Staff Reports
A financial services CEO has issued a dire warning that a Kamala Harris presidency could be catastrophic for American businesses, while a return of Donald Trump would spark a vibrant economic renaissance. Howard Lutnick, head of the financial services firm Cantor Fitzgerald, took to Fox Business’ “Mornings with Maria” to lay out his case, painting a bleak picture for the economy under a Kamala-led administration.
Lutnick’s analysis of the economic scenario under Kamala Harris is nothing short of hair-raising. He pointed out that Bidenomics has already wreaked havoc on U.S. energy and the overall economy, with Americans feeling the squeeze from far-left policies that seem determined to strangle business growth. If Harris’s “crazy” plans come to fruition, Lutnick predicts they will crush economic growth even further, leading to catastrophic consequences for enterprise.
#ltCDATADonaldTrumpgt #ltCDATAeconomygt CEO Warns Kamala ‘Will Literally Kill’ U.S. Business https://t.co/LS7qBANWcx pic.twitter.com/dPWd8QMOjo
— AntiCorporatism.com (@CorporateState) September 27, 2024
On the flip side, Lutnick couldn’t say enough good things about Donald Trump. The CEO elaborated on Trump’s strategies to slash energy costs and corporate taxes, which he argued would entice businesses to set up shop back in the U.S. and revitalize the farming sector. According to Lutnick, tariffs would serve as a safety net for American farmers and help reignite a once-flourishing manufacturing sector. He emphasized that America is still home to bountiful resources and a hardworking populace, and it’s the Democrats’ relentless appetite for globalism that threatens to dismantle this potential.
American energy independence isn’t just a talking point—it’s a necessity. Lutnick indicated that under Biden and Harris, the U.S. has shifted towards importing more agricultural goods than it exports, which he sees as a direct assault on American prosperity. He outlined Trump’s ambitious proposal for a 60 percent tariff on Chinese goods and a 10 percent tariff on all imports as a countermeasure to strengthen U.S. industries. In stark contrast, Lutnick takes issue with Harris’s tax policies, which could bleed startups dry while stifling innovation.
Among the herculean tax proposals that litter Harris’s agenda is a quadrupling of the tax on stock buybacks and a minimum tax that would hit wealthy households hard. Lutnick is particularly concerned about a transaction tax that would essentially penalize American companies for the audacity of engaging in business. He argues these tax hikes set the stage for economic paralysis, especially for venture capital, which has been a catalyst for innovation in the country. The impact of these policies could be high-stakes; no venture capital means no tech giants like Amazon or Google, leading to millions of jobs vanishing overnight.
In contrast, Lutnick lauded Trump’s tax record, crediting him with enabling Americans to repatriate significant profits from overseas by lowering the corporate tax rate. This initiative under Trump allowed businesses to bring back trillions of dollars, ultimately fueling the economy and creating jobs. Clearly, the narrative is stark: a Kamala Harris presidency would not only hinder growth; it could very well jeopardize the future of American ingenuity and wealth.
