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Harris unveils plan for 28% capital gains tax, softening Biden’s proposal for 40% rate (www.cnbc.com)

submitted 5 months ago* (last edited 5 months ago) by davel@lemmy.ml to c/usa@lemmy.ml

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Economically to the right of Genocide Joe.

Long-term capital gains, or assets held for more than one year, are currently taxed at a maximum rate of 20%.

So not nothing, but not much, assuming the change can be pushed through at all. Nothing will fundamentally change. These taxes wouldn’t even affect well-paid workers; they only kick in at $1M.

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[–] themeatbridge@lemmy.world 19 points 5 months ago* (last edited 5 months ago)

I mean, that's a classic political maneuver. Biden is on his way out, proposes a massive tax hike, so Harris can come in and seem reasonable by comparison.

Capital Gains taxes should be higher, and unrealized gains should absolutely be taxed when they are used as collateral for a loan. 40% at the highest bracket isn't even that outrageous historically, considering it's essentially just leeching value from the booming economy. But 40% would never have made it through Congress. 28% is depressingly low, which I guess is what Dems are going for. Something that progressives won't be happy with so it feels like a compromise.