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Kamala Harris's Advisor Confirms $5 Trillion Tax Plan Including Unrealized Gains Tax

Aug 28, 2024, 05:13 PM

Vice President Kamala Harris's economic advisor has confirmed plans for a new tax policy that includes taxing unrealized capital gains, a first in American history. The proposal is part of a broader economic strategy that aims to generate $5 trillion in new taxes. Key elements of the plan include a 39.6% top rate on small businesses, a 44.6% capital gains tax, a 25% minimum tax on unrealized gains for individuals with assets over $100 million, and an increase in the corporate tax rate. The plan has sparked significant controversy and debate, with critics arguing it could drive businesses overseas and negatively impact the middle class. CNBC host Joe Kernen and others have publicly criticized the proposal, questioning its fairness and feasibility.