Democratic presidential nominee Kamala Harris pitches a 28% top capital gains tax rate — lower than President Joe Biden's proposal — as she aims to encourage investment while maintaining progressive tax reforms. (AP File)
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Vice President Kamala Harris has unveiled a softer approach to capital gains tax increases compared to President Biden’s original proposal, aiming to strike a balance between economic growth and tax reform.
According to the Financial Times, Harris proposes raising the top capital gains tax rate for the wealthiest Americans to 28%, a more moderate increase than Biden’s earlier plan.
Speaking at a campaign rally in New Hampshire, Harris emphasized the importance of encouraging investment in America’s innovators and small businesses.
“We know that when the government encourages investment, it leads to broad-based economic growth, and it creates jobs, which makes our economy stronger,” she said.
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Harris Committed to Other Tax Hikes on Corporations, the Wealthy
This move comes as Harris ramps up her presidential campaign following Biden’s decision to drop his re-election bid in July. The vice president is now tasked with presenting distinctive policies to voters, with the economy and taxes expected to be key issues in the upcoming televised debate against Donald Trump.
While Harris’s capital gains tax proposal is more moderate than Biden’s, she remains committed to other significant tax increases on corporate America and high-income households. These include raising the corporate tax rate, quadrupling the tax on stock buybacks, and introducing a minimum tax rate for billionaires.
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Harris Contrasts Tax Plan With Trump’s Approach
Harris sought to differentiate her stance from Trump’s, claiming, “He plans to give billionaires massive tax cuts and to cut corporate taxes by over a trillion dollars, even as they pull in record profits.”
It’s important to note that any changes to U.S. fiscal policy would require congressional approval, potentially facing obstacles if Democrats don’t secure majorities in both the House and Senate in November.
Read more at Financial Times
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