Key Issue: Who is Kamala Harris ?
Kamala: Economy, Technology, Religion and Taxes
Kamala Harris' religious background is diverse and complex. She identifies as a Baptist Christian but was exposed to both Christianity and Hinduism as a child. Her husband is Jewish, adding another faith tradition to her family. While Harris has spoken about her personal faith at times, she does not frequently emphasize religion in her political messaging. She supports religious freedom and has emphasized that one's faith should not prevent them from supporting reproductive rights. However, Harris has faced criticism from some conservative religious groups over her support for abortion rights and LGBTQ+ equality.
On technology issues, Harris has positioned herself as an advocate for responsible innovation. She has emphasized the need for safeguards and regulations around artificial intelligence, expressing concerns about risks posed by technologies like facial recognition and algorithmic bias. Harris supports investments in semiconductor manufacturing and other cutting-edge technologies to maintain U.S. competitiveness. She has also advocated for expanding access to high-speed internet and closing the digital divide. Her connections to Silicon Valley from her time as California Attorney General and Senator have resulted in support from some tech industry leaders. Harris generally favors technological advancement while calling for appropriate oversight and equitable access.
Regarding the economy, Harris aligns with mainstream Democratic positions while emphasizing affordability for working families. She supports policies aimed at lowering costs for middle and working class Americans, including on housing, healthcare, and groceries. To fund economic programs, Harris advocates raising the corporate tax rate to 28%. She has proposed expanded tax credits for families, including a $6,000 child tax credit for new parents. Harris emphasizes creating an "opportunity economy" with policies to boost small businesses and entrepreneurs. She also supports raising the minimum wage, expanding workforce training programs, and investing in clean energy jobs and infrastructure.
Here are Kamala Harris's tax positions described in paragraphs:
Corporate taxes: Harris supports raising the corporate tax rate from 21% to 28%. This would partially reverse the tax cuts implemented under the Trump administration. She argues this increase is necessary to fund various economic and social programs. Harris believes corporations should pay their "fair share" to support national initiatives. This position aligns with mainstream Democratic policy but is less aggressive than some progressive proposals.
Capital gains taxes: Harris proposes increasing the top long-term capital gains rate to 28% or 33% for high earners, up from the current 20% rate. This would apply to individuals making over $1 million per year. The increased rate aims to generate more revenue from wealthy investors. Harris argues this change would help reduce income inequality. Her position on capital gains represents a significant shift from current policy but is less extreme than some other Democratic proposals.
Income taxes: Harris supports maintaining Biden's pledge not to raise taxes on households making less than $400,000 per year. She would likely keep the top individual income tax rate at 39.6% for high earners. This stance aims to protect middle-class families while increasing revenue from the wealthiest Americans. Harris's position on income taxes is generally in line with mainstream Democratic policy. She argues this approach balances fiscal responsibility with economic fairness.
Tax credits: Harris has proposed expanding several tax credits to benefit middle and lower-income families. These include a $6,000 tax credit for families with newborns in their first year and restoring the expanded Child Tax Credit of $3,600 per child. She also supports expanding the Earned Income Tax Credit. Harris argues these credits will provide crucial financial support to working families. Her tax credit proposals aim to reduce child poverty and increase economic stability for low and middle-income households.
Wealth tax: Harris supports a version of Biden's "Billionaire Minimum Income Tax" proposal. This would require households worth over $100 million to pay a minimum 25% tax rate on income, including unrealized capital gains. The proposal aims to ensure the ultra-wealthy pay their "fair share" in taxes. Harris argues this approach will help reduce wealth inequality. While not as aggressive as some wealth tax proposals, this position represents a significant shift in how the wealthiest Americans would be taxed.
Tax incentives for small business startups. Her plan includes:
Increasing the federal tax deduction for small business startup expenses from $5,000 to $50,000. This represents a tenfold increase in the current deduction limit.
The goal of this increased deduction is to help spur the creation of new small businesses and encourage entrepreneurship.
Harris aims to use this policy to help create a record 25 million new small businesses.
This proposal is part of Harris's broader economic plan, which focuses on supporting small businesses and entrepreneurs.
The increased deduction is intended to reduce the financial barriers for starting a new business by allowing entrepreneurs to deduct more of their initial startup costs.
This policy position demonstrates Harris's focus on encouraging small business growth and entrepreneurship as part of her economic strategy. By significantly increasing the tax deduction for startup expenses, Harris aims to make it financially easier for individuals to start new businesses, potentially stimulating economic growth and job creation.