Wall Street donations favor Trump rival Joe Biden by smaller margin than Hillary Clinton
The securities and investment industry has donated $74.4M to Biden and $18.1M to Trump
Wall Street has been pouring money into the coffers of former Vice President Joe Biden’s campaign, but not at the pace seen during the 2016 election.
The securities and investment industry has donated $74.4 million to Biden’s campaign and aligned super PACs compared with $18.1 million to President Trump, according to campaign finance records on OpenSecrets.
The 4.1-to-1 margin is smaller than the 4.23-to-1 margin from 2016, when Wall Street sent $88 million to former Secretary of State Hillary Clinton and only $20.8 million to Trump.
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Meanwhile, former presidential candidate Sen. Mitt Romney, who had establishment GOP credentials that Trump lacked, outraised former President Barack Obama in 2012, garnering $23 million compared with the incumbent's $6.8 million, OpenSecrets data showed.
“The fact is that Americans from across the country and across the aisle are supporting Joe Biden regardless of their pocketbooks because the soul of our nation is on the line in this election,” said Biden campaign spokesperson Rosemary Boeglin.
The Trump campaign did not return FOX Business' request for comment at the time of publication.
The slight drop in securities and investment industry support for Biden comes as the former vice president pledges to enact sweeping tax hikes on the wealthiest Americans and corporations.
Biden, speaking at the Democratic National Convention in August, said he would “move to eliminate Trump’s tax cuts,” which lowered the top corporate rate to 21% from 35%, on the first day of his presidency.
His plan calls for raising the top rate to 28% and increasing the rate on capital gains and dividend income to 43% from 24%, among other things.
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Biden has in the past characterized his support as coming from blue-collar workers compared with what he described as white-collar support for Trump.
“I really view this campaign as a campaign between Scranton and Park Avenue,” he said at a CNN town hall last month, referencing the Pennsylvania town where he was born. “All that Trump can see from Park Avenue is Wall Street. All he thinks about is the stock market."
In reality, Biden has outraised Trump in some of New York City’s wealthiest ZIP codes, including 10024 on the Upper West Side and 10022 on the Upper East Side.
Together, residents in those two ZIP codes have donated more than $13.7 million to Biden’s campaign, compared with about $735,000 to Trump, according to a recent analysis from The New York Times.
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Trump remarked on the disparity in donations in his last debate with Biden on Oct. 22, accusing the former vice president of hypocrisy.
"You shouldn't be bringing up Wall Street, because you're the one that takes money from Wall Street, not me," the president said. "We have plenty of money. In fact, we beat Hillary Clinton with a tiny fraction of the money she was able to get."