Most American billionaires are ultra-conservatives who are more concerned with cutting taxes and hoarding their wealth, a new study has found.
An analysis of the 100 wealthiest Americans found that the vast majority of them are unlike high-profile industrial giants such as Bill Gates, Warren Buffett, Jeff Bezos, and Michael Bloomberg.
The aforementioned have given or have committed to giving a large portion of their wealth toward philanthropic and charitable causes.
But they are the exception to the rule, according to The Guardian.
While most media attention is focused on the likes of Gates, Bezos, and Bloomberg, who are left-of-center politically, other uber-wealthy Americans are quietly using their influence behind the scenes to change laws that work in their favor.
An analysis of the 100 wealthiest Americans found that the vast majority of them are unlike high-profile industrial giants such as Bill Gates (above), Warren Buffett, Jeff Bezos, and Michael Bloomberg
Charles and David Koch, whose father founded Koch Industries, the largest privately owned company in the United States, fund a vast network of conservative activists and donors who seek to influence campaigns on the local, state, and federal levels.
The Koch brothers have actively been lobbying lawmakers to slash taxes for the wealthy – including the estate tax.
Their network has spent hundreds of millions of dollars in races across the country in an effort to help Republicans maintain their majorities in both the House of Representatives and the Senate.
The Kochs supported the tax overhaul signed last year by President Donald Trump.
The law slashed corporate taxes as well as the estate tax.
Charles (left) and David Koch (right), whose father founded Koch Industries, the largest privately owned company in the United States, fund a vast network of conservative activists and donors who seek to influence campaigns on the local, state, and federal levels
The Walton family, which founded Walmart, has also given to Republican politicians who advocate business-friendly positions like deregulating the financial industry, promoting free trade, and curbing labor rights. Left to right: Rob Walton, Alice Walton, and Jim Walton
While the Kochs are perhaps the most politically engaged conservative billionaires, they are hardly alone.
The Walton family, which founded the Walmart chain of stores, has also given to Republican politicians who advocate business-friendly positions like deregulating the financial industry, promoting free trade, and curbing labor rights.
Unlike Gates, who has made it a goal to eradicate poverty and disease in Africa, the Kochs and the Waltons prefer to focus on domestic economic issues that benefit them directly.
They also prefer to shun the media limelight, whereas billionaires like Bloomberg – who is a fierce advocate of gun control and combating climate change – have made it no secret where their policy preferences lie.