After Donald Trump was convicted on 34 felony counts, the Heritage Foundation — a right-wing think tank that has, among other things, produced the Project 2025 agenda, a blueprint for policy if Trump wins — flew an upside-down American flag, which has become an emblem for support of MAGA in general and election denial in particular. This action may have shocked some old-line conservatives who still thought of Heritage as a serious institution, but Heritage is, after all, just a think tank. It’s not as if upside-down flags were being flown by people we expect to defend our constitutional order, like Supreme Court justices. Oh, wait.
But Heritage’s embrace of what amounts to an attack on democracy is a useful symbol of one of the really troubling developments of this election as it heads into the final stretch. Heritage presents itself as a defender of freedom, but its real mission has always been to produce arguments — frequently based on shoddy research — for low taxes on rich people. And its tacit endorsement of lawlessness illustrates the way many of America’s plutocrats — both in Silicon Valley and on Wall Street — have, after flirting with the crank candidacy of Robert F. Kennedy Jr., been rallying around Trump.
Why Would Billionaires Support Trump?
It’s not as if they’ve done badly under President Biden. Stock prices — which Trump predicted would crash if he lost in 2020 — have soared. High interest rates, which are a burden on many Americans, are if anything a net positive for wealthy people with money to invest. And I doubt that the superrich are suffering much from higher prices for fast food.
Wealthy Americans, though, are surely betting they’ll pay lower taxes if Trump wins. Biden and his team have offered fairly explicit guidance about their tax agenda, which would directly raise taxes on high-income Americans and also raise corporate taxes, which would indirectly be mainly a tax on the wealthy. These measures wouldn’t produce taxes at the top remotely comparable to what they were during the Eisenhower years, when the top marginal income tax rate was 91 percent and large estates could face inheritance taxes as high as 77 percent. Still, Biden’s plans, if carried out, would make the rich a bit less rich.
Trump has been far less explicit, but he clearly wants to retain his 2017 tax cut in full, and his allies in Congress are committed not just to tax cuts but to starving the Internal Revenue Service of resources, which would allow more wealthy Americans to evade the taxes they legally owe.
