The Greedy Cynicism of Corporate America: How CEOs Are Returning to Trump for Tax Cuts

list of corporations that have resumed their financial support of trump

By Tony Bruce | Monday, January 6, 2025 | 5 min read

In the aftermath of the January 6th insurrection, many American corporations and their CEOs rushed to distance themselves from former President Donald Trump. Public statements were issued condemning the violence, political donations to lawmakers who supported overturning the election were paused, and the corporate world briefly appeared to take a stand for democracy. For a fleeting moment, it seemed as though the moral compass of America’s corporate elite had shifted.

But now, two years later, that illusion has been shattered. The same corporations that disavowed Trump in 2021 are quietly lining up to fund his political ambitions once again. The motivation behind this reversal? Greed. Plain and simple. Many in the corporate world are betting on Trump to deliver the one thing they value above all else: another massive tax cut and a rollback of regulations that stand in the way of profit.

The list of corporations that have resumed their financial support of Trump and his allies reads like a who’s who of American industry: Ford, Intuit, Toyota, and the Pharmaceutical Research and Manufacturers of America (PhRMA) have each pledged $1 million. Other major donors include Goldman Sachs, General Motors, Bank of America, AT&T, and Stanley Black & Decker—companies that previously made public pledges related to the events of January 6.

For corporations like Goldman Sachs, Intuit, Toyota, and PhRMA, this marks the first time in at least a decade that they have supported an inauguration fund. These companies, which publicly condemned the January 6 attack or paused their political donations in its immediate aftermath, are now reversing course. Their about-face is a stark reminder that, for many in the corporate world, principles are expendable when profits are on the line.

In 2017, Trump delivered one of the largest corporate tax cuts in U.S. history, slashing the corporate tax rate from 35% to 21%. The result was a windfall for big business, with many corporations using their savings to buy back stock and reward shareholders rather than invest in jobs or wages. Now, with Trump’s return to political prominence, these companies are hoping for another round of tax breaks. In their calculus, the promise of deregulation and lower taxes outweighs any lingering concerns about Trump’s anti-democratic tendencies or the chaos of his presidency.

When pressed, corporations often try to justify their political contributions as a matter of pragmatism or as part of their commitment to bipartisan engagement. But such arguments ring hollow when you consider the stakes. By funding Trump’s campaigns or allied PACs, these companies are not merely hedging their bets; they are actively investing in a candidate who attempted to overturn a democratic election and inspired an attack on the U.S. Capitol.

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The hypocrisy is glaring. Ford, for example, issued a statement after January 6 condemning the violence and vowing to “review and reassess” its political donations. Yet the company has since resumed its support for Trump-allied groups. Similarly, Bank of America, which paused donations to members of Congress who voted to challenge the 2020 election results, has quietly reopened its coffers. Toyota faced backlash in 2021 for its political contributions but has resumed its political giving, including to groups aligned with Trump.

This corporate cynicism goes beyond Trump himself. It reflects a broader trend in which America’s business elite prioritize short-term financial gains over long-term societal well-being. Tax cuts and deregulation may boost quarterly profits, but they come at a cost: increased income inequality, environmental degradation, and weakened democratic institutions. By supporting Trump, these corporations are complicit in eroding the very systems that enable their success.

Moreover, this behavior sends a dangerous message: that there are no lasting consequences for attacking democracy. By rehabilitating Trump through their financial support, corporations are signaling that the events of January 6 were a mere blip, not a defining moment. This normalization of anti-democratic behavior risks emboldening future attacks on democratic norms and institutions.

While corporations may be willing to trade principles for profits, consumers and employees have the power to hold them accountable. Public pressure has worked in the past to force companies to reconsider their political contributions. For example, in the wake of public outrage, several corporations initially paused their donations after January 6. Sustained activism and transparency can force them to do so again.

Employees, too, can play a role. Many workers at these companies are uneasy with their employers’ political actions, especially younger employees who prioritize corporate social responsibility. By speaking out internally and organizing, employees can push for policies that align with democratic values rather than undermine them.

The return of corporate America to Trump’s fold is a sobering reminder of the power of greed to override principle. For these companies and their CEOs, the promise of another tax cut or regulatory rollback outweighs any concerns about democracy or stability. But this cynical calculation comes at a steep price. By choosing short-term profits over long-term responsibility, America’s corporate elite are undermining the very foundations of our society.

As consumers, employees, and citizens, we must demand better. The price of doing business should not be the erosion of our democracy. It’s time to hold corporations accountable for their actions and remind them that there are some values that money can’t buy.

Copyright 2024 FN, NewsRoom.

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