Harris Proposes New Capital Gains Tax Plan Diverging from Biden's Approach

Vice President Kamala Harris's plan includes a 28% top rate for high earners and a billionaire minimum tax, differing from President Biden's more aggressive proposal.

• Harris's proposal raises the top capital gains tax rate to 28% for those earning over $1 million, compared to Biden's proposed 39.6%.
• The plan also increases the Net Investment Income Tax from 3.8% to 5%, resulting in a combined federal rate of 33%.
• Harris's plan would create a new tax bracket for the highest earners, making the U.S. rate the second highest in the developed world.
• The proposal includes a controversial 25% minimum tax on unrealized capital gains for those with assets over $100 million.
• Critics argue the plan could harm investment and economic growth, especially in states with high state capital gains taxes like New York.

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Denver Gazette Washington Examiner Americans for Tax Reform