Vice President Kamala Harris plans to increase taxes on wealthy individuals and large corporations as part of her economic plan if elected in November, she said in a new interview.
Since becoming the Democratic Party’s official nominee for president, Harris has said she will provide $25,000 housing subsidies for first-generation home buyers, implement $100 billion in tax credits for the manufacturing sector and increase small business tax credits by tenfold.
“My plan is about saying that when you invest in small businesses, you invest in the middle class, and you strengthen America’s economy. Small businesses are part of the backbone of America’s economy,” Harris told “60 Minutes” in a clip released on Monday.
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Vice President Kamala Harris made it clear on Monday that she plans to increase taxes on wealthy individuals and corporations as part of her economic plan if elected in November. (Melina Mara/The Washington Post via Getty Images)
“60 Minutes” correspondent Bill Whitaker reminded Harris that the question was “how are you going to pay for it?”
Harris quickly said that wealthy Americans would foot the bill.
“I’m going to make sure that the richest among us, who can afford it, pay their fair share in taxes,” Harris said.
“It is not right that teachers and nurses and firefighters are paying a higher tax rate than billionaires and the biggest corporations,” Harris continued. “I plan on making that fair.”
Whitaker shot back, “But we’re dealing with the real world here,” and asked how that plan would get through Congress.
“You know, when you talk, quietly, with a lot of folks in Congress, they know exactly what I am talking about,” Harris said.
“Cause their constituents know exactly what I’m talking about,” Harris added. “Their constituents are those firefighters and teachers and nurses.”
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Vice President Kamala Harris joined “60 Minutes” for an interview that will air in full on Monday. (Screenshot/CBS)
Harris’ opponent, former President Trump, was invited to appear on “60 Minutes” as well for its election interview special, but he declined.
Last month, Harris unveiled new small-business tax proposals last week aimed at reducing the cost burden related to starting a new business. Among the proposals was a substantial increase in the standard tax deduction for small-business startup costs, from $5,000 to $50,000. “It’s essentially a tax cut for starting a small business,” the vice president said during a stump speech announcing the new proposal. “We’re going to help more small businesses and innovators get off the ground.”
Harris has simultaneously expressed support for raising marginal tax rates for both corporations and individuals, which conservative economists argued would work to diminish the benefit received by the tenfold increase in the startup deduction.
In addition to Harris’ new tax proposals for small businesses, she also laid out her plan this week for taxing capital gains. She wants to increase it to 33%, whereas Biden reportedly wants the current rate, which is at 23.8%, to be nearly doubled, according to The Wall Street Journal.
Harris has also suggested support for increasing government spending to support families’ child care needs, while also expanding the child tax credit, among other proposals.
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Fox News Digital’s Alec Schemmel contributed to this report.