What's happened
Vice President Kamala Harris is adjusting her tax proposals to appeal to moderate voters and wealthy donors. She has proposed a lower tax rate on investment earnings for high earners, diverging from President Biden's original plan. This shift comes as some donors urge her to reconsider taxing unrealized gains on the ultra-wealthy.
Why it matters
What the papers say
According to the New York Times, Vice President Kamala Harris is attempting to distinguish herself from both President Biden and Donald Trump by proposing a lower tax rate on investment earnings for high earners. Harris stated, "My plan will make our tax code more fair, while also prioritizing investments and innovation." Meanwhile, The Independent reported that former Senator Pat Toomey expressed his refusal to vote for either Harris or Trump, emphasizing the importance of Republicans regaining the Senate if Harris wins. This highlights the potential electoral consequences of Harris's tax proposals, particularly in swing states like Pennsylvania. Additionally, some wealthy donors are urging Harris to abandon her proposed tax on unrealized gains, indicating a tension between her campaign's progressive elements and the interests of her financial backers.
How we got here
Harris's campaign has evolved since President Biden's withdrawal, with her now focusing on a more moderate tax stance. This includes a proposed tax on unrealized gains for individuals worth over $100 million, which has faced pushback from some wealthy supporters.
Common question
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What are the details of Kamala Harris's small business tax break proposal?
Vice President Kamala Harris has recently proposed a significant tax break aimed at boosting small businesses in the U.S. This initiative is part of her broader economic strategy and has sparked various reactions from political figures and the business community. Below, we explore the details of the proposal, its potential impact on entrepreneurship, and the political implications as the 2024 election approaches.
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What are the key changes in Kamala Harris's new tax proposal?
Vice President Kamala Harris has recently unveiled a new tax proposal that significantly alters the landscape of taxation for high earners and small businesses. This page explores the key changes in her plan, how it differs from President Biden's original proposal, and the potential impacts on various sectors of the economy.
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Donald John Trump is an American politician, media personality, and businessman who served as the 45th president of the United States from 2017 to 2021.
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Kamala Devi Harris is an American attorney and politician who has served as the junior United States Senator from California since 2017.
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Joseph Robinette Biden Jr. is an American politician who is the 46th and current president of the United States. A member of the Democratic Party, he served as the 47th vice president from 2009 to 2017 and represented Delaware in the United States Senate