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Harris to break with Biden on capital gains tax, proposing a smaller increase (www.cnn.com)

submitted 1 week ago by Zaktor@sopuli.xyz to c/politics@lemmy.world

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Vice President Kamala Harris proposed increasing the long-term capital gains tax rate to 28% for wealthy Americans during an economic speech in New Hampshire on Wednesday, breaking with the policy laid out by President Joe Biden in his 2025 budget by suggesting a lower rate.

The current long-term capital gains tax rate – 20%, plus an additional 3.8% tax on higher earners – is paid when an investment is sold, or gains are realized. The Biden budget proposes raising that rate to the top rate he wants to levy on ordinary income – 39.6% – for households with taxable income over $1 million. Harris, the people familiar with the matter say, believes 39.6% is too high.

While Harris still supports taxing the wealthiest individuals and corporations at higher rates – as Biden’s budget also calls for – she believes that a lower capital gains rate would incentivize investors to put more money into startups and small businesses. She has also proposed increasing the corporate tax rate to 28%, up from the current 21% rate set by Trump’s Tax Cuts and Jobs Act of 2017.

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[-] hitmyspot@aussie.zone 6 points 1 week ago

That and because the republicans will keep claiming they want to raise taxes and peopke dont like being taxed. Does it matter that its a tax increase that only affects the wealthy? No, as they too are a temporarily embarrassed millionaire.

I do agree that capital income and earned income should be treated equally, but the politics of that make it more difficult.

It might have been better to reduce the higher income tax by an equivalent amount to match a higher rate, so that the overall tax take is roughly similar, somewhere in the middle, but then shed be accused of helping billionaires.

[-] Tedrow@lemmy.world 11 points 1 week ago

I really don't believe in the temporarily embarrassed millionaire. I just think people are that stupid. They hear tax increase and never look further.

[-] tiefling@lemmy.blahaj.zone 8 points 1 week ago* (last edited 1 week ago)

These are the same people who believe getting a raise means you end up with less due to taxes

Mind you, there is a hell pit where you make too much to qualify for assistance but not enough to afford existing, but that's not what I'm talking about.

[-] Tedrow@lemmy.world 1 points 1 week ago

Oh yeah, I was in that hell pit growing up and trying to get through college. The hell pit is awful. There is an even worse hell pit for disability benefits.

[-] Ensign_Crab@lemmy.world 6 points 1 week ago

That and because the republicans will keep claiming they want to raise taxes and peopke dont like being taxed.

Gotta move to the right or the people who want us to move to the right will say mean things about us. Like they do no matter what.

this post was submitted on 04 Sep 2024

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