The former vice president has said he intends to raise corporate tax rates from 21% to 28% and income taxes for those who earn more than $400,000 a year would go up to 39.6%, from 37%. That has not stopped the megadonors from backing him, with former Starbucks CEO Howard Schultz pledging a contribution this week and Biden's primary opponent Michael Bloomberg vowing to spend $100 million just to help Biden win Florida.
“Voting starts on Sept. 24 in Florida so the need to inject real capital in that state quickly is an urgent need,” Bloomberg adviser Kevin Sheekey said in a statement earlier this week. “Mike believes that by investing in Florida it will allow campaign resources and other Democratic resources to be used in other states, in particular the state of Pennsylvania.”
Schultz and Bloomberg would be adding themselves to a list of more than 130 billionaires who have already backed Biden's bid for the presidency, Forbes report. According to FEC records, liberal philanthropist George Soros has already contributed $505,600 and media executive Barry Diller has given $620,600. Former eBay president Jeff Skoll has also given $620,600, and another one of Biden's opponents in the Democratic primaries, Tom Steyer, contributed $371,200.
The list of billionaires supporting Biden is currently much longer than the one of those backing President Trump, despite Trump's predictions that the U.S. will see economic ruin should Biden defeat him in November.
This is not to say that Trump lacks wealthy donors. According to Forbes, Trump had 99 billionaire backers in early August. That list includes Home Depot co-founder Bernard Marcus, who along with his wife Billi gave $721,200, Marvel Entertainment CEO Isaac Perlmutter and his wife Laura, who together contributed $449,400, and Trump's former Small Business Administration chief Linda McMahon -- whose husband Vince is the chairman and CEO of World Wrestling Entertainment -- who contributed $360,600.
Biden's acceptance of donations from billionaires is in stark contrast to the strategy employed by former rivals Sen. Bernie Sanders, I-Vt., and Sen. Elizabeth Warren, D-Mass. Sanders and Warren boasted of relying on many small contributions.
Biden has benefited greatly from small contributions as well. He had a record-setting August during which he raised more than $300 million that poured into his campaign, the Democratic National Committee, and their shared committees.
FOX Business' Brittany De Lea and Fox News' Paul Steinhauser contributed to this report.