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From Fox Business: Hedge fund billionaire and major Trump fundraiser John Paulson said Tuesday he will pull his money out of the market if Vice President Harris wins the presidential election this fall, saying the Democrat nominee’s economic policies would spook investors.
The Paulson & Co. founder, known for his lucrative bet against the subprime mortgage in 2007, appeared on FOX Business’ “The Claman Countdown,” where host Liz Claman asked him what he sees as the next big bet similar to that.
“Well, I would say it very much depends on who’s in the White House and who controls Congress,” Paulson replied. “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 that former President Trump and Harris’ plans for the economy are very different, noting that Trump wants to extend the 2017 tax cuts implemented during his term in office while Harris wants to let them expire.
Paulson also pointed out that Harris has proposed raising the corporate tax rate from 21% to 28% raising the capital gains rate from 20% to 28%.
He also noted that if Harris makes good on her plan to implement a 25% tax on unrealized gains for individuals making $100 million or more, it “would cause mass selling of almost everything – stocks, bonds, homes, art – I think it would result in a crash in the markets and an immediate, pretty quick recession.”
“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,” Paulson declared.
WATCH the full interview below:
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