Trump's billionaires plan to take power after the US election

FR Trump's billionaires plan to take power after the US election Christian Németh • 9 hours • 3 minutes reading time Taxes, budget, energy Trump's billionaire friends are preparing: their agenda for a second term for the ex-president could fundamentally change the US economy. Washington, D.C. - With the upcoming US election, the question is on the lips of many voters: how will the political landscape change if Donald Trump moves into the White House again? While citizens are busy casting their votes, behind the scenes, Trump's billionaire supporters already seem to be preparing to push through their agenda in a possible second term for the former president. John Paulson, a billionaire hedge fund investor and potential finance minister in a new Trump administration, recently clearly outlined his priorities in the Wall Street Journal. Paulson, who became known for successfully betting against the US mortgage market during the financial crisis of 2007 to 2009, announced his intention to extend the tax laws and tax cuts introduced under Trump in 2017 for the long term. These tax laws led to drastic cuts in corporate tax, which was reduced from 35 to 21 percent. The reform is often described by Democrats as a blatant theft of the American middle class, as the majority of the tax relief benefits the wealthiest Americans. US election 2024: Musk aims for massive cuts to the US budget Another prominent player in Trump's possible cabinet is Tesla founder Elon Musk. He is considered to be the head of a newly established "Government Efficiency Commission" that will be tasked with making massive savings in the state budget. Musk, who has invested over $120 million in Trump's election campaign in the past, has already expressed, according to n-tv.de, that he is seeking to cut the US budget by at least two trillion dollars, which is almost a third of all government spending. In this context, Paulson advocates the elimination of subsidies for renewable energies introduced under the Biden administration's "Inflation Reduction Act," and explains, according to t-online.de: "All these tax subsidies for solar and wind energy, for inefficient, uneconomical energy sources. Get rid of them. That reduces spending." This would not only mean financial savings for the government, but could also undermine the current president's green energy policy. The strategy behind these plans is clear: While the Biden administration proposes to maintain tax relief for lower and middle incomes, Trump and his allies are planning to provide further tax relief for the rich. The plans mentioned would therefore have the effect that almost half of the tax benefits would go to households with an annual income of over $450,000 (approx. €413,000), which would primarily benefit the wealthiest Americans, including Paulson. Election fraud denounced: Trump team prepares for possible defeat But while these billionaire supporters formulate their agenda, the situation in the USA remains tense. The Daily Beast reports on a chaotic election campaign in which hundreds of ballots in the Pacific Northwest region were damaged by fires at voting boxes. There have also been reports of violent clashes between supporters of both parties, which further increases the risk of a chaotic electoral process. In the run-up to the election, Donald Trump and his supporters are already using aggressive rhetoric to stir up uncertainty. Trump has denounced alleged election fraud in Pennsylvania, although investigations confirmed that there were no fraudulent voting documents. This tactic could be aimed at once again questioning the legitimacy of the election should Trump lose. Musk is playing on uncertainties in the electoral process John Paulson and Elon Musk, who is luring voters with money these days, not only seem to be combining economic resources and factors to advance their agenda, but they are also using the uncertainties of the electoral process to their advantage. Musk himself is said to have changed the algorithm of his social media platform X to the advantage of the Republicans, according to reports (including DW, The Verge). The tech billionaire also spoke in his own posts of irregularities in the electoral process, for example in Michigan. If Trump actually wins the election, the influence of these billionaires will have far-reaching consequences for the economic and social structure of the USA. The combination of their power and resources could bring about a comprehensive transformation of American politics and society.