"We will tax capital gains at a rate that rewards investment in America's innovators, founders and small businesses," Harris said in Portsmouth. She paired her new capital gains position with a fresh proposal to increase the tax deduction available for new small businesses from $5,000 to $50,000. "One of my highest priorities will be to strengthen America's small businesses," she said.
Harris' call for Americans making $1 million a year to pay a 28% capital gains rate marked a symbolic departure from President Biden, who prefers a higher 39.6% tax.
As she has filled in the gray areas of her tax policy, Harris has mostly photocopied the president's proposals.
For Biden, taxing capital gains as regular income - which is where the 39.6% rate comes from - has always been a matter of basic economic fairness.
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