On Thursday's “CNN This Morning” broadcast, Ian Sams, senior national spokesman for the Harris-Waltz campaign, said Vice President Kamala Harris, a potential 2024 Democratic presidential candidate, supports a smaller increase in capital gains tax rates than President Joe Biden, “to better encourage the entrepreneurial investment that we want to see in this country to help achieve our broader economic goals.”
Sams said:[Y]We need to help people fund their startups. It costs $40,000 on average to start a small business. But the tax credit is only $5,000. She wants to expand that deduction tenfold to $50,000 to help those people fund their startups. I think she understands that when it comes to capital gains and taxation, we can make sure that the top tier, the billionaires and the wealthy, pay their fair share, whether that's a millionaire minimum tax, a higher corporate tax rate, a four-fold increase in the tax rate on stock buybacks. At the same time, she said, “I know there are people who want to raise long-term capital gains to 40%, 45%, and I understand that impulse, but we still need to encourage investment in startups.”
He added:[W]On things like capital gains tax rates, she believes 39.6% is too high and thinks the rate could be reduced a bit further, down to 28%, to better encourage the entrepreneurial investment that she would like to see in this country to help achieve her broader economic goals.”
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