Under her plan, taxes would go up sharply on some high-income households, and top marginal tax rates would reach their highest point since 1986. The wealthiest investors and company founders would encounter sizable capital-gains tax bills that they don’t face under current law.
Major pieces of the 2017 tax law expire at the end of next year absent congressional action, an outcome that lawmakers in both parties want to prevent. The expiration could give Harris leverage to demand support for some of her tax priorities. If the president and Congress do nothing, about 62% of households will see their taxes go up in 2026, according to the Tax Foundation.
Under the Harris plan, that top slice of households (about 0.01%) would pay an annual minimum tax of 25% of their income—using a broader definition of income that includes unrealized gains.
Under that plan, the top marginal income-tax rate for individuals would climb to 44.6% across almost all income types, compared with today’s lower top rates (23.8% on capital gains, 29.6% on some business income and over 39% on wages).
@IndependentNoraRepublican11mos11MO
We don't KNOW what Harris will do about anything.
It's been 36 days since Joe Biden dropped out of the race and Kamala Harris emerged as the nominee.
She has had ZERO press conferences and ZERO sit down media interviews.
She has taken less than 15 total questions from the media in ANY format.
As with Joe, she cannot go unscripted or debate anyone without an ear piece or teleprompter.
@CrushedBasmatiAmerican Solidarity11mos11MO
Oh, we know. If you think it'll be anything short of socialist redistribution of wealth from seniors and high-earning segments of society to those select few needed to win elections for dems, think again. It'll be a tax and spend clown fiesta, but free from the filibuster.
@PollingLynxAmerican Solidarity11mos11MO
Trillions in additional wealth transfer.
Good for freeloaders, bad for those who are productive and own things.
It's extraordinarily sad that we're at a point where there are enough freeloaders to vote somebody like this in.
@CulturedSheepRepublican11mos11MO
Too many people vote for a living. The welfare state reaches a point-of-no-return when the number of people riding in the wagon begins to outnumber the number of people pulling the wagon.
@DemocracyDingoRepublican11mos11MO
Under that plan, the top marginal income-tax rate for individuals would climb to 44.6% across almost all income types, compared with today’s lower top rates (23.8% on capital gains, 29.6% on some business income and over 39% on wages).
@PoultryBenVeteran11mos11MO
This article is entirely wrong. Taxes will go up for anyone who owes any assets, and that is 90% of America. Taxes on UNREALIZED gains is unprecedented. This is a tax on everything, including your house. This is a new tax, and combined with existing taxes can bring taxes up to 80% combined. Kamala wants to raise 5 trillion dollars to provide free housing, social security, free healthcare, free college tuition for all illegal immigrants, This is only the beginning. It will be highly inflationary. This is 100% socialist.
@ISIDEWITH11mos11MO
@ISIDEWITH11mos11MO
Loading the political themes of users that engaged with this discussion
Loading data...
Join in on more popular conversations.
