Vice President Kamala Harris announced a policy shift from President Biden by calling for a lower capital gains tax increase during a campaign speech in New Hampshire. Harris proposed raising the capital gains tax to 28% for individuals earning $1 million or more, up from the current 23.6%. This is significantly lower than the 44.6% increase suggested by Biden in a budget update, and the 39.6% hike in his most recent proposal.
“If you earn a million dollars a year or more, the tax rate on your long-term capital gains will be 28 percent under my plan,” Harris said, highlighting its potential for broad-based economic growth.
Harris also unveiled additional economic initiatives, including a proposal to increase the tax deduction for new businesses from $5,000 to $50,000, expand access to capital, and support business incubators. Her plan also aims to simplify tax filing for businesses.
This move reflects a more centrist approach, offering a compromise to Republican positions that typically oppose tax increases. Some political strategists, such as James Carville, have encouraged Harris to further differentiate herself from Biden as the campaign continues.
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