Failed VP Harris is trying to separate herself from failed POTUS Biden
During a recent campaign event, Democratic presidential nominee Kamala Harris introduced a capital-gains tax proposal that marks a significant shift from President Joe Biden’s earlier tax plan. Harris proposed a 28% tax rate on capital gains for individuals earning over $1 million annually, a stark contrast to Biden’s suggested 39.6% rate. This announcement was part of her broader campaign strategy to foster economic growth and support small businesses.
While speaking in New Hampshire, Kamala Harris says she will raise the capital gains tax to 28%. Raising the capital gains tax rate to 28% will only drive up the costs of products that small businesses need to buy. Clearly, Kamala has no interest in helping small businesses. pic.twitter.com/wE5TqSKaD3
— Charles R Downs (@TheCharlesDowns) September 4, 2024
Speaking at the Throwback Brewery in North Hampton, New Hampshire, Harris outlined her vision for a tax system that encourages investment and bolsters small business development. Her approach aims to balance fair taxation of the wealthy and corporations while promoting broader economic prosperity. The current capital-gains tax stands at 23.8%, and Harris’s proposal seeks a moderate increase that she believes will still incentivize investment in American entrepreneurship.
Harris’s stance comes in the wake of her six-week-old presidential campaign, during which she has adopted a populist tone concerning tax policies, critiquing Republican nominee Donald Trump for his tax cuts benefiting the wealthy. Her plan diverges from Biden’s March budget proposal, which equated the capital gains tax rate for millionaires to the marginal income tax rate paid by high earners on their salaries.
Vice President Kamala Harris called for a 28% capital gains tax rate on people earning $1 million or more.
Christopher Smart says these are proposals she can take into next week’s debate and use to “avoid being painted as a far-left estate planner” https://t.co/uQfCSLjqaA pic.twitter.com/hMO3TTLM9p
— Bloomberg TV (@BloombergTV) September 4, 2024
Despite pressure from influential donors from sectors ranging from Wall Street to Silicon Valley, as reported by the New York Times, Harris maintains parts of Biden’s framework. This includes the controversial proposition of a new 25% tax on the investment gains of Americans worth at least $100 million, regardless of whether the assets are sold.
In her campaign rhetoric, Harris emphasized her commitment to creating a fairer tax environment, advocating for a new minimum tax for billionaires and increased corporate tax rates. She also detailed her goal to stimulate the formation of 25 million new small businesses by the end of 2029, with plans to enhance support for business incubators, reduce bureaucratic hurdles, and significantly raise tax deductions for startup expenses.
Vice President Kamala Harris called for a 28% capital gains tax rate on people earning $1 million or more, touting it as a measure that would ensure the wealthy paid their ‘fair share’.
Math = Their investments and gains are larger, so they already pay their ‘fair share’. pic.twitter.com/7TXFZyH5CT
— The JRE Companion (@TheJRECompanion) September 4, 2024
Further detailing her economic policies, Harris pledged to expand several tax credits for middle-class Americans, propose measures against price gouging on food and groceries, cap annual prescription costs, and provide substantial support for first-time homebuyers. Her economic agenda largely builds upon the initiatives of the Biden administration, signaling her intent to continue pushing for progressive reforms while also carving out her distinct policy identity.
Basically she is copying Trump’s policies as much as possible and hopes media will mask that fact. But everyone knows in this internet age, that the media can no longer do this.
Major Points:
- Kamala Harris proposes a 28% capital-gains tax rate for individuals earning over $1 million, which is significantly lower than Biden’s suggested 39.6% rate.
- Harris outlined measures to stimulate economic growth, including supporting small businesses through reduced bureaucracy and increased tax deductions for startup expenses from $5,000 to $50,000.
- While Harris supports some of Biden’s tax initiatives, her approach diverges notably on the capital-gains tax, opting for a more moderate increase.
- Harris plans to generate 25 million new small business applications by 2029, cap prescription costs, and provide down payment assistance for first-time homebuyers.
- Her tax proposals are part of a broader campaign strategy that critiques Trump’s tax cuts for the wealthy and positions her as a proponent of fair and growth-oriented fiscal policies.
RM Tomi – Reprinted with permission of Whatfinger News
