Trump megadonor, billionaire says he would pull his money from market if Harris wins

A major Trump fundraiser and hedge fund billionaire John Paulson said he will pull his money out of the market if Kamala Harris wins the presidential election predicting that her economic policies would scare investors. He said he would go into cash and gold as he appeared on Fox Business. “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.”

Paulson said Trump and Kamala Harris' plans for the economy are very different; while Trump wants to extend the 2017 tax cuts implemented during his previous term in the office, Harris wants to let them expire. Harris also proposed raising the corporate tax rate from 21 per cent to 28 per cent and wants to raise the capital gains rate from 20 per cent to 28 per cent, Paulson said explaining his apprehension.

Kamala Harris' proposed 25 per cent tax on unrealized gains for individuals making $100 million and more would cause mass selling of almost everything -- stocks, bonds, homes and arts, the billionaire said as he projected a crash in the markets followed by an immediate recession.

The future of the American stock market and economy relies on the winner of the general election, Paulson said. “It very much depends on who is in the White House and who controls Congress,” Paulson said. “I’d be very concerned if Harris is elected and pursues the tax plans and other economic plans that she articulated.”

“If they do implement a 25 percent tax on unrealized gains, that would cause mass selling of almost everything — stocks, bonds, homes, art. I think it would cause a crash in the markets and a pretty quick recession."

Paulson believes inflation is coming down, but there’s more that can be done to help it.