Harris Proposes New Capital Gains Tax Rate Diverging from Biden
Harris's Capital Gains Tax Proposal
In her recent economic address in New Hampshire, Vice President Kamala Harris openly diverged from President Joe Biden’s capital gains tax strategy. She proposes increasing the long-term capital gains tax rate to 28% for wealthy Americans, as opposed to Biden’s plan of raising the rate to 39.6%. This shift is aimed at fostering more investments in startups and small businesses.
Details of the Proposal
- Current long-term capital gains tax is 20%, with an additional 3.8% for high earners.
- Biden's budget includes taxes on unrealized gains, which Harris supports in principle.
- Harris has also proposed a 10-fold tax deduction increase for small businesses.
Moderate Positioning in Economic Policy
Harris aims to establish herself as a moderate candidate while still advocating for policies supporting lower-income families. Her vision focuses on creating an opportunity economy for all Americans, emphasizing the importance of small businesses in economic growth.
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.