Donald Trump is losing support from almost every voting blocAs his second term progresses, according to a recent analysis by Thomas Edsall, the wealthiest Americans remain supportive of him. These “super-rich” contributors are driving a “Republican financial powerhouse,” and they expect benefits in return.
“Intent on securing a share of the opportunity, the extremely affluent are gathering in large numbers,” Edsall wrote in hislatest New York Times articleAlthough Trump has lost support in nearly all demographic groups throughout his second term, one segment remains strongly aligned with the president: the ultra-wealthy who are financially backing him.
Edsall pointed out that these ultra-wealthy voters are supporting Trump because of his economic strategies, which “have strengthened and, in certain instances, heightened trends leading to a greater accumulation of wealth and income at the top.” Referencing data from the Federal Reserve, he mentioned that by the end of last year’s third quarter — during the latter part of Trump’s second term and just as he enacted the “One Big Beautiful Bill”— the top 0.1 percent’s portion of total wealth in the U.S. increased to 14.4 percent, compared to 8.6 percent in 1989, while the share of the rest of the top 1 percent rose to 17.3 from 14.2 percent.
Edsall explained in detail how these ultra-wealthy voters showed a clear move toward openly backing Republicans in the 2024 election. Previously, their donations to both parties were more balanced, although the Republican Party had a slight advantage. Referencing data from the Washington Post, Edsall highlighted just how significant their shift to the right was in 2024.
Then this pattern suddenly changed,” Edsalld wrote. “Contributions from the wealthiest individuals to Republicans increased from about $300 million in 2022 to just under a billion in 2024, while donations to Democrats decreased from approximately $300 million to under $200 million.
The Post’s initial report stated that “over 80 percent of the federal campaign expenditures by the top 100 wealthiest Americans in 2024 were directed towards Republicans.” According to data from OpenSecrets, former Trump supporter Elon Musk was the leading donor that year, contributing almost $300 million.
Through contributions to Trump’s MAGA Inc. super PAC, the affluent have kept pouring funds into Trump. The committee now has more than $300 million in available cash, with 90 percent of this sum coming from donations exceeding $1 million. Edsall referenced another report from the New York Times earlier this month, which revealed that the Republican Party as a whole holds an unprecedented advantage of over $550 million over the Democrats.
“The affluent have established what can be described as a Republican financial powerhouse,” Edsall wrote.
The amount of fundraising associated with a president like Trump, who has no legal way to run for a third term, appears unusual at first glance. Nevertheless, Edsall noted, these donors are supporting Trump in return for special advantages, such as regulatory adjustments and investments, as well as benefits like pardons.
Evidence of widespread corruption is deeply rooted, in thepresidential pardons to donorsand the highly influential, in the regulatory bias observed at major agencies, in the influx of special interest and foreign investments into theTrump family’s cryptocurrency businesses.”
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