Kimberly Hoover and other high-net-worth individuals are benefiting from Trump’s second tax bill despite their liberal views. Many wealthy liberals, including those who own homes in major cities like New York City and Miami, support policies that will cut taxes for the wealthy.
Hoover, a multimillionaire and chair of a sapphic literature conference, said she opposes the law because it creates an imbalance in the tax system. “Imbalanced is really not good for anyone,” she said.
However, Hoover’s experience reflects a growing trend among affluent Americans who are voting Democratic despite benefiting from Republican policies. A recent Pew Research survey found that more than half of upper-income families vote Democratic, while a 2023 paper discovered that the top fifth of earners shifted their support from Barack Obama to Joe Biden.
The GOP tax law benefits wealthy individuals through provisions like Opportunity Zones, which allow them to defer capital gains taxes on investments in designated economically distressed areas. Rich people can save hundreds of thousands of dollars per year under this provision alone.
Some multimillionaires, including Hoover and Pearl, say they are getting money from the tax cut they don’t need, but others, like Drew E. Pomerance, express concern about the law’s long-term consequences. Pomerance, who owns tens of millions in assets, said that while he will benefit financially from the bill, “it’s terrible for America.”
The phenomenon highlights a growing gap between wealthy liberals and their economic self-interest. While some argue that affluent Americans are hypocritical for supporting liberal policies, others point out that Republican voters in lower-income states often prioritize economic factors when making voting decisions.
As the law takes effect, it remains to be seen whether wealthy liberals will continue to oppose the bill despite its benefits to them.
Source: https://www.washingtonpost.com/business/2025/07/25/trump-tax-law-rich-liberals