According to the Financial Times, a significant number of business leaders may be considering backing Vice President Kamala Harris, despite concerns that her economic policies would squeeze corporate profits through draconian taxes and regulations.
The Financial Times reports that Harris' campaign has garnered strong support from Democratic donors, lawmakers and politicians, and may even garner the backing of large corporations that have traditionally backed Republicans. ReportedThe support comes despite recent economic plans that called for raising taxes on businesses and imposing limits on how companies can set prices.
“In a matter of weeks, the business world has gone from preparing for a Republican-led Washington to scenario planning for a range of outcomes,” Republican consultant Ken Spain told the Financial Times. “Given the volatility of the political environment, many companies are taking risk aversion measures.”
Despite Harris' campaign Do not publish According to the Financial Times, Biden had posted his full policy platform on his website as of Monday, and corporate CEOs are considering supporting him in the hope that he will reconsider his firm stance on competition, labor and financial services policy.
The Goldman Sachs logo appears on a screen at the New York Stock Exchange during afternoon trading in New York City on August 2, 2024. (Photo by Michael M. Santiago/Getty Images)
Before Harris stepped in, Biden had received donations from four members of the nonprofit lobbying group Business Roundtable — the CEOs of Centene, Kaiser Permanente, Stripe and Suffolk — and Trump withdrew support from Blackstone's Steve Schwarzman, the Financial Times reported.
While US business leaders have typically supported the Republican Party, Trump has received little support from the GOP over the past eight years, with only two Fortune 100 CEOs disclosing donations to the former president, Jeffrey Sonnenfeld, director of the Yale University Chief Executive Leadership Institute, told the Financial Times.
“If you were the CEO, what would you do now? How would you and Harris's policy team respond? [they] “It's going to attract companies that will partner with us in the future,” Richard Edelman, chief executive officer of the public relations firm Edelman, told the Financial Times. “I don't think people are assuming that because that's what happened under Biden that that's going to happen under Harris.”
Vice President Kamala Harris has been facing strong backlash from experts on both sides of the aisle since Friday after she unveiled her economic plan for the US. While VP Harris discussed tax credits, housing and lowering high prices, her main focus was on her federal proposal to tackle “corporate price gouging” aimed at solving soaring food prices as Americans continue to struggle with food costs.
Experts warn that implementing price gouging policies could not only increase already high prices but also create a black market, impacting company profits.
If elected, Harris also aims to raise the corporate tax rate from 21% to 28%. According to Harris spokesman James Singer told Reuters the stimulus package was a “fiscally responsible way to put money back in working people's pockets and ensure that billionaires and big corporations pay their fair share.”
Donations to Vice President Kamala Harris' campaign are set to be made public through Federal Election Commission (FEC) filings on Tuesday, according to the Financial Times. The Harris campaign said in early August that it had raised more than $300 million in July, breaking records after a reported $200 million was donated in the first week after Harris was named the party's presumptive nominee. (Related: Kamala Harris fails to distance herself from left-wing 2020 campaign despite aides' best efforts)
In recent months, Trump has increasingly garnered support from Silicon Valley, a region once firmly tied to the Democratic Party. Tech titans such as billionaire Elon Musk and venture capitalists David Sachs and Chamath Palihapitiya have all endorsed him, as many see his administration as a help to their industries.
The Harris and Trump campaigns did not immediately respond to requests for comment from the Daily Caller News Foundation.
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