Chicago – September 04, 2024
Democratic presidential candidate Kamala Harris has proposed a different plan for the capital-gains tax, which is the tax on profits from selling things like stocks or real estate. Harris suggested a 28% tax rate for Americans making at least $1 million. This rate is lower than the 39.6% rate President Joe Biden had previously proposed in his budget.
Harris explained that her plan aims to make sure that wealthy people and large companies pay what they owe, but also to encourage investment in small businesses and entrepreneurs in the U.S. She shared her ideas during a speech at the Throwback Brewery in North Hampton, New Hampshire.
The Wall Street Journal was the first to report on Harris’s tax plan. Currently, the capital-gains tax rate is 23.8%. Harris, like Biden, has been critical of the tax cuts for the rich supported by Donald Trump, the Republican candidate.
