Vice President Kamala Harris has officially deviated from one of President Joe Biden’s policy plans, announcing Wednesday a vastly different proposal for capital gains tax and other tax benefits.
While speaking to a crowd in Portsmouth, New Hampshire, Harris shared that she will call for a lower long-term capital gains tax than initially proposed by Biden, as well as a vastly expanded $50,000 tax benefit for new small businesses.
“And while we ensure that the wealthy and big corporations pay their fair share, we will tax capital gains at a rate that rewards investment in America’s innovators, founders, and small businesses,” Harris said.
The vice president proposed a 28% long-term capital gains tax on people making $1 million a year or more.
Biden had previously called for a 39.6% tax rate on capital gains.
Republican nominee and former President Donald Trump has not said where he stands on long-term capital …
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