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Harris unveils plan for 28% capital gains tax, softening Biden’s proposal for 40% rate

Harris unveils plan for 28% capital gains tax, softening Biden's proposal for 40% rate

https://www.cnbc.com/2024/09/04/harris-biden-capital-gains-tax-hike-trump-election.html

Donald Trump and Kamala Harris are set for a Sept. 10 debate, where the economy and taxes could be a focal point.

Harris unveils plan for 28% capital gains tax, softening Biden's proposal for 40% rate

Economically to the right of Genocide Joe.

Long-term capital gains, or assets held for more than one year, are currently taxed at a maximum rate of 20%.

So not nothing, but not much, assuming the change can be pushed through at all. Nothing will fundamentally change. These taxes wouldn’t even affect well-paid workers; they only kick in at $1M.

9 comments

HubertManne

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it should be graduated just like personal income. small business small tax. large corp, large tax.

davel

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I get the sentiment, but I don’t think small businesses often have capital gains.

HubertManne

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ugh. somehow in my mind I thought this was corporate tax but I guess we still won't change them much.

themeatbridge

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I mean, that's a classic political maneuver. Biden is on his way out, proposes a massive tax hike, so Harris can come in and seem reasonable by comparison.

Capital Gains taxes should be higher, and unrealized gains should absolutely be taxed when they are used as collateral for a loan. 40% at the highest bracket isn't even that outrageous historically, considering it's essentially just leeching value from the booming economy. But 40% would never have made it through Congress. 28% is depressingly low, which I guess is what Dems are going for. Something that progressives won't be happy with so it feels like a compromise.

magnetosphere

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WEAK

TropicalDingdong

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I think we need to ask who this is for? Because its not for her voters or likely voters.

davel

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It’s for her donors, the capitalist class that funds election campaigns. It’s a big club, and you ain’t in it.

queermunist

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Why should she give a shit about voters? They'll either vote Blue No Matter Who or they're the enemy.

delirious_owl

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She's fucking worthless. How much are they paying her to take a fall in the 2nd round?