Yahoo Finance CEOs Are Supporting Trump — Here’s Why and What They Stand to Gain
Election-year politics are heating up early this year with a country divided and voters taking very vocal stands through social media, in rallies and gatherings and in corporate suites across America.
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Top CEOs are taking stands, and many are voicing their support for Donald Trump in the 2024 presidential election against incumbent Joe Biden. Earlier in June, roughly 80 CEOs gathered to meet with Trump in Washington D.C. for a Business Roundtable and, presumably, to gain Trump’s favor should he win the presidency.
Undoubtedly, the leaders in the room supported reducing the federal corporate tax rate from 21% to 20%. According to CNBC.com reports, the group laughed when Trump shared that tipped workers were excited to hear that he planned to also eliminate taxes on workers’ tips. This could benefit CEOs in service industries, as it would effectively raise workers’ take-home pay without requiring higher wages or reducing company profits.
In the meeting, Trump also shared an “all-tariff policy” that, according to CNBC.com, could virtually eliminate income tax.
How do top CEOs feel about the Republican candidate and his projected policies after he clinched his position in the primary?
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JPMorgan Chase CEO Jamie Dimon
As early as January 2024, JPMorgan Chase CEO Jamie Dimon voiced lukewarm support of some of Trump’s policies.
“He was kind of right about NATO, kind of right on immigration. He grew the economy quite well. Trade tax reform worked,” Dimon told crowds at the Davos Forum in Switzerland.
While it’s not exactly a stunning endorsement, it is an acceptance of policies. Either way, Dimon said, he is confident about Chase’s future regardless of who takes up residency in the White House. “My company will survive and thrive with both,” he said at the forum.
Bank of America CEO Brian Moynihan
In an interview with Politico.com, Bank of America CEO Brian Moynihan remained impartial regarding the upcoming election. “People say, who are you for, who are you against. That’s not our job… We try to help every administration through good advice,” he told the website.
Regardless of who wins the election, Moynihan told Politico.com, he will maintain his company’s focus on environmental finance. “It’s good business, and we believe it’s good for the world to make a transition,” he said.
Tesla CEO Elon Musk
Elon Musk, who was not listed amongst the attendees at the meeting according to multiple news sources, stepped up in May 2024 to make a bid as a Trump advisor, the Wall Street Journal reported.
However, Musk later denied the reports in a post on X, formerly Twitter. “There have not been any discussions of a role for me in a potential Trump Presidency,” he wrote.
However, it’s possible, given Musk’s history and often right-leaning tendencies, that he could consult with Trump, specifically on matters related to Artificial Intelligence regulation, sustainability, and green energy.
Not All CEOs
In spite of dozens of CEOs gathering to meet with the presidential candidate, attendance at the meeting was not necessarily a show of support. One CEO in the room reportedly said, “Trump doesn’t know what he’s talking about,” according to TheBulwark.com.
The Wall Street Journal pointed out that many CEOs feel like many Americans do; they would prefer candidates other than Biden or Trump. BlackRock’s Larry Fink and Jamie Dimon, for instance, had previously supported Nikki Haley as a Republican candidate, per the Wall Street Journal.
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This article originally appeared on GOBankingRates.com: CEOs Are Supporting Trump — Here’s Why and What They Stand to Gain
