Kamala Harris’s Economic Approach: A Balancing Act

During a recent visit to a locally owned brewery in New Hampshire, Vice President Kamala Harris aimed to highlight her commitment to supporting small businesses, a cornerstone of her economic agenda. In a notable moment during her campaign speech, she made a significant overture to the wealthiest Americans, stating, “If you earn a million dollars a year or more, the tax rate on your long-term capital gains will be 28 percent under my plan.” This statement illustrated her belief that fostering an environment favorable for investment is crucial for driving broad-based economic growth.

What stood out in her address was this surprising concession to millionaires, which seemed to position her as more business-friendly compared to President Joe Biden, who had advocated for higher tax rates on the wealthy. Ms. Harris’s speech was framed as a pivotal moment aimed at the middle class, yet her willingness to offer tax relief to affluent individuals was indicative of her strategic approach to economic policy.

This nuanced messaging reflects the influence of her advisors and supporters from Wall Street and Silicon Valley, coupled with her own long-held belief in pragmatic and incremental progress over sweeping ideological reforms. One key figure in shaping her economic narrative was her brother-in-law, Tony West, who temporarily stepped back from his role as the Chief Legal Officer at Uber to lend his expertise to her campaign.

According to sources familiar with the discussions, Ms. Harris frequently sought West’s input, often asking her team, “Has Tony seen this?” before finalizing her economic speeches or key messages. His insights were considered invaluable, especially given his experience as a top Justice Department official during the Obama administration, despite his limited background in economic policy.

Moreover, West played a proactive role in flagging social media posts from her campaign that he felt deviated from her established economic message. He, along with Brian Nelson, a long-time advisor to Harris, maintained continuous communication with business leaders and donors from Wall Street throughout the campaign.

In summary, Vice President Harris’s economic approach reflects a delicate balancing act, aiming to engage both the middle class and wealthy investors, while navigating the complexities of modern economic policy-making.