Harris wants a 28% tax on capital gains for those making $1 million per year, while President Biden has pushed a top rate of 44.6%.
Vice President Kamala Harris called Wednesday for higher taxes on big-dollar investments like real estate and stocks during an appearance in New Hampshire — while floating plans for more deductions for small businesses.
“If you earn a million dollars a year or more, the tax rate on your long-term capital gains will be 28% under my plan,” Harris told supporters in North Hampton, “because we know when the government encourages investment, it leads to broad-based economic growth and it creates jobs.”
The top capital gains tax rate currently is 20% — meaning the Democratic presidential nominee’s proposal amounts to a sizable hike for people who sell land or other holdings that have appreciated significantly in value.
The pitch by Harris, 59, calls for a more modest increase in capital gains taxes than a plan proposed by President Biden that called for top rates of 44.6% on investment income.
The veep did not directly mention Biden’s call for taxes on unrealized capital gains on top earners and a fact sheet released by her campaign also didn’t touch the idea — though Harris did say in her speech that “I support a billionaire minimum tax,” using terminology associated in the past with the plan.
