Last Updated on 05/09/2024 by Arun jain
Vice President Kamala Harristrying to differentiate its economic message President BidenAs the 2024 presidential campaign enters a critical phase, the president has proposed a smaller capital gains tax and a $50,000 tax deduction to boost small businesses.
The Democratic presidential nominee called on Biden to raise the capital gains tax rate to 28% for families making $1 million or more annually, compared to the 39.6% increase he put in his 2025 budget.
The current top capital gains tax rate is 20%.
Harris, who has cited the “opportunity economy” on the campaign trail, also said he favors a $50,000 tax deduction for new small businesses.
“As president, one of my top priorities will be to strengthen America’s small businesses,” she told a roaring crowd in North Hampton. NH.
As the Democratic nominee, Harris finds himself walking a fine line between making sure the wealthiest Americans pay their fair share and encouraging investment opportunities as the economy plays a big role in this year’s presidential election.
“My plan will make our tax code fairer, while also prioritizing investment and innovation,” she said Wednesday. “So let’s be clear: Billionaires and big corporations should pay their fair share in taxes.”
In that context, she has supported Biden’s measure, dubbed the “billionaire minimum income tax,” which would impose a minimum tax of 25% on homes worth more than $100 million.
“No billionaire should pay less tax than a teacher, sanitation worker, nurse. That’s why I’ve proposed a 25% minimum tax on billionaires,” Biden said. State of the Union address in March, noted that the average tax rate for billionaires is just 8.2%.
The president said the tax would generate $500 billion over the next 10 years.
Republicans have attacked Harris for pushing progressive policy ideas during his 2020 presidential run and have said he would continue Biden’s economic policies if he enters the White House.
But Harris’ supporters say she reached out to the CEO to assure her she would face a different financial path than her boss.
“She will hear what the pros and cons are, and she will accommodate and be open to alternative ideas without compromising her values,” Penny Pritzker, a billionaire and former commerce secretary under President Barack Obama, told the New York Times.
“One of the things I like about it is that it’s not, we have to choose between business and labor; We can work with both of them,” Pritzker said.
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