Democratic presidential candidate Kamala Harris has proposed a lower capital gains tax rate for those earning over $1m, at 28 percent, compared to President Biden’s proposed 39.6 percent rate. She also plans to offer a $50,000 tax deduction for new small businesses, aiming to strengthen America’s small business sector.
Harris emphasized the importance of small businesses, which employ half of all private sector workers in the US. She aims to lower the cost of starting a new business to encourage entrepreneurship and achieve her goal of 25 million new small business applications by the end of her first term.
In addition to her tax proposals, Harris plans to offer low- and no-interest loans to small businesses, reduce red tape, and expand access to venture capital. She also supports a minimum tax for billionaires as proposed by Biden, highlighting the need for a fair tax system.
Harris criticized her Republican rival, Donald Trump, for his plans to cut federal programs supporting small businesses and increase the deficit. Recent polls show Harris leading Trump in New Hampshire, a state that has mostly supported Democratic candidates in presidential elections since 1992.
Harris’s tax proposals and support for small businesses are seen as an attempt to appeal to a wider voter base, while still aligning with Biden’s plans to strengthen the middle class. With her focus on economic issues and small business support, Harris is making a strong case for her presidency ahead of the November 5 election.
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