Stock market indices such as S&P 500, NASDAQ

Kamala Harris Proposes 28% Capital Gains Tax, $1.4 Trillion Corporate Tax Hike

Sep 4, 2024, 07:25 PM

Kamala Harris has announced her plan to increase the capital gains tax rate to 28% for individuals earning a million dollars or more annually. This proposal marks a significant departure from President Biden's earlier call for a 39.6% rate. Harris's plan also includes raising the corporate tax rate to 28%, which would result in a $1.4 trillion tax hike on Americans. Additionally, her proposal includes taxing unrealized gains, expanding the death tax, and introducing another death tax. Critics argue that these tax hikes, including a 44.6% rate on some gains, would be the largest in over a century and would place a heavier burden on American taxpayers, with rates twice as high as those in communist China.