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Harris to break with Biden on capital gains tax, proposing a smaller increase (www.cnn.com)

submitted 2 months ago by Zaktor@sopuli.xyz to c/politics@lemmy.world

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Vice President Kamala Harris proposed increasing the long-term capital gains tax rate to 28% for wealthy Americans during an economic speech in New Hampshire on Wednesday, breaking with the policy laid out by President Joe Biden in his 2025 budget by suggesting a lower rate.

The current long-term capital gains tax rate – 20%, plus an additional 3.8% tax on higher earners – is paid when an investment is sold, or gains are realized. The Biden budget proposes raising that rate to the top rate he wants to levy on ordinary income – 39.6% – for households with taxable income over $1 million. Harris, the people familiar with the matter say, believes 39.6% is too high.

While Harris still supports taxing the wealthiest individuals and corporations at higher rates – as Biden’s budget also calls for – she believes that a lower capital gains rate would incentivize investors to put more money into startups and small businesses. She has also proposed increasing the corporate tax rate to 28%, up from the current 21% rate set by Trump’s Tax Cuts and Jobs Act of 2017.

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[-] macattack@lemmy.world 5 points 2 months ago

So would you prefer the capital tax rate is lower or that CNN didn't report it?

As someone voting for Dems, I'm still confused why progressive policies are becoming more moderate

this post was submitted on 04 Sep 2024

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