What's happened
On September 4, 2024, Vice President Kamala Harris unveiled a new tax plan proposing a 28% capital gains tax for Americans earning over $1 million, diverging from President Biden's higher rate. This move aims to appeal to the business community while supporting small businesses with increased tax deductions.
Why it matters
What the papers say
According to Axios, Harris's proposal to tax capital gains at 28% represents her clearest break from Biden's agenda, as she aims to reassure the business community that she supports capitalism. The New York Times highlights that this shift is part of her broader strategy to excite voters by presenting a positive agenda rather than merely opposing Trump. Harris's focus on small businesses is emphasized in both sources, with Axios noting her goal of creating 25 million new small businesses by the end of her first term. This dual approach of appealing to both business interests and progressive values may define her campaign moving forward.
How we got here
Harris's announcement marks a significant shift in her campaign strategy, moving away from strict alignment with President Biden's tax policies. Previously, she supported higher tax rates on capital gains, reflecting a broader Democratic agenda.
Common question
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What Are the Key Differences in Education Policies Between Trump and Harris?
As the political landscape shifts with Kamala Harris emerging as a strong contender following Biden's exit, the education policies of both Trump and Harris are coming under scrutiny. Understanding their differing approaches can help voters make informed decisions. Below are some common questions regarding their education platforms.
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