Refer Report
U.S. Vice President Kamala Harris announces economic pledges during a campaign speech at a brewery in Northampton, New Hampshire, on the 4th (local time). AFP Yonhap News
Ahead of the US presidential election in November, where the economy is the biggest issue, Democratic presidential candidate Vice President Kamala Harris’s ‘rightward’ moves are continuing.
In her economic pledges announced at a campaign rally in New Hampshire on the 4th (local time), Vice President Harris announced that she would raise the tax rate on capital gains exceeding $1 million (about 1.335 billion won) per year to 28%. This is a significantly lower rate compared to the 39.6% tax rate proposed by President Joe Biden, who had pledged to “raise taxes on the wealthy.”
Currently, the capital gains tax rate, which is a tax levied on profits made from trading assets such as stocks in the United States, is up to 20%. President Biden announced in March that he would double the tax rate for taxable income of $1 million or more, saying that the tax burden on “billionaires” is too low.
Vice President Harris announced her tax platform, saying, “My plan is to make the tax code fairer and prioritize investment and innovation,” and “When government encourages investment, it promotes broad-based economic growth and creates jobs. That makes our economy stronger.” Although she added the caveat that “billionaires and big business should also pay their fair share of taxes,” it is difficult to avoid criticism that she has backed down from her previous support for President Biden’s tax hike proposal included in the White House budget.
This change in Vice President Harris’s position appears to be due to her active attempt to borrow a “business-friendly” image to raise campaign funds and secure moderate support. The New York Times also reported that Vice President Harris and her staff have been under pressure from “big money” donors to withdraw President Biden’s plan to raise taxes on the wealthy.
This is not the first time Vice President Harris has changed her stance on a major economic policy. In her first interview with CNN on the 29th of last month, she said she would not ban fracking, a method of hydraulic fracturing used to extract shale gas. This is a change from the 2020 Democratic presidential primary, when she declared a ban on fracking amid controversy over environmental pollution and public health effects. There is speculation that this was in consideration of the swing state of Pennsylvania, where shale gas production is active.
The Harris camp also stated on this day, “We do not support mandatory electric vehicles.” In 2019, when she was a senator, Vice President Harris co-sponsored a bill requiring that 100% of new passenger vehicle sales in the U.S. be zero-emission vehicles by 2040. This is interpreted as a move to appeal to voters in Michigan, Pennsylvania, and Wisconsin, the Rust Belt states that are the centers of U.S. automobile production.
Former Republican House of Representatives Liz Cheney. AP
Liz Cheney: “I Will Vote for Harris”
Meanwhile, former House of Representatives member Liz Cheney, a leading anti-Trump figure in the Republican Party, announced that she would vote for Vice President Harris in the November presidential election. Cheney said, “Because of the danger that Donald Trump poses, I will not only not vote for Trump, but I will vote for Harris.” Jimmy, the son of former Senator John McCain, also announced that he would vote for Vice President Harris instead of former President Trump, who recently caused controversy by violating regulations for taking pictures at national cemeteries.
In a CNN poll released that day, Vice President Harris and former President Trump were tied in Pennsylvania with 47% each, and in Georgia and Nevada, Harris had 48% and Trump had 47%, showing a very close race. Regarding the first TV debate on the 10th, which will be a crucial moment in the presidential race, both sides agreed to turn off the candidates’ microphones rather than changing the speaking order.
Source: Korean