Kamala Harris Unveils Modified Tax Plan with Focus on Capital Gains and Small Business Incentives

Harris seeks to balance progressive tax increases with moderate proposals to attract broad support.

Vice President Harris proposes a 28% tax rate on long-term capital gains for Americans earning over $1 million.
The proposed rate is significantly lower than President Biden's previously suggested 39.6% rate.
Harris also advocates an expanded tax deduction for new small businesses and the elimination of federal income tax on tips.
Her tax plan combines progressive elements with moderate adjustments, aiming to appeal to both business leaders and working-class voters.
Despite modifications, Harris maintains key elements of Biden's tax agenda, including the Billionaire Minimum Income Tax.