Kamala Harris and the Democratic Party are not aligned with socialism or anti-capitalist ideals. The party advocates for a free market and the potential for profit. Nevertheless, it’s evident that Harris and her party support policies that would considerably impact businesses and those they label as “wealthy.”
Harris and her party propose increasing the corporate tax rate to 28 percent. They also intend to let the 2017 Tax Cuts and Jobs Act expire, which would diminish benefits for wealthier individuals, such as higher estate exemptions and lower personal tax rates.
Kamala Harris advocates for higher corporate taxes and stricter regulations, but she maintains support from influential billionaires
Additionally, they aim to introduce more taxes on income, capital gains, and unrealized gains for the affluent, along with stricter environmental, labor, and trade regulations that could affect businesses negatively.
Despite these proposals, numerous wealthy individuals support Harris. Forbes reports that known backers include billionaires like Jonathan Gray of Blackstone, Marc Lasry of Avenue Capital Management, and George Soros.
Other financial leaders supporting her include Peter Orszag of Lazard and Robert Rubin, former Goldman Sachs co-chairman and U.S. Treasury Secretary. These figures have not always favored Harris. Her tenure as California Attorney General involved huge settlements for homeowners and efforts to scrutinize financial fraud.
The wealthy support Harris for several reasons. Firstly, she offers predictability compared to the erratic nature of former President Trump. Business leaders and wealthy individuals value stability, which Harris provides despite her policies.
Secondly, Harris’s economic policies align with the interests of various industries, such as environmental actions, education, and infrastructure investments. Support for these areas can be financially beneficial for investors and CEOs.
Lastly, some wealthy individuals support Harris due to personal values rather than financial gain. With substantial resources, they can prioritize personal beliefs, such as social issues or tax policies, over business interests.
Wealthy supporters of Harris might be motivated by a mix of certainty, aligned economic interests, and personal convictions. These factors often guide voting behavior, even when they seem at odds with one’s professional and financial interests.
