Donors Quietly Push Harris to Drop Tax on Ultrawealthy

Published On Aug 29, 2024, 5:56 PM

Vice President Kamala Harris is experiencing increased fundraising support from Silicon Valley and Wall Street. However, some of her wealthy donors are urging her to rethink support for a proposed tax on billionaires, which would mandate a 25% tax on unrealized gains for Americans with over $100 million in assets. This proposal is part of President Biden's budget plan aimed at creating a 'billionaire minimum income tax,' but it has sparked concern among Harris's donors who prefer different tax approaches.

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The proposed tax on billionaires could negatively impact major tech and financial firms, particularly those with significant investments from wealthy individuals that might be affected by the tax. This could lead to decreased stock values as wealthy investors adjust their portfolios or reconsider their investment strategies in response to tax burdens.

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