Where big business stands on Kamala Harris’s economic policies
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- Kamalanomics. One of the loudest criticisms of Vice President Kamala Harris as she runs for president has been the lack of clarity around her policy stances. Sure, it’s easy to look to the Biden White House to get an idea of where her priorities lie, but since she unexpectedly entered the presidential race just over two months ago, business leaders, analysts, and everyday voters alike have been clamoring to learn more about what a Harris administration might look like.
In a new feature for Fortune, senior editor at large Geoff Colvin breaks down what the American public does and doesn’t know about Harris’s economic policies—and how those ideas are playing with business leaders.
One of the most consequential economic policies will be one that needs to be addressed in the first year of a potential Harris administration: The future of the tax cuts made under former President Donald Trump in 2017. The cuts for individuals—but notably, not businesses—expire at the end of 2025, and have been a looming issue for whoever takes office next year. It’s possible that renewing the cuts for those earning under $400,000 (the vast majority of taxpayers) could receive bipartisan support, Geoff writes; less likely is Harris’s support for extending the cuts for the richest Americans.
Federal regulations are another gray area for Harris. Federal Trade Commission chair Lina Khan has been a thorn in big business’s side, and is currently trying to break up Amazon and block the merger of Kroger and Albertsons. That’s made her a target of business leaders who are Trump and Harris supporters alike, with the VP’s billionaire donors calling on her to fire Khan if elected.
Despite what could be seen as anti-business rhetoric at recent Harris campaign stops, some 88 business leaders—including Mellody Hobson, co-CEO and president of Ariel Investments, Marissa Mayer, cofounder and CEO of Sunshine Products and former CEO of Yahoo!, and Laurene Powell Jobs, founder and president of Emerson Collective—recently penned a letter in support of Harris.
Many CEOs may prefer the likely policies under a Republican presidency, but Trump is too erratic to earn their vote, Geoff notes in his story. Harris, the business leaders write, "will continue to advance fair and predictable policies that support the rule of law, stability, and a sound business environment."
Other major issues include addressing the federal budget deficit and building more affordable housing. Geoff’s full report is here—it’s a must-read ahead of tonight’s vice presidential debate featuring Harris’s running mate Minnesota Gov. Tim Walz and Trump's No. 2 Ohio Sen. JD Vance, which will surely touch on Harris’s record and plans moving forward.
Alicia Adamczyk
alicia.adamczyk@fortune.com
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This story was originally featured on Fortune.com