Welcome to the discussion of US Politics!
Rules:
Links must be to the original source, not an aggregator like Google Amp, MSN, or Yahoo.
Example:
We ask that the users report any comment or post that violate the rules, to use critical thinking when reading, posting or commenting. Users that post off-topic spam, advocate violence, have multiple comments or posts removed, weaponize reports or violate the code of conduct will be banned.
All posts and comments will be reviewed on a case-by-case basis. This means that some content that violates the rules may be allowed, while other content that does not violate the rules may be removed. The moderators retain the right to remove any content and ban users.
That's all the rules!
Civic Links
• Congressional Awards Program
• Library of Congress Legislative Resources
• U.S. House of Representatives
Partnered Communities:
• News
Harris said in her speech Wednesday she wants to increase the capital gains tax to 28 percent for those with $1 million or more in income, which is up from its current effective level of 23.6 percent but well shy of the 44.6 percent rate proposed in a budget update from the Biden administration in July.
So progress will slow down from Biden's glacial rate...
The much bigger question is whether Harris will succeed in taxing unrealized capital gains (as her campaign plans). Currently all the gains of the very rich are unrealised meaning they don’t pay any taxes. It doesn’t even matter if the rate is 22 percent or 40 percent. I actually really like Harris’ proposal of first fixing the system before hiking the rates
The much bigger question is whether Harris will succeed in taxing unrealized capital gains
A cynical but likely take is it will go about as well as when Biden made campaign promises dependent on congressional votes...
Even if we have majorities, we'll be told we don't have the numbers to pass a vote so no vote will be held
Oh I mean, I am cynical as well. First about whether she’ll push through. Second, about congress agreeing. Just pointing out that the discussion on the rate is not so important.
Biden was never going to pass a capital gains tax increase before the election. Dems want to campaign on the issue, and Biden retiring means he can propose all sorts of shit that will make Harris seem reasonable.
28% is still way too low, but if they can tax unrealized gains used as collateral, that would close a massive loophole and bring in far more revenue than a few percentage points on realized gains.
But yes, Harris has indicated that she's a centrist, and there aren't enough progressives in Congress to move the ball forward. Putting Trump behind bars would be enough for me, though.
The Hill - News Source Context (Click to view Full Report)
Information for The Hill:
MBFC: Least Biased - Credibility: High - Factual Reporting: Mostly Factual - United States of America
Wikipedia about this source
Media Bias Fact Check | bot supportSearch topics on Ground.News
https://thehill.com/business/4863337-mark-cuban-harris-tax-policy-capital-gains/