Harris Breaks From Biden in Plan to Impose Lower Capital Gains Tax Hike

The proposed 28 percent tax rate is a decrease from the 44.6 percent initially suggested by Biden, still resulting in a tax increase for individuals with high incomes. Kamala Harris introduced this new tax rate on capital gains, higher than the current level but lower than Biden’s proposed rate. This announcement came shortly before Harris’s debate with Donald Trump, who criticized her economic plans. Currently, long-term capital gains are taxed at a maximum of 20 percent, with potential additional taxes for high earners. Harris’s plan would tax long-term capital gains at 28 percent for individuals earning over a million dollars annually. It is uncertain if this 28 percent figure includes other taxes like the net investment income tax. Trump’s campaign has criticized Harris’s tax proposals as being detrimental to small businesses. Some tax experts have expressed concerns about the impact of these changes on capital markets. Please provide an alternative version of the text.

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