Harris’s Capital Gains Tax Break

Published On Sep 5, 2024, 8:01 AM

Vice President Kamala Harris has proposed a new capital gains tax policy that raises the tax rate for individuals earning over $1 million to 28%, significantly lower than the 39.6% proposed by President Biden. Harris's move is seen as an attempt to balance the interests of corporate donors with progressive supporters. She also proposed allowing new companies to deduct up to $50,000 in startup expenses, which critics say may primarily benefit failing startups, as it allows for quicker deductions of founding expenses.