Kamala Harris Proposes 28% Capital Gains Tax for High Earners in New Hampshire, Diverging from Biden

Sep 4, 2024, 08:25 PM

Vice President Kamala Harris has proposed a 28% tax on long-term capital gains for households with an annual income of $1 million or more. This proposal marks a departure from President Joe Biden's plan, which called for a 39.6% rate in his 2025 fiscal year budget. Harris announced this policy during a campaign stop in New Hampshire, emphasizing that the measure would ensure the wealthy pay their fair share. The proposal is part of her broader economic agenda, which also includes raising the top rate on small businesses to 39.6%, repealing the passthrough deduction, lowering the 1099-K threshold, the Pro Act, a Death Tax Hike, and raising the NIIT to 5%.