Democratic presidential candidate Kamala Harris has proposed a lower capital gains tax rate of 28 percent for those earning $1 million or more, instead of the 39.6 percent rate proposed by President Joe Biden. Harris also announced plans to offer a $50,000 tax deduction for new small businesses and support measures to reduce the cost of starting a new business. She aims to see 25 million new small business applications filed by the end of her first term, building on a record 5.5 million applications filed in 2023.
Harris’s proposal for a lower tax rate on capital gains signals her desire to appeal to a broader base of voters while aligning with Biden’s plans to strengthen the middle class. She criticized former President Donald Trump’s policies, stating that his plans would hinder federal programs supporting small businesses. Recent polls show Harris leading in New Hampshire over Trump ahead of the upcoming election.
Harris’s speech at a woman-owned brewery in North Hampton, New Hampshire, was attended by state officials, including the state’s two female US senators. She emphasized the importance of supporting small businesses, which employ half of all private sector workers in the US. Harris also expressed support for a minimum tax for billionaires and measures to increase access to venture capital for small businesses.
New Hampshire, a swing state, has a history of supporting Democratic candidates. While some reports suggest Republicans may be giving up on the state, a spokesperson for Trump’s campaign denied this, stating their active presence in New Hampshire. Harris’s proposals and policies aim to provide support and opportunities for small businesses and strengthen the economy for all Americans.
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