Kamala Harris departs from Biden capital gains tax plan to widen her reach
Al Jazeera
Harris’s proposal for a lower tax rate than the one laid out by Biden suggests she wants to appeal to a broader base of voters.
Democratic presidential candidate Kamala Harris has proposed raising the capital gains tax rate for those earning $1m or more to 28 percent, instead of the 39.6 percent rate proposed by President Joe Biden in his fiscal 2025 budget.
On Wednesday, Vice President Harris also told cheering supporters at a brewery in North Hampton, New Hampshire, about 10 miles south of Portsmouth, that she would push for a $50,000 tax deduction for new small businesses, 10 times the current tax break.
“As president, one of my highest priorities will be to strengthen America’s small businesses,” Harris said, noting that small businesses employ half of all private sector workers in the United States.
Harris said lowering the cost of starting a new business – estimated at $40,000 on average – would help the US reach her “very ambitious” goal of having 25 million new small business applications filed by the end of her first term.
A record 5.5 million new business applications were filed in 2023, according to the Small Business Administration.
