In recent weeks, Vice President Kamala Harris has been actively engaging with the public in high school gymnasiums and large arenas to present her economic vision for the United States. The Biden-Harris administration has historically invested in sectors such as clean energy and advanced manufacturing. Harris’s latest proposals echo the fundamental principles seen in America’s historic economic strategies, including the New Deal and the G.I. Bill. As the campaign enters its final phase, Kamala Harris is promoting strategies aimed at making the economy accessible for all Americans.
The narrative of an individual—whose father, a World War II veteran, and mother, a public school teacher, raised their family on a 200-acre farm in East Berlin, Pennsylvania—illustrates the potential impact of these policies. Despite the family’s struggles and eventual loss of the farm due to the father’s battle with alcoholism, this individual pursued higher education with the help of student loans to support their younger siblings. While attending the Wharton School of Business, he initiated a small business—a beer warehouse in Harrisburg, Pennsylvania—benefiting greatly from small business loans and tax credits.
Over time, this business expanded from a single corner store to multiple locations across towns and states, creating a significant number of jobs in the process. This story reflects the broader trend of small businesses, which, according to the Small Business Administration, have been responsible for 66% of employment growth in the U.S. over the past 25 years and contribute significantly to the GDP. By reducing barriers for small business loans, particularly in historically underserved communities, and enhancing incentives for job-creating companies, the potential for thriving Main Streets across America is demonstrated.
As the business continued to grow, the tax rate increased, yet this did not deter the expansion or pricing strategies. The corporate tax cuts introduced during Trump’s administration have allowed major corporations to pay less in federal taxes than essential workers such as teachers and firefighters. A 2021 report from the Institute on Taxation and Economic Policy highlighted that 55 large U.S. corporations paid no federal corporate income taxes despite significant pre-tax profits. Instead of hiring more employees, many companies used these tax savings for stock buybacks, benefiting shareholders and executives rather than contributing to economic growth for families.
Kamala Harris proposes to rectify this by raising the corporate tax rate and closing loopholes exploited by the ultra-rich, ensuring that individuals earning $400,000 or less will not face increased taxes. This approach aims to bolster national tax revenues, facilitating more substantial community investments.
As the election approaches, there is a distinct opportunity to support a candidate who champions entrepreneurship by expanding investment prospects for individuals and companies focused on long-term economic prosperity. A candidate is needed who acknowledges the strength derived from the American populace and pursues a broader path to achieve the American Dream for all citizens, beyond just the privileged. Kamala Harris is highlighted as a leader instilling belief in individuals with promising ideas, much like a farmer’s son who started with a vision.
For those interested in more substantial perspectives, Fortune encourages attendance at the upcoming Fortune Global Forum, scheduled for November 11 and 12 in New York City, featuring discussions with influential business leaders, former Cabinet members, global ambassadors, and renowned personalities like seven-time world champion Tom Brady.
