Kamala Harris Backs Biden’s Historic 44.6% Capital Gains Tax Proposal

Source: CNN

Vice President Kamala Harris has expressed her strong support for President Joe Biden’s ambitious proposal to impose a 44.6% capital gains tax, which would be the highest rate in U.S. history. The proposal also includes a 25% tax on unrealized gains for individuals with wealth exceeding $100 million.

Harris’s endorsement of the tax proposal comes as the 2024 Democratic National Convention is underway. She voiced her support at an event in Chicago on Monday, where she appeared alongside President Biden. The Democratic nominee has also put forward additional tax relief measures that extend beyond Biden’s budget. These include a tax exemption for tipped workers, a $6,000 tax credit for parents of newborns, and an expanded child tax credit that Biden’s budget does not extend past 2025.

In addition to the capital gains tax proposal, Harris has suggested raising the corporate tax rate to 28%, up from the current 21%. This rate was reduced from 35% following the 2017 Tax Cuts and Jobs Act, a reduction that is set to expire after 2025.

Source: CNN

James Singer, a spokesperson for the Harris campaign, defended the proposal, stating, “Unlike Donald Trump, whose extreme Project 2025 agenda would increase the deficit, raise middle-class taxes by $3,900, and potentially drive the economy into recession—Harris’s plan is a fiscally responsible approach to putting money back in the pockets of working people and ensuring that billionaires and large corporations pay their fair share.”

Passing these tax proposals, should Kamala Harris be elected President, is expected to be a significant challenge. The current state of Congress, even if under Democratic control, is anticipated to be deeply divided on the issue.

Source: watcher.guru