Democratic US presidential candidate Kamala Harris proposed yesterday that raised the capital gains tax rate for people earning $1 million or more to 28 percent, instead of the 39.6 percent President Joe Biden had proposed in his fiscal 2025 budget, Reuters reported, citing BTA .
Harris also told supporters at a rally at a brewery in North Hampton, New Hampshire, about 10 miles south of Portsmouth, that he would push for a $50,000 tax break for new small businesses, which is 10 times more than the current tax relief.
"As president, one of my top priorities will be to strengthen America's small businesses," Harris said. She noted that small businesses employ half of all private sector workers in the US.
Harris said lowering the cost of starting a new business, estimated at an average of $40,000, would help the US meet its "very ambitious" goal of 25 million new small business start-up applications by the end of her first term. According to the department responsible for small businesses, a record 5.5 million new applications were submitted in 2023.
Harris' proposal for a lower top tax rate on capital gains suggests she wants to appeal to a wider group of voters, Reuters notes.
In his fiscal 2025 plan, Biden proposed raising the tax rate on long-term capital gains -- profits made from the sale or trade of assets held for more than a year -- to 39.6 percent for individuals earning over $1 million a year, up from current rates that range up to 20 percent depending on income.
The campaign of US presidential candidate from the Republican Party Donald Trump and his party raised $130 million in August, according to a statement from his campaign headquarters, Reuters reported, quoted by BTA. /p>
Funds raised were less than in July, when Trump's campaign raised $138.7 million. It was the month the former president survived an assassination attempt.
The campaign of US Democratic Vice President Kamala Harris surpassed Trump's campaign in July. Official Democratic figures for August have not yet been released by Harris' staff. Both parties are bombarding the states where a contested election race is expected with television ads.
Last month, Harris' campaign reported raising a total of $310 million in July.
President Joe Biden ended his re-election bid on July 21 and endorsed Harris in the November 5 election. Biden's withdrawal from the race came amid questions about his age and health after a lackluster performance in a debate against Trump in late June.
Harris' elevation gave a new boost to the campaign of Democrats who had doubts about Biden's chances, Reuters notes. Opinion polls showed Trump building a lead over Biden, including in swing states, but Harris' entry has narrowed his lead.