Kamala Harris to Propose 28% Capital-Gains Tax Rate, Breaking from Biden's Plan

Sep 4, 2024, 05:57 PM

Democratic presidential nominee Kamala Harris is planning to propose a less drastic increase in the top capital-gains tax rate, breaking from a plan President Biden outlined earlier this year in his 2025 budget. Harris's advisors have suggested scaling back the proposal due to widespread backlash. The original plan proposed by Biden aimed to increase the capital gains tax rate to 44.6% for households making over $1 million. Harris is expected to propose a top rate of 28%. This move, reported by the Wall Street Journal, is seen as a step toward the center and is believed to balance taxing wealthy households while encouraging investment and access to capital for small businesses.