Why Harris is splitting with (some of) Biden's capital gains plans

Published On Sep 4, 2024, 5:20 PM

Vice President Kamala Harris is proposing a 28% capital gains tax rate for the ultra-rich, shifting from President Biden's higher proposed rate. This change aims to address criticisms from business leaders who found the previous capital gains plan unworkable. Harris emphasizes that the new plan supports investment and innovation while ensuring fair tax contributions from the wealthy. Despite this change, she still supports taxing unrealized gains and increasing the federal corporate tax rate.

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Stock Forecasts

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With Kamala Harris advocating a more investor-friendly capital gains tax while still focusing on fair taxation of the wealthy, stocks related to small businesses and innovation sectors may experience positive investor sentiment. Companies that focus on growth and innovation might benefit from increased investment and reduced tax liabilities compared to the original Biden plan.

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