Vice President Kamala Harris speaks at a convening on marijuana reform, Friday, March 15, 2024, in the Roosevelt Room of the White House. (Official White House Photo by Lawrence Jackson)
Kamala Harris is attempting to pull one over on businesses and investors by pretending to moderate Joe Biden’s radical proposal on taxing capital gains. The Wall Street Journal’s editorial board explains:
We’ve seen many presidential campaigns, but this is the first in which the candidate proposing a huge tax increase is pitching herself as a supply-side tax cutter. That’s what Kamala Harris is trying to float past voters, and so far she’s getting away with it.
“If you earn a million dollars a year or more, the tax rate on your long-term capital gains will be 28% under my plan, because we know when the government encourages investment, it leads to broad based economic growth,” Ms. Harris said to cheers in New Hampshire. Give her credit for knowing how to win plaudits from rich donors.
Mark Cuban told CNBC she is “going center 100%” by talking “more about entrepreneurs and helping them have access to investment.” She does talk a good game. And the press is hailing her tax “moderation” because President Biden has proposed raising the top capital gains rate to 44.6%.
The truth is Ms. Harris is still proposing to raise the capital gains rate by nearly 40%, which would slam entrepreneurs. The 28% rate she’s talking about is misleading since she also backs a five-percentage point surcharge on investment income. Her plan would raise the top capital-gains tax rate on taxpayers making more than $1 million to 33% from 23.8%.
That would be the highest rate since 1978, when Congress passed the famous Steiger Amendment, reducing it to 28% from 35%. The history of the capital gains rate underscores how far left Ms. Harris and the Democratic Party have moved on taxes.
Read more here.
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