In a bid to win over the business community, Kamala Harris has been rolling out new tax proposals designed to make her look less progressive than she’s been portrayed by partisan critics. Is it working? Sort of.
Sure, she’s proposed increasing the capital gains tax on those making $1 million or more at a far lower rate than what President Biden has proposed, but she’s still calling for a capital-gains tax increase, as the NYT reports.
Meanwhile, she’s also called for an increase in the U.S. corporate tax rate, from 21 percent to 28 percent. Hmmm. Are we really going to go back to the days when the U.S. corporate rate was significantly higher than quasi-socialist Sweden’s corporate tax rate?
Harris has indeed announced a small-business tax plan that would allow start-ups to deduct up to $50,000 in expenses, a tenfold increase from the current deduction, as CNBC reports.
So let’s add it up: Two tax increases + one tax deduction = not as centrist as she’s trying to make it appear. Sorry to put it that way. Yet it’s true. But I’m still rooting for her to win.
