What's happened
Vice President Kamala Harris has unveiled a new tax policy that lowers the capital gains tax rate for high earners to 28%, diverging from President Biden's proposal of 39.6%. Additionally, she aims to increase tax deductions for small businesses, promoting entrepreneurship as she campaigns for the presidency.
Why it matters
What the papers say
According to the New York Times, Harris's capital gains tax proposal represents her clearest break from Biden, as she aims to appeal to the business community while maintaining a progressive stance. Axios highlights that her plan is part of a broader strategy to project a moderate image, distancing herself from the 'Comrade Kamala' narrative pushed by Trump supporters. Al Jazeera notes that Harris's focus on small businesses is a key part of her campaign, emphasizing the importance of entrepreneurship in economic recovery. The Independent reports that Harris's proposals are designed to counter Trump's economic policies, which she argues would harm small businesses.
How we got here
Harris's recent policy shift comes as she seeks to distinguish herself from President Biden while appealing to both corporate donors and progressive supporters. This marks her first significant departure from Biden's economic agenda since becoming the Democratic nominee.
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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