Billionaire hedge fund manager John Paulson announced on Tuesday that he would withdraw his investments from the stock market if Vice President Kamala Harris wins the upcoming presidential election. Paulson raised concerns about Harris's proposed economic policies, suggesting they could lead to uncertainty in the financial markets.
In an interview with Fox Business host Liz Claman, Paulson highlighted differences between the economic policies of former President Donald Trump and those outlined by Harris. These include plans to raise the corporate tax rate from 21% to 28% and the capital gains tax from 20% to 28%. Paulson indicated that such changes might prompt him to shift his investments into cash and gold to avoid potential market fluctuations.
Paulson also pointed to Harris’s proposal for a 25% tax on unrealized gains for individuals earning over $100 million as a factor that could cause widespread selling of assets, leading to a market downturn and a possible recession. Despite Claman's observation that markets have performed well under other presidents, Paulson stressed that timing and specific policies are critical to investment decisions.
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