Vice President Kamala Harris has reportedly received public endorsements from eighty-eight current and former top executives across corporate America for her presidential bid.
What Happened: In an endorsement letter, shared exclusively with CNBC, suggests that electing Harris as president would be the “best way to support the continued strength, security, and reliability of our democracy and economy.” The endorsers believe that Harris would “continue to advance fair and predictable policies that support the rule of law, stability, and a sound business environment.”
The list of endorsers includes high-profile CEOs of public companies like Aaron Levie of Box Inc. BOX, Jeremy Stoppelman of Yelp Inc. YELP, and Michael Lynton, chairman of Snap Inc. SNAP, CNBC reported on Friday.
Other notable figures endorsing Harris for the first time include James Murdoch, former CEO of 21st Century Fox FOXA, and Chris Larsen, co-founder of the Ripple XRP/USD. The list also includes prominent philanthropists, private equity billionaires, and sports magnates.
Why It Matters: The endorsement from these business leaders comes at a crucial time as Harris has recently proposed several tax reforms that have stirred discussions in the business community. Harris announced a plan to tax the ultra-wealthy through an unrealized gains tax, causing unease among Silicon Valley investors.
Additionally, Harris has proposed raising the corporate tax rate to 28%, rolling back part of former President Donald Trump’s 2017 tax cuts. This proposal was revealed on Aug. 19 and aims to increase federal revenue.
On Sep. 4, Harris unveiled a new tax plan targeting long-term capital gains, setting the rate at 28% for high earners. This move is seen as a softer approach compared to President Joe Biden‘s previously proposed rates.
Moreover, Harris has already received support from notable venture capitalists, including LinkedIn co-founder Reid Hoffman and others.
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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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