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Kamala Harris Backs Biden's 44.6% Capital Gains Tax, Including Unrealized Gains

Aug 20, 2024, 07:45 PM

Vice President Kamala Harris has announced her support for President Joe Biden's recent tax proposal, which includes a historic increase in the capital gains tax to 44.6%, the highest in U.S. history. The proposal also introduces a 25% minimum tax on individuals with more than $100 million in wealth and a 25% tax on unrealized gains for high-net-worth individuals, marking a significant shift in tax policy aimed at the wealthy. Harris's endorsement of these measures aligns with the administration's broader economic strategy to address wealth inequality. The proposed tax changes have sparked debate, with critics warning of potential economic repercussions, including the risk of capital flight.