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

submitted 3 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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[-] ShareMySims@sh.itjust.works 13 points 3 months ago* (last edited 3 months ago)

A neoliberal defending rich people? Say it ain't so! 🙄

[-] anticolonialist@lemmy.cafe 3 points 3 months ago

Gotta keep those campaign contributions flowing in.

[-] ShareMySims@sh.itjust.works 3 points 3 months ago

Lol, like she's going to U-turn on this if she's elected?

[-] gmtom@lemmy.world 2 points 3 months ago* (last edited 3 months ago)

More likely is that even if she was a raging socialist at heart or something, she still has to get elected and because of Americas broken system that means she has to appeal to a very specific demographic of people in a select few states, because no one else really matters. And that's who statements like this is for, moderate republicans in swing states that are put off by Trumps incompetence but are scared about voting for a """" left wing""" candidate.

this post was submitted on 04 Sep 2024

112 points (93.8% liked)

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