- Feb 5, 2002
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This Forum is a place for respectful discussion and debate of political issues, by Roman Catholics, in the context of the Roman Catholic Faith.
Amid the political ads with which we are bombarded during every election, one theme emphasised by progressive candidates concerns the evils of business. Corporate America is especially singled out for allegedly not paying enough taxes, underpaying employees, under-serving customers, and exploiting ordinary Americans.
Yet the same political candidates are among the biggest recipients of financial support from those who lead and manage the corporate sector. Take, for instance, Wall Street. In the third quarter of 2020, Joe Biden and a Democratic Party whose base has shifted to the left crushed Donald Trump and the Republicans in fundraising from Wall Street executives. This is despite the Trump administration’s lowering corporate taxes and Biden’s stated intention to raise taxes on high earners and to increase corporate tax rates.
This isn’t a new phenomenon. Back in 2008, Barack Obama comprehensively outraised John McCain among the same demographic. Mitt Romney reversed this somewhat in 2012. But the money dramatically shifted back to the left in 2016 when Hillary Clinton easily won the bulk of donors from the financial sector.
Some of this is attributable to circumstances. Senator McCain’s evident unease when discussing economic issues just as a major financial crisis was engulfing America in 2008, for instance, did not inspire confidence among business leaders. There are, however, other reasons why much of America’s business community has politically moved leftward. While some of these concern economic and demographic calculations made by many CEOs, others reflect pressures that have little to do with markets.
Continued below.
Why corporate America loves the Left » MercatorNet
Amid the political ads with which we are bombarded during every election, one theme emphasised by progressive candidates concerns the evils of business. Corporate America is especially singled out for allegedly not paying enough taxes, underpaying employees, under-serving customers, and exploiting ordinary Americans.
Yet the same political candidates are among the biggest recipients of financial support from those who lead and manage the corporate sector. Take, for instance, Wall Street. In the third quarter of 2020, Joe Biden and a Democratic Party whose base has shifted to the left crushed Donald Trump and the Republicans in fundraising from Wall Street executives. This is despite the Trump administration’s lowering corporate taxes and Biden’s stated intention to raise taxes on high earners and to increase corporate tax rates.
This isn’t a new phenomenon. Back in 2008, Barack Obama comprehensively outraised John McCain among the same demographic. Mitt Romney reversed this somewhat in 2012. But the money dramatically shifted back to the left in 2016 when Hillary Clinton easily won the bulk of donors from the financial sector.
Some of this is attributable to circumstances. Senator McCain’s evident unease when discussing economic issues just as a major financial crisis was engulfing America in 2008, for instance, did not inspire confidence among business leaders. There are, however, other reasons why much of America’s business community has politically moved leftward. While some of these concern economic and demographic calculations made by many CEOs, others reflect pressures that have little to do with markets.
Continued below.
Why corporate America loves the Left » MercatorNet
