Vice President Kamala Harris has officially endorsed President Biden’s ambitious proposal to raise the capital gains tax to 44.6%, marking a historic high.
This proposal also includes a 25% tax on unrealized gains for individuals with wealth exceeding $100 million.
Harris expressed her support during the 2024 Democratic National Convention in Chicago, where she shared the stage with Biden.
In addition to backing Biden’s tax initiatives, Harris has put forth her own proposals, including a corporate tax increase from 21% to 28%, exemptions for tipped workers, and a $6,000 tax credit for parents of newborns.
Her campaign emphasizes that these measures aim to ensure that billionaires and large corporations pay their fair share, contrasting her fiscal responsibility with former President Trump’s policies, which she argues could lead to increased deficits and middle-class tax burdens.
Despite the ambitious nature of these proposals, passing them through a potentially divided Congress poses significant challenges, even with a Democratic majority.