing to pay their fair share in taxes. Working families oppose trillions in cuts to critical programs to further enrich the rich. Americans from all walks of life do not want to give more tax breaks to the companies who have been artificially raising their prices and making life harder for everyone. By making large inaugural donations, these donors are strategically investing to ensure Trump keeps his commitment to passing sweeping new tax cuts for the ultra-wealthy at the expense of average Americans.”
Source: Americans for Tax Fairness
Cryptocurrency firms are in italics.
*Bundled by the two leaders of this lobbying firm.