3 Predictions: What a Kamala Harris Presidency Could Mean

By Melissa Angell, Policy correspondent @melissajourno

Vice President Kamala Harris has quickly ascended as the expected Democratic presidential nominee, after President Joe Biden dropped out of the race Sunday afternoon.

While she isn't officially the nominee just yet (she would have to officially claim that title during the Democratic National Convention in mid-August), the nationwide enthusiasm that's sprung up in the last 24 hours is telling: Harris raised $81 million within 24 hours of announcing her candidacy -- a new record for any presidential candidate within a day, according to the Harris campaign.

There are a lot of questions swirling, namely, who will become Harris's running mate and what's her official platform? Her career in politics -- from serving as a California senator to being second-in-command over the last few years -- might help inform that second question. An even more applicable question for you: How would Harris support America's small businesses if she gets a shot at the Oval Office? Here are three predictions:

1. Women Will Be a Cornerstone

Harris made history in 2020 when she became the first female vice president in the country's history. She's also bulldozed racial barriers, becoming the first person with Black and South Asian heritage to hold the office of the vice presidency. And if she's successful in her bid, she'd be the country's first female president.

Even before the Dobbs decision -- which reversed a woman's right to an abortion by throwing that decision to state governments -- Harris staunchly fought to preserve access to reproductive health care. While in the Senate, she co-sponsored a bill to protect women's health which, among other things, sought to bar states from limiting abortion access. She also toured an abortion clinic this past March, a first for any president or vice president, according to the White House.

As vice president, she's announced funding initiatives for female entrepreneurs like new funding tranches from the State Small Business Credit Initiative. In November, she shepherded the $900-million Women in the Sustainable Economy Initiative, which works to boost economic opportunities for women in clean energy and environmental conservation. Female economic empowerment has long been a focus for the vice president -- and not just in the U.S. When Harris paid a visit to Ghana in March 2023, she met with a cluster of female founders in the country to discuss inclusion and business.

2. The Boom Will Continue

The Biden-Harris administration has regularly celebrated what it calls the small-business boom, or the record number of new business applications that have been submitted since President Biden took office. As of May, the White House shared that more than 18 million people submitted an application to start a new business since Biden assumed office in 2021.

Harris has notably voiced her support for small businesses, especially in calling to expand access to capital for underserved companies. In an exclusive interview with Inc. in March, Harris advocated for the so-called Ban the Box initiative, a rule change from the U.S. Small Business Administration aiming to expand access to capital for entrepreneurs who may have criminal records. Two months later, she unveiled a $100-million funding announcement for small auto-parts firms.

In July, the White House teased an update on the Economic Opportunity Coalition -- a partnership between the public and private sectors and the federal government to expand capital and spur funding to underserved businesses. The update the White House shared in July showcased a $3-billion commitment into community development financial initiatives and minority depository institutions, which follows a 2023 call to action from the vice president to focus investments on the underserved.

3. The Middle-Class Could See Tax Breaks

As vice president, Harris has helped champion some of the landmark economic initiatives passed under the Biden-Harris administration like the sprawling climate bill known as the Inflation Reduction Act, passed in 2022, and the Bipartisan Infrastructure Act, a landmark 2021 measure that invests in rebuilding the country's roads, bridges, public transit, and other national infrastructure.

Taxes are sure to be a central issue that Democrats and Republicans will duel over, especially as the Trump tax cuts, passed under the Tax Cuts and Jobs Act of 2017, hurtle toward a sunset date by the end of 2025. While Harris has yet to lay out specific tax policies she'd look to implement as president, she's advocated for tax credits in the past -- including the child care tax credit, a tax incentive that helps working parents cope with the high costs of child care. As a senator, she introduced a bill that proposed to dole out tax credits worth $3,000 for the American middle class as well.

Harris reportedly backs returning the corporate income tax rate to 35 percent, from 21 percent. The rate was cut to the current 21 percent rate during Donald Trump's presidency.

Photo: Getty Images.