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112

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

submitted 1 week ago by [email protected] to c/[email protected]

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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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[–] [email protected] 1 points 1 week ago (1 children)

Any time money goes into your account, it should be taxed

[–] [email protected] 1 points 1 week ago

Any time money changes hands or is conjured from the ether, it should be tax if it's above a certain level.