A top fundraiser for former President Donald Trump will make a shocking move if Vice President Kamala Harris wins the election in November.
Hedge fund billionaire John Paulson cited the “uncertainty” in the market with a potential Harris administration, telling Fox Business in a recent interview that the Democrat’s radical policy proposals would prompt him to pull his assets from the market if she is elected.
Liz Claman, host of “The Claman Countdown,” asked the stock market visionary and founder of Paulson & Co. about future moves, prompting him to reply, “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,” said Paulson, who is well-known for betting against subprime mortgages in 2007.
The hedge fund manager whose estimated net worth is $3.8 billion cited Harris’s policy proposals as compared to Trump’s such as letting the 2017 tax cuts expire and plans to raise the corporate and capital gains tax rates.
“The Trump policies came out better for the average American,” said the billionaire and major Trump donor.
He warned that Harris’ proposed 25% tax on unrealized gains for individuals making $100 million or more “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.”
Claman asked about his willingness to take a risk and pull his assets if Trump does not get re-elected in November.
“It depends on the policy,” Paulson said. “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.”
