Harris's Small Business Plan Sparks Progressive Backlash

Vice President Kamala Harris has diverged from President Joe Biden's tax policy by proposing a 28% capital gains tax for high earners, significantly lower than Biden's suggested 39.6%. This move has received backlash from progressive groups who accuse Harris of yielding to wealthy investors. Harris announced the plan during a campaign event in New Hampshire, emphasizing support for small businesses by proposing a substantial increase in the tax deduction for startup expenses to $50,000. Analysts predict that her proposed corporate tax increase to 28% could lower S&P 500 earnings by about 5%. Harris also plans to provide low-interest loans and reduce bureaucratic hurdles for small businesses.