#KamalaHarris #CapitalGainsTax #Election2024
Kamala Harris' Capital Gains Tax Plan: A Shift from Biden's Proposal
As the presidential election heats up, Vice President Kamala Harris has unveiled a significant departure from President Joe Biden's economic agenda. Harris has introduced a plan to tax long-term capital gains at a rate of 28% for households earning $1 million or more annually. This rate is lower than the 39.6% rate proposed by Biden in his budget for the 2025 fiscal year.
Harris' proposal aims to support small businesses and innovators while also addressing concerns about corporate excess. She has been actively promoting her economic initiatives, including a plan to offer businesses a $50,000 tax deduction for startup costs, significantly higher than the current deduction limit.
This shift in policy is notable, as Harris has generally aligned her economic strategies with those of President Biden. However, some elements of Biden's corporate pressure strategy have faced resistance, even from within the Democratic ranks. Representative Ro Khanna, D-Calif., has expressed concerns about taxing unrealized profits from assets before they are sold, which could affect households with a net worth of at least $100 million.
Harris' plan is seen as a more business-friendly approach, positioning herself as both a pro-business advocate and a defender against corporate excess. Her Republican rival, former President Donald Trump, has criticized her record, claiming to be the superior choice for the U.S. economy. Trump has stated that if Harris is elected, it will lead to an economic crash similar to the one in 1929.
As the debate between Harris and Trump approaches, the economy and taxes are expected to be key focal points. Harris' capital gains tax plan is a significant departure from Biden's proposal and may have significant implications for businesses and individuals alike.
Original Article: https://www.cnbc.com/2024/09/04/harris-biden-capital-gains-tax-hike-trump-election.html
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