4 CEOs Once Criticized Trump's Tax Plan, Now Their Businesses Are Booming
It’s tough to disagree with results. Complaining and making vague predictions of doom and gloom is simple, but when everything turns out to actually be fine, the best argument is often to just point at reality and let people see the results for themselves.
Before the presidential election, it was in vogue to predict disaster if Donald Trump was elected. “Experts” warned the country to sell their investment holdings and prepare for the worst — and that fear-mongering continued even after Trump defied all predictions and was inaugurated.
The reality is that the economy is booming, and several big-name businessmen have had to eat a dish of humble pie as America roars back to life.
One of those is Tim Cook, the man in charge of perhaps the most famous tech company in the world: Apple. The business tycoon has criticized Trump in the past, although most of his complaints were about policy issues and not the economy.
“He decided wrong. It’s not in the best interest of the United States what he decided,” Cook told Bloomberg in June about Trump’s choice to step away from the one-sided and expensive Paris climate agreement. He also spoke out about Trump’s immigration policies.
But it turns out that a Trump presidency has been pretty good for Apple.
“Apple is winning big in the wake of Trump’s tax policies,” Independent Journal Review reported. “Earlier this week, the tech giant announced plans to invest $350 billion into the U.S. economy through 2023 and also pledged to create 20,000 jobs — both partially a result of the Republican tax cuts.”
Another tech insider who was previously cold to Trump is Jeff Bezos, the CEO of Amazon. Before the election, Bezos claimed that Trump was “eroding” democracy, whatever that means.
“It is inappropriate for a presidential candidate to erode that around the edges,” Bezos told Recode Magazine. To be fair, the billionaire also publicly congratulated Trump on his win, and wished the president success with an “open mind.”
As with Apple, the Trump administration has so far been good for Amazon.
“Amazon will save $723 million in 2018 and $1.3 billion in 2019 under the proposed tax bill. In total, Amazon’s earnings could see a 24% boost in each of the next two years,” reported CNBC.
That brings us to Jamie Dimon, the CEO of JPMorgan Chase. The financial leader has previously described himself as a Democrat, and predicted that Trump would only last “three and half” years in office, according to a Reuters report.
But now Dimon is admitting that the Trump-backed tax cuts are good for business. “U.S. companies will be more competitive globally, which will ultimately benefit all Americans,” he told CNN about the tax plan.
“The cumulative effect of retained and reinvested capital in the U.S. will help grow the economy, ultimately growing jobs and wages,” Dimon continued. JPMorgan Chase announced that it would increase salaries and give out bonuses because of the tax cuts.
Fellow financial guru Warren Buffett has been far less enthusiastic about giving credit to Trump, but even his companies are getting a boost from the 45th president. During a CNBC interview, the billionaire investor downplayed the importance of lowering the U.S. corporate tax rate.
“But employees at Wells Fargo, where Buffett is the chief shareholder, are set to benefit from Trump’s tax cuts,” explained IJR. “Not only is the nation’s third-largest bank raising its minimum wage, it’s also investing $400 million into nonprofit and community organizations.”
It turns out that the tax cut might have been a pretty good idea after all.
H/T Independent Journal Review
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