A top business world critique of Kamala Harris since becoming the Democratic nominee is her endorsement of plans from the Biden administration that would...
A top business world critique of Kamala Harris since becoming the Democratic nominee is her endorsement of plans from the Biden administration that would reshape how the assets of America's richest citizens are taxed.
The way the Biden White House has tried to cast the idea is as an effort to create a minimum tax rate for the top 0.3 percent of all households., is that these households with massive assets pay the same "marginal rate on their income just like a high-paid worker pays on their wages."The most controversial idea by far is a plan to tax the unrealized capital gains of households if their net worth exceeds $100 million.
In response, former President Trump has sought to charge that any limits on these plans would be quickly done away with. Long-term capital gains are currently taxed at 20% for the richest Americans. This plan would — at least for households making over $1 million a year — raise this rate to be in line with rich taxpayers’ overall rate.
Many of these proposals "have been reiterated year after year because a Democratic Congress did not pass them," Brian Gardner, Stifel chief Washington policy strategist, said in a recent note to clients.If she wins, Harris could face a more inhospitable political climate than Biden faced when he took office with Democrats facing an uphill fight to keep control of the Senate.
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