this post was submitted on 04 Sep 2024
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politics

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Vice President Kamala Harris proposed increasing the long-term capital gains tax rate to 28% for wealthy Americans during an economic speech in New Hampshire on Wednesday, breaking with the policy laid out by President Joe Biden in his 2025 budget by suggesting a lower rate.

The current long-term capital gains tax rate – 20%, plus an additional 3.8% tax on higher earners – is paid when an investment is sold, or gains are realized. The Biden budget proposes raising that rate to the top rate he wants to levy on ordinary income – 39.6% – for households with taxable income over $1 million. Harris, the people familiar with the matter say, believes 39.6% is too high.

While Harris still supports taxing the wealthiest individuals and corporations at higher rates – as Biden’s budget also calls for – she believes that a lower capital gains rate would incentivize investors to put more money into startups and small businesses. She has also proposed increasing the corporate tax rate to 28%, up from the current 21% rate set by Trump’s Tax Cuts and Jobs Act of 2017.

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[–] [email protected] 11 points 2 months ago (1 children)

I really don't believe in the temporarily embarrassed millionaire. I just think people are that stupid. They hear tax increase and never look further.

[–] [email protected] 8 points 2 months ago* (last edited 2 months ago) (1 children)

These are the same people who believe getting a raise means you end up with less due to taxes

Mind you, there is a hell pit where you make too much to qualify for assistance but not enough to afford existing, but that's not what I'm talking about.

[–] [email protected] 1 points 2 months ago

Oh yeah, I was in that hell pit growing up and trying to get through college. The hell pit is awful. There is an even worse hell pit for disability benefits.