Mon Sep 09 15:17:16 UTC 2024: ## Harris Proposes Tax Hike on Wealthy, But Not as High as Biden

**Philadelphia, PA** – Vice President Kamala Harris has proposed a 28% tax on long-term capital gains for Americans earning over $1 million, a move that falls short of President Biden’s proposed 39.6% rate. While the proposed hike is significant, it drew criticism from Senator Bernie Sanders, who considers it too low.

Harris’s proposal aligns with her campaign’s focus on addressing income inequality. Despite her progressive background, her tax plan largely mirrors Biden’s, including a promise to avoid raising taxes for those earning under $400,000.

Other key components of Harris’s tax plan include:

* **Corporate Tax Increase:** Raising the corporate tax rate from 21% to 28%, a partial reversal of the Trump-era cut.
* **Billionaire Minimum Income Tax:** Imposing a 25% minimum income tax on households worth over $100 million.
* **Expanded Child Tax Credit:** Continuing Biden’s commitment to expanding this credit.
* **Small Business Tax Deductions:** Offering up to $50,000 in deductions for eligible startup expenses.
* **Tax on Stock Buybacks:** Increasing the tax on stock buybacks from 1% to 4%.
* **Tax on Unrealized Capital Gains:** Adopting Biden’s controversial proposal to tax unrealized capital gains, effectively a wealth tax.
* **Tax Credits for Lower-Income Americans:** Offering tax credits to eligible renters and individuals making below $50,000 through her LIFT the Middle Class Act.

While some of Harris’s proposals, like the tax deduction for small businesses, might be seen as pro-business, her overall plan remains focused on raising taxes for the wealthy and providing relief for lower-income Americans.

This moderate approach has led to questions about whether Harris is moving away from her traditional far-left stance. However, Senator Sanders maintains that Harris remains a progressive despite some more moderate positions.

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