Is Harris bad for investors? Billionaire Trump backer says will pull out money if she wins US election

John Paulson, a billionaire hedge fund manager and a major fundraiser for Donald Trump, has vowed to pull his money from the market if US Vice President Kamala Harris wins the 2024 Presidential Elections.

Talking to Fox Business, the founder of Paulson&Co., said that Harris’ win would spook investors owing to her economic policies.

“Well, I would say it very much depends on who’s in the White House and who controls Congress. I’d be very concerned if Harris is elected and pursues the tax plans and other economic plans that she articulated,” Paulson said.

During the interview, Paulson highlighted the significant differences between former President Trump’s and Harris’ economic plans, pointing out that Trump aims to extend the 2017 tax cuts enacted during his presidency, while Harris intends to let them expire.

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“I think if Harris was elected, I would pull my money from the market. I’d go into cash, and I’d go into gold because I think the uncertainty regarding the plans they outlined would create a lot of uncertainty in the markets and likely lower markets,” the Trump fundraiser said.

What are Harris’ and Trump’s economic plans?

Trump has said he plans to extend all tax cuts he pushed through Congress in 2017, exempt Social Security and tip income from taxes, and further cut corporate income taxes while Harris’  plans, which include expanding the Child Tax Credit, a $6,000 bonus tax credit for newborns, a $25,000 first-time homebuyer tax credit, and no taxes on tips, could reduce deficits by as much as $400 billion or add up to $1.4 trillion to deficits over a decade, the same forecasters calculated.

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The VP has also outlined proposals to cut taxes for most Americans, ban “price gouging” by grocers and build more affordable housing as part of the “opportunity economy” she plans to pursue if she wins the White House.

“Together we will build what I call an opportunity economy,” she said. “Building up the middle class will be a defining goal of my presidency because I strongly believe when the middle class is strong, America is strong.”

With inputs from Reuters