Kamala Harris, the vice president, has not publicly expressed her support for President Joe Biden’s$ 5 trillion tax plan, which includes the contentious idea of taxing the wealthiest people’s unrealized capital gains.
The Harris strategy announced this week that she supports the suggested revenue increases that were included in Biden’s 2025 budget proposal without much fanfare or news. The optimistic tax increases, if passed, would indicate a significant change in U. S. income plan, but Harris, whom Republicans have worked to connect to the more controversial Biden, has not discussed the tax agenda.
Her plan confirmed to the Wall Street Journal on Wednesday that Harris backs the revenue increases that were suggested in his most recent budget plan for the 2025 resources.
Otherwise, Harris and her campaign have n’t said anything about the proposal, making it unusual for the candidate to have accepted that she has been linked to a set of policies that would have significant effects on the nation while having not discussed it in any meaningful way.
The Washington Examiner emailed a number of Harris campaign assistants to get confirmation that she backs Biden’s plan to tax high earners ‘ unrealized capital gains and the remaining tranche of tax ideas, but they never received any actions. The tax plan or any other policy plan are not mentioned on Harris ‘ campaign website. Harris herself has certainly made a comment.
One of the most ambitious tax increases in Biden’s budget would tax the unrealized capital gains of those with greater than$ 100 million in wealth, a group that is small in number but significant in terms of overall investment. The plan, first outlined in 2023, would impose a 25 % minimum tax on the total income of those with assets greater than$ 100 million.
The liberal-left-leaning side of the Democrat Party favors hard entrepreneurs ‘ unrealized capital gains as a way to improve the tax code and also funding middle-class spending cuts and tax breaks. Critics see it as a complicated and difficult policy change that may hinder economic growth and investment.
If the plan were to become laws, it would be a significant change from the current tax system because gains would still be subject to income taxation. When investments are ultimately sold off, billionaires and the very powerful who have grown in worth are subject to capital gains tax under the current tax code.
The political fact is that even if Harris wins and Democrats are able to win the House and Senate, it would be extremely difficult to pass a tax on the wealthy’s unrealized capital gains, in part because not all Liberals are supportive of such a move.
A wealth taxes would have been a common policy, according to Alex Conant, a partner and strategist for the GOP and a partner at Firehouse Strategies, who told the Washington Examiner years ago. He claimed that there are financial justifications against pursuing such a significant tax policy change.
Furthermore, he said it would” spark a wave of criticism”, even from some Liberals, and that the plan is underestimating how many people may oppose such a change.
” It may make so many losers that it would make a lot of Democrats uncomfortable”, Conant said.
Harris endorsed another significant Biden-budget tax item, which would have reduced the corporate tax rate from 21 % to 28 % as part of the Trump tax cuts.
” As leader, Kamala Harris will focus on creating an opportunity business for the middle class that improvements their economic stability, security, and dignity”, Harris campaign spokesman James Singer said.
Harris has been mocked by Republicans and the Trump plan for being cautious with legislation recommendations. The Trump plan created a belittle plan website, KamalaPolicies2024.com, satirizing her.
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However, in recent days, she has begun to uncover more policy ideas, including rolling out a plan to eliminate taxes on tips, pledging to combat what she describes as , cost gouging , at grocery stores, and calling for new , cover subsidies.
On Thursday night, Harris is scheduled to deliver the keynote address at the Democratic National Convention.
