Vice President Kamala Harris on Wednesday proposed a 28% tax on long-term capital gains for households with an annual income of $1 million or more, lower than the 39.6% rate President Joe Biden laid out in his 2025 fiscal year budget.
“We will tax capital gains at a rate that rewards investment in America’s innovators, founders and small businesses,” the Democratic presidential nominee said at a rally in North Hampton, New Hampshire. The Wall Street Journal was first to report Harris’ capital gains tax plan.
Long-term capital gains, or assets held for more than one year, are currently taxed at a maximum rate of 20%.
Harris’ announcement marks a rare divergence from Biden’s economic platform.
The newly minted Democratic presidential nominee has so far largely kept her economic proposals in line with those of her current boss.
Harris has adopted much of the president’s aggressive rhetoric toward big corporations and had previously endorsed his proposed budget’s tax …