On Thursday’s broadcast of “CNN This Morning,” Harris-Walz Campaign Senior National Spokesman Ian Sams stated that 2024 Democratic presidential candidate Vice President Kamala Harris supports a smaller increase in the capital gains tax rate than President Joe Biden “to better incentivize the kind of investment in entrepreneurs that we want to see in this country to help achieve some of the broader economic goals.”
Sams said, “[Y]ou have to help people afford to start a business. It costs, on average, 40,000 bucks for someone to start a small business. But the tax deduction is only 5,000 bucks. She wants to tenfold expand that to $50,000 to help those people afford to start a small business. And when it comes to capital gains and the tax code, I think that she understands that we can make sure that those at the top, the billionaires and the wealthy pay their fair share with a billionaire minimum tax, with raising the corporate tax rate, with quadrupling taxes on stock buybacks, things that really make sure that those at the top are paying their fair share while also saying, look, I know that there are some folks out there who want to jack up long-term capital gains to 40, 45%, understand the impulse, but we still need to incentivize investing in start-ups.”
He added, “[W]hen it comes to something like the capital gains tax rate, she thinks that 39.6% is too high and that we can come down a little lower to 28% to better incentivize the kind of investment in entrepreneurs that we want to see in this country to help achieve some of the broader economic goals.”
Follow Ian Hanchett on Twitter @IanHanchett