In 2016, when millions of Americans voted for billionaire Donald J. Trump to be president of the United States, many of them hoped that Trump’s personal wealth would free him from depending on wealthy donors and allow him to “drain the swamp” in Washington, DC. But then Trump appointed several billionaires and multimillionaires—including Betsy DeVos, Wilbur Ross, Linda McMahon, Steven Mnuchin, and Gary Cohn—to high government positions. And he pursued a number of policies that were perceived as billionaire-friendly: relaxing environmental and workplace regulations on businesses; proposing to cut corporate and high-end income taxes and to abolish the estate tax; and trying to reduce federal spending on health care and other social safety net programs....
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