Paul Tucker
Updated on: October 7, 2024 9:44 pm GMT
Washington, D.C. — Eighty-eight prominent corporate leaders have publicly endorsed Vice President Kamala Harris for president in a letter shared exclusively with CNBC, a significant signal of support as the nation approaches the November election. The endorsement includes high-profile CEOs and former executives from a variety of sectors including technology, media, and finance.
Notable Endorsements from Business Leaders
The letter boasts signatures from renowned executives, including Aaron Levie of Box, Jeremy Stoppelman of Yelp, and Michael Lynton, chairman of Snap. Other remarkable names include James Murdoch, former CEO of 21st Century Fox, and Chris Larsen, co-founder of the Ripple blockchain platform. This public backing comes as Harris is solidifying her position as the Democratic nominee, a role she has assumed since July.
Among the diverse group of supporters is a range of philanthropists and venture capitalists, such as Lynn Forester de Rothschild and Mark Cuban, a familiar face on the entrepreneurial scene as a co-host on the television show “Shark Tank.” The majority of the signers have a long history supporting Harris, from her initial political campaigns in California to her current presidential bid.
Business Community’s Confidence in Harris
In their endorsement, the business leaders assert that Harris’s election is crucial for the “continued strength, security, and reliability of our democracy and economy.” They highlight her track record while serving as vice president, emphasizing her commitment to fostering business investment and ensuring that American industries thrive in a competitive global market.
The letter states, “She will continue to advance fair and predictable policies that support the rule of law, stability, and a sound business environment, and she will strive to give every American the opportunity to pursue the American dream.” This reflects a broader confidence within the business community regarding her potential leadership.
Election Context and Economic Proposals
The endorsement comes at a crucial juncture ahead of major political events, including the first presidential debate on September 10. Both Harris and her opponent, former President Donald Trump, have been actively presenting their economic visions to voters. Harris recently unveiled a proposal aimed at small businesses, including an increase in tax deductions for startup expenses tenfold, up to $50,000. She has also suggested raising the capital gains tax rate for high earners, from the current 20% to 28%.
Conversely, Trump is advocating for a corporate tax reduction from 21% to 15% for firms that manufacture domestically. He has also received backing from notable figures in the private sector, further complicating the political landscape.
The Genesis of the Endorsement Letter
The initiative behind the public letter traces back to four committed supporters of Harris: Roger Altman of Evercore, Blair Effron, the former American Express CEO Ken Chenault, and Ursula Burns, former CEO of Xerox. They organized the endorsement campaign in collaboration with Harris’s presidential campaign team to highlight her substantial support from the business sector.
The letter and the extensive list of signatories represent not only a sign of solidarity but also a strategy to amplify her competitiveness in a tightly contested race against Trump. With such a hefty roster of corporate leaders backing her candidacy, Harris is poised to leverage this momentum as the election date approaches.
Implications for the Upcoming Election
This endorsement highlights the ongoing dynamic between political affiliation and economic leadership in the U.S., especially as corporate backing can play a crucial role in shaping public opinion. The business leaders’ collective stance reflects a significant shift, potentially making Harris a more appealing choice for undecided voters who value economic stability and leadership.
The unique alignment of prominent figures from both Wall Street and Silicon Valley backing Harris also illustrates her broad appeal across different sectors, further emphasizing the urgency for voters to engage in the electoral process. As the November elections draw near, endorsements like these are pivotal in the strategies of both candidates, particularly in a closely contested race.
By seeking to capture the essence of Harris’s vision for the economy and democracy, the letter serves as a pointed reminder of the intersection between business interests and political action. Harris’s approach, which aims to blend economic growth with fairness and opportunity, is now showcased prominently as a viable alternative in the electoral conversation.
As people start to share their opinions about different candidates, what happens next and how each candidate reacts during the debates will be very important. These events will help decide the story as we get closer to the election.
