Family Offices Voice Support for Trump, Recent Survey Shows

A recent survey conducted by Family Office Networks (FON) reveals that a significant 70 percent of family offices express support for Donald Trump. This substantial endorsement underscores the appeal of Trump’s business-friendly policies among high-net-worth families who manage their wealth and investments through family offices.

Andrew Schneider, Founder of Family Office Networks, commented on the survey’s findings, stating, “The support for Trump among family offices is largely driven by the tangible benefits they experienced under his administration. From tax cuts to deregulation, Trump’s policies created an environment where family offices could thrive.”

Family Offices Endorsing Donald Trump and His Beneficial Policies

Several prominent family offices have been vocal about their support for Donald Trump, praising his administration’s policies that favored the business sector. Here are ten notable family offices that have endorsed Trump:

1. Icahn Enterprises: Led by Carl Icahn, a close advisor to Trump, the firm appreciated Trump’s deregulatory agenda.
2. The DeVos Family: Known for their substantial political contributions, Betsy DeVos served as Trump’s Secretary of Education.
3. The Mercer Family Foundation: The Mercers, influential in right-wing politics, were early and significant supporters.
4. Renco Group: Led by Ira Rennert, this office supported Trump’s tax policies.
5. The Adelson Family: The late Sheldon Adelson and his family were major donors to Trump’s campaigns.
6. The Uihlein Family: Owners of Uline, the Uihleins have been prominent supporters.
7. The Lauder Family: Ronald Lauder, heir to Estée Lauder, supported Trump’s economic policies.
8. The Perelman Family: Ronald Perelman, known for his investments, saw benefits in Trump’s economic plans.
9. The Gallo Family: The winemaking family appreciated Trump’s stance on business regulations.
10. The Schar Family: Dwight Schar, a real estate developer, backed Trump for his real estate-friendly policies.

Key Policies Driving Support

Trump’s policies had several benefits for family offices, making his administration particularly appealing to this segment of the wealthy elite:

1. Tax Cuts and Jobs Act (TCJA): Implemented in 2017, this act reduced the corporate tax rate from 35% to 21%, significantly benefiting family offices by lowering the tax burden on their investments. The act also doubled the estate tax exemption, allowing family offices to transfer more wealth to the next generation without heavy taxation.
2. Deregulation: Trump’s administration focused on rolling back numerous regulations across various sectors. For family offices, this meant fewer compliance costs and more freedom in their investment strategies. The deregulation in the financial sector, in particular, allowed family offices to explore more diverse and potentially lucrative investment opportunities without the previous stringent oversight.
3. Opportunity Zones: Created under the TCJA, Opportunity Zones provided tax incentives for investments in economically distressed areas. Family offices capitalized on these zones to defer taxes on capital gains, potentially reap significant tax benefits, and contribute to economic development in underserved areas.
4. Real Estate Policies: Trump’s background in real estate translated into favorable policies for real estate investors. Changes in the tax code, like the preservation of the 1031 exchange for real estate transactions, allowed family offices to defer taxes on property sales, facilitating more aggressive and strategic real estate investments.
5. Economic Policies: Trump’s focus on reducing corporate taxes and stimulating economic growth created a favorable environment for businesses. Family offices, which often hold significant business investments, benefited from the overall economic growth, leading to higher returns on their portfolios.

These policies collectively fostered a more favorable economic environment for family offices, enabling them to preserve and grow their wealth more effectively. The support from these influential family offices highlights how Trump’s business-oriented agenda resonated with the interests of the wealthy and their financial management strategies.