JUST NOW: Kamala Harris backs President Biden’s 44.6% capital gains tax…..

Kamala Harris backs President Biden’s 44.6% capital gains tax proposal, the highest in history.

Kamala Harris Backs President Biden’s 44.6% Capital Gains Tax Proposal

Vice President Kamala Harris has publicly endorsed President Joe Biden’s ambitious proposal to impose a 44.6% tax on capital gains, marking the highest rate in U.S. history. This move is part of a broader initiative to reform the tax system, particularly targeting high-income individuals and addressing wealth inequality.

The proposed 44.6% tax rate applies to long-term capital gains, which are profits from the sale of assets held for more than a year. This rate exceeds the current highest capital gains tax rate and is aimed at ensuring that the wealthiest Americans contribute a fairer share to federal revenues. Harris’s support underscores the administration’s commitment to tackling economic disparity and funding critical public investments through progressive taxation.

In addition to the capital gains tax, the proposal introduces a 25% tax on unrealized gains for high-net-worth individuals. This measure is designed to address the issue of wealth accumulation that escapes taxation until assets are sold. By taxing unrealized gains, the administration aims to reduce the tax advantages that accrue to those with significant investments and ensure that the tax system is more equitable.

Harris’s backing of the proposal highlights a strategic push to generate additional revenue for crucial initiatives, such as infrastructure improvements and social programs. The plan reflects a broader policy objective to recalibrate the tax code to better align with contemporary economic realities and promote fiscal responsibility.

While the proposal has received strong support from the administration, it is likely to face resistance from various quarters, including political opponents and influential business groups. The debate over the proposal will be closely watched, as it represents a significant shift in tax policy and a key aspect of the administration’s economic agenda.