Vice President Kamala Harris is positioning herself as more business-friendly than President Joe Biden as she campaigns for the 2024 election. This shift comes as Harris faces scrutiny over how she would handle key economic issues like inflation and taxes.
According to the Washington Examiner, Harris is distancing herself from some of Biden's economic proposals, particularly on issues like capital gains taxes and support for small businesses.
In recent campaign appearances, Harris has proposed a capital gains tax rate significantly lower than what Biden had suggested. She's also advocating for expanded tax deductions for small business startups, signaling a more centrist approach to economic policy than she had previously supported.
Harris recently announced that she would increase the capital gains tax to a rate of 28%, a notable departure from Biden's proposal of 39.6% for high-income earners. This move suggests an attempt to appeal to middle-class voters and differentiate herself from the current administration's economic policies.
Additionally, Harris has called for expanding the small business tax deduction for startup expenses from $5,000 to $50,000. She has also set an ambitious goal of facilitating 25 million new small business applications during her first term if elected president. These policy shifts represent a significant change from Harris's previous stances, including her support for the tax increases proposed in the White House's budget earlier this year.
Harris's campaign has made several notable policy reversals since July. She no longer supports a federal job guarantee, a policy often associated with the Green New Deal. Furthermore, she has changed her position on eliminating private healthcare plans as part of a Medicare for All program and has withdrawn her support for banning fracking.
These changes reflect a broader strategy to appeal to a wider range of voters, particularly those in the middle class who may be concerned about economic issues. Harris has been working to portray herself as a champion of average voters while criticizing her opponent, former President Donald Trump, as favoring billionaires.
In a recent rally in New Hampshire, Harris emphasized her commitment to fairness in the tax code while also promoting investment and innovation. She stated:
My plan will make our tax code more fair while also prioritizing investment and innovation. So let us be clear: Billionaires and big corporations must pay their fair share in taxes.
The Trump campaign and other Republicans have been quick to criticize Harris's economic proposals and her shift in stance. They've accused her of flip-flopping on key issues and have attempted to tie her to Biden's economic record, which they blame for ongoing inflation and high prices. Trump, during a Fox News town hall, expressed strong criticism of Harris's economic acumen:
This country will end up in a depression if she becomes president. Like 1929, this will be a 1929 depression. She has no idea what the hell she's doing.
Republicans have also framed Harris's plans to combat price gouging as a "communist agenda," with Trump using social media to label her "Comrade Kamala" and criticize high prices for gas, transportation, and groceries under the current administration.
Harris's campaign has responded by releasing ads that blame Trump and corporate price gouging for the high costs faced by average families. These ads highlight the ongoing battle over economic narratives as both campaigns seek to win over voters concerned about their financial well-being.
The upcoming debate between Harris and Trump on September 10 will be a crucial moment for both candidates to present their economic visions to the American public. It will be Harris's first opportunity to defend her new policy positions face-to-face with her opponent and to convince voters of her ability to manage the economy effectively.
Harris's shift towards more business-friendly policies marks a significant change in her campaign strategy. This move could potentially attract moderate voters but may also alienate some progressive supporters. The success of this approach will largely depend on Harris's ability to articulate her vision clearly and convince voters that she can effectively balance economic growth with fairness. The upcoming debate and subsequent campaign events will be critical in shaping public perception of Harris's economic platform as the election draws nearer.
