Vice President Kamala Harris is working to distance herself from President Joe Biden’s economic proposals as she navigates a razor-thin margin in the 2024 election and faces scrutiny over how she would handle inflation and taxes, two issues high on the minds of voters. they headed to the polls. box
Republicans have attacked Harris’ record since Biden stepped aside as the Democratic nominee, prompting the vice president to begin presenting herself as more centrist on economic issues than she had in the past as a senator from California and then in 2020, when she presented to the presidency. left of Biden in the presidential election.
On Wednesday, Harris said he would raise the capital gains tax to a rate significantly lower than Biden had proposed at a rally in New Hampshire. She would tax investment income at a rate of 28%, compared to Biden’s proposal to tax capital gains at 39.6% for people making more than $1 million a year. This stance is a reversal of his support for tax increases proposed in the White House budget earlier this year.
He also said he wants a tenfold expansion of the small business tax deduction for startup expenses from $5,000 to $50,000. He also set a goal of 25 million new applications for small businesses in his first four years in office.
Her departure from the White House budget is a sign that she is working to appeal to middle-class voters as Republicans work to tie her to Biden’s economic legacy. In several rallies and statements, Harris has tried to cast herself as the champion of the average voter while labeling former President Donald Trump as the friend of the billionaire class.
Harris’ campaign has reversed course on other policies since July, including that it no longer supports a federal jobs guarantee, something many Green New Deal advocates have pushed for. He also changed his mind about eliminating private health plans as part of a Medicare for All plan and banning fracking.
“My plan will make our tax code fairer while prioritizing investment and innovation. So let’s be clear: Billionaires and big corporations must pay their fair share in taxes,” Harris told the New Hampshire crowd. on wednesday
Earlier this week, the Harris campaign released an ad criticizing Trump for raising corporate prices that have led to high food and gas prices for middle-class families, while blaming the former president for giving the same tax cuts to societies. It was the fourth announcement focused on the economy since the Democratic National Convention was held in Chicago.
The Trump campaign blamed the Biden-Harris administration for the lingering effects of inflation following the COVID-19 pandemic. The former president also said he wants to extend his 2017 tax cut legislation, which would lower the corporate tax rate if re-elected.
“This country is going to end up in a depression if she becomes president. Like 1929, this is going to be a 1929 depression. She has no idea what she’s doing,” Trump said Wednesday during a Fox News town hall with Sean Hannity.
“I gave her the biggest tax cut in the history of our country. … If you let the Trump tax cuts expire, which she wants to do, she wants to rescind them, if you do that, you’re going to have the biggest tax increase in history,” Trump said of Harris.
Republicans and Trump have worked to frame Harris’ plan to ban price gouging as a communist agenda.
“Under Comrade Kamala Harris, all Americans are suffering this holiday weekend: high gas prices, rising transportation costs, and grocery prices are through the roof. We can’t continue to live under this weak and failed ‘leadership,’” Trump posted on Truth Social over Labor Day weekend.
A news item from ABC-Washington Post-The Ipsos poll released in mid-August before the DNC showed Trump leading Harris by 9 percentage points in terms of voter confidence to handle the economy.
Harris’ economic flip-flops will be on full display on Sept. 10, when the vice president and Trump have their first debate hosted by ABC News. The debate will be the first test for Harris to see if he can convey his campaign platform and maintain his anti-Trump stance.
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Many Republican and Democratic strategists said the energy surrounding the Harris campaign will “reset” after Labor Day and after the debate, as it will be the first time Harris and Trump meet face-to-face for unscripted talks.
The last presidential debate in June was the catalyst for Biden’s withdrawal from the race after his lackluster performance, meaning all eyes will be on Harris to see if he can maintain the momentum of excitement that came with his entry into the race.
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