It’s 61 days out until the election, and conservatives seem to be Harris-curious.
On Wednesday, Fox Business host Stuart Varney interrupted RNC Co-Chair Michael Whatley in order to highlight the significance of one of Vice President Kamala Harris’s tax policies.
“I just want to press the point, when a political candidate comes up with what I think is a good idea, I have to call it a good idea,” Varney said. “And a $50,000 tax cut—not tax cut but tax credit—for small businesses, coupled with less red tape, I gotta say that is a good idea. Regardless of her other tax ideas.”
That seemed to get Whatley’s attention.
“While that may be a good idea, it’s hard to see how she’s going to move forward with it, and she’s certainly not going to reduce red tape,” Whatley speculated.
Fox Business host Stuart Varney and RNC Chair Michael Whatley agree that Kamala Harris's proposal for a small business tax deduction is a good idea pic.twitter.com/rrXrNzwbck
— Aaron Rupar (@atrupar) September 4, 2024
Harris is expected to roll out her new tax plan at a New Hampshire campaign event on Wednesday. The $50,000 allotment would be 10 times the current allowable deduction. Under the new guidelines, small businesses could spread the deduction over several years or postpone it until they turn a profit, an unidentified Harris staffer told NBC News. The initiative would also aim to erase some of the bureaucracy surrounding small businesses, including by reducing barriers for occupational licenses and creating a standard tax deduction, according to Politico.
Donald Trump, meanwhile, has spent much of his campaign focusing on corporate tax cuts and advertising an expansion to his 2017 tax plan, which is set to expire in 2025. An analysis by the Tax Policy Center found that the proposed $5 trillion in tax cuts under Trump’s plan would benefit the upper class rather than middle or lower-class households, with the vast majority of cuts going to households earning more than $450,000 a year. It would also add significantly to the national deficit and shift the benefit of funding the government to lower-income Americans.
