Capital Gains Tax: Kamala Harris’s Updated Proposal
Background on Kamala Harris's Capital Gains Tax
Vice President Kamala Harris has revised her stance on the capital gains tax, proposing a rate of 28% instead of the previously suggested 39.6%. This shift is a response to significant backlash and recent economic polling showing strong support for former President Trump's economic policies.
Details of the Proposal
During a speech in New Hampshire, Harris emphasized that the new capital gains tax aims to benefit America’s innovators and small businesses.
- Proposes increasing the corporate tax rate from 21% to 28%.
- Plans to raise the top marginal income tax rate to 39.6%.
- Supports increasing corporate stock buyback tax from 1% to 4%.
Challenges Ahead
Harris's proposed tax increases face numerous hurdles in Congress. Economic commentators have criticized plans such as the unrealized gains tax as unconstitutional and unfair.
Economic Incentives Proposed
- Reduction of small business taxes from $50,000 to $5,000.
- Implementation of a federal ban on price gouging.
- Expansion of the child tax credit from $2,000 to $3,600 per year.
These initiatives highlight her intent to position herself as an economic ally to the working class and attract support from higher earners.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.