Harris Tells the Business Community: I'm Friendlier Than Biden

The vice president on Wednesday proposed an increase on the capital gains tax that was far less than what President Biden has floated, one of several moves meant to win over business owners.

'Vice President Kamala Harris on Wednesday sought to put daylight between herself and President Biden on tax policy, making it the first issue on which she is trying to stand apart from an administration in which she holds a key role.

Stepping up her efforts to win over the business community, Ms. Harris announced that she would increase the capital gains tax at a far lower rate than what Mr. Biden had proposed — a move that came after pressure from her campaign’s biggest donors to back off some of its most aggressive tax proposals.

Ms. Harris’s proposal, which she introduced at a campaign event in New Hampshire, was directed squarely at business owners and wealthier Americans who are skeptical of Democrats and have gravitated toward former President Donald J. Trump. In the same speech, she rolled out her new plan for an expanded tax break for start-ups.

Mr. Biden had proposed taxing capital gains at 39.6 percent for Americans who make more than $1 million a year. Ms. Harris said on Wednesday that she would tax investment income for those Americans at a rate of 28 percent, a reversal from her earlier support for the tax increases included in the White House budget released this spring.'>>>

https://www.nytimes.com/2024/09/04/us/politics/harris-tax-break-small-business.html