Kamala Harris visits New Hampshire to gain support ahead of debate

Vice President Kamala Harris is set to deliver an economic speech in New Hampshire, where she will propose a smaller increase in capital gains taxes, diverging from President Biden's 2025 budget plan. Currently, the capital gains tax rate stands at 23.8% for higher earners, with Biden's proposal suggesting an increase to 39.6% for households earning over $1 million. Harris believes this proposed rate is excessively high and aims to encourage investment in startups and small businesses by advocating for a lower rate. While Harris supports higher taxes on the wealthiest individuals and corporations, she intends to allow many of the Trump-era tax cuts for the affluent to expire. This approach is part of her strategy to fund targeted programs for families and small businesses. Additionally, Biden's budget includes other tax increases, such as raising the top marginal income tax rate and implementing a minimum income tax for households with substantial net worth. As she prepares for the upcoming election, Harris is working to position herself as a moderate on certain economic issues while still endorsing some populist policies. These include a $25,000 credit for first-time homebuyers and a $6,000 child tax credit for newborns. Her efforts come amid a backdrop of significant government spending and rising inflation, which have affected the American economy. Democratic strategist James Carville has suggested that to present herself as a forward-looking candidate, Harris must create a distinction between her policies and those of Biden. This speech and her proposed tax changes are crucial steps in her campaign to gain support and establish her political identity ahead of the debate.