Kamala Harris mulls curbing Biden's capital-gains tax proposal: WSJ

Investing.comSep 4, 2024 7:02 PM

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Investing.com -- Democratic presidential nominee Kamala Harris is mulling a less drastic increase on the top capital-gains tax rate to strike a balance between taxing the wealthy and spurring investment, the Wall Street Journal reported Wednesday, citing people familiar with the matter.

A Harris campaign spokesman declined the Journal's request for comment, but the move marked a breakaway from President Joe Biden's proposals to change the current capital-gains laws.

Under current law, the highest long-term capital-gains tax rate is 23.8% on realized gains, or gains that are made when taxpayers sell assets. Unrealized gains, however, are excluded.

Biden's budget proposals aimed to tax capital gains at ordinary income tax rates for households with taxable income in excess of $1M that could see capital gains taxes rise to 39.6% from 37% under proposed changes tabled by Democrats.

The sources told the Journal that the updated Harris proposal would still keep that $1M cap but set a lower top tax rate.

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