Cathie Wood says she will vote for Donald Trump in the election

ARK Invest CEO Cathie Wood said she plans to vote for Trump because of his track record on the economy, the most important issue to her, she said in an interview with YouTuber Kevin Paffrath.

Wood said she has discussed the topic with her three children, who are divided on who they will vote for.

Like I told them, 'Look, I'm going to vote for the person who will do the best job for our economy,'” Wood said. I'm a voter on the economy and, on that basis, Trump.

Wood's interview was originally published on Paffrath's X Page, but he has since deleted it. In an article explaining why, Paffrath claims that Wood later told him that his remarks did not adequately represent the nuance of his political views. Paffrath went on to say that he felt like he ambushed Wood by asking which candidate she would support in the upcoming presidential election. After pushback from Woods' team, Paffrath wrote that he interpreted Woods' explanation to mean that there was more to voting than the economy.

He later apologized to Wood. We are saddened to have disappointed you, Paffrath continued.

ARK Invest did not respond to a request for comment.

A well-known tech investor, Wood made a name for himself in financial circles by aligning himself with another famous and polarizing figure in Elon Musk. ARK Invest was an early investor and evangelist in Tesla, whose soaring stock price made him a fortune.

The former president's support among the business class has been widely discussed, as he courts their deep pockets in what is expected to be an extremely close race. Trump reportedly met with a group of energy CEOs and offered them a plethora of favorable legislation in exchange for $1 billion in campaign funding. Wall Street CEOs, in particular, have reconciled with Trump again, after keeping him at arm's length following the Capitol riot on January 6, 2021, according to the Wall Street Journal.

Other CEOs, however, are still keeping their distance, wary of Trump's proposed 10% tariffs on all imports and his disregard for global trade deals. Jeffrey Sonnenfeld, a professor at Yale Business School, told CNBC on Monday that there has been a historic rift between corporate America and Trump.

Another Trump presidency would feature more tax cuts

Trump still enjoys the support of certain Republican pillars. During his interview, Wood paraphrased comments by Art Laffer, an economist who worked in the Reagan administration, in which he said Trump was the best president in a century for the economy, until as the pandemic hits. I would agree, Wood told Paffrath.

Laffer, an outspoken critic of Biden, is also known for popularizing the Laffer curve, which suggests that cutting taxes at a certain rate can actually increase government revenue. It is often cited for reducing taxes for corporations and those in the highest tax brackets. But the accuracy of the Laffer curve is often debated.

The ideas behind the Laffer Curve justified the Trump-era tax cuts enacted in 2017. These reductions, officially known as the Tax Cuts and Jobs Act, were the signature economic policy and legislative achievement of the presidency of Trump. A March study found that while the bill boosted investment, it did not do so at the level that would have offset the significant drop in tax revenue. Instead, the bill added $100 billion a year to the U.S. national debt.

If he wins the November election, Trump would extend his previous tax cuts and implement new cuts. When President Trump returns to the White House, he will advocate for more tax cuts for all Americans and reinvigorate America's energy industry to reduce inflation, lower the cost of living and pay off our debt, said Trump campaign press secretary Karoline Leavitt. a statement sent by email.

During his election campaign, he proposed a set of policies that would eliminate most, if not all, income taxes and replace them with tariffs on all imported goods. This idea, far beyond the usual limits of economic policies, would lead to stagflation, according to former Treasury Secretary Larry Summers.

For his part, Biden oversaw a record job market with a streak of unemployment below 4% that was the longest since the 1960s, helped by a series of legislative measures intended to encourage public and private sector spending. And even though inflation remains above the Fed's 2% target, it is well below the June 2022 surge of 9%.

But Wood said she was worried about deflation in 2024 and warned unemployment could exceed 5%. Now I say this knowing that it's an election year and this administration is probably going to try to spend more than what's currently in the budget through an executive order or something else, she told Bloomberg earlier this year.

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