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Kudlow: Wall Street Executives Will Regret Backing Biden

Kudlow: Wall Street Executives Will Regret Backing Biden
White House economic adviser Larry Kudlow (Saul Loeb/Getty Images)

By    |   Monday, 02 November 2020 04:57 PM

White House economic adviser Larry Kudlow warned that Wall Street executives who are backing former Vice President Joe Biden would suffer with Democrats if took control.

Many financial industry leaders have "turned to the left" and "become very progressive," the veteran financial guru and former Ronald Reagan adviser reportedly said at a recent Axios event, Politico reported.

Biden has promised to roll back some of the corporate and personal income tax cuts Trump and Congress finalized in late 2017. He would also increase the taxes high-income earners would pay towards Social Security, which provides insurance benefits to the elderly and others, Reuters said.

Industry leaders would have "many, many regrets" under a Biden presidency, said Kudlow, who worked as Reagan’s budget deputy between 1981 and 1985.

"For some reason, they don't think Mr. Biden is going to move far left," Kudlow said. "I think he will. Just look at the people around him," said Kudlow, who served as the Trump campaign's senior economic adviser.

Kudlow said "we will get our share of Wall Street folks," but he defended President Donald Trump by saying that the Republican Party during his tenure has expanded its base to include "middle America" and "ordinary folks working every day."

"The GOP is not the country club party that it was many, many years ago," he said. "It has changed. I think it's changed for the better."

Biden promised not to raise taxes on people making less than $400,000 and proposed tax credits for people with children and businesses that invest in domestic manufacturing. Those proposals account for part of change in the analysis, according to the nonpartisan research group.

Meanwhile, nearly three dozen executives with Wall Street ties have helped raise millions of dollars for Biden's campaign, according to newly released documents.

CNBC examined donor records from the Biden campaign, which indicated more than 800 individuals raised at least $100,000 for his White House run. A closer look, however, revealed at least 32 people with Wall Street ties who helped bring in millions of dollars.

Avenue Capital Group CEO and Milwaukee Bucks co-owner Marc Lasry, for example, helped bring in more than $3 million for Biden's campaign. And Bill Derrough, a managing director at investment bank Moelis and the treasurer of the Democratic National Committee, helped take in more than $1 million.

In addition, several lawyers with Wall Street ties have also worked to raise money for Biden's campaign this year.

"I think first and foremost it's that [Biden] represents a sense of normalcy and decency," Derrough told CNBC. "If you think about the finance world in general, they don't want any surprises. They want predictability. We've had a lot of unpredictability over the last four years."

It was reported last week Biden has taken in more than $74 million from Wall Street workers, while Trump earned $18 million from the same group.

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White House economic adviser Larry Kudlow warned that Wall Street executives who are backing former Vice President Joe Biden would suffer with Democrats if took control.
kudlow, wall street, biden, election, trump
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2020-57-02
Monday, 02 November 2020 04:57 PM
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