Harris Proposes 28% Capital Gains Tax for Millionaire Households, A Sharp Reduction from Biden's Proposed 39% Rate

Vice President Kamala Harris has proposed a 28% tax on long-term capital gains for households earning $1 million or more. This is a reduction from the nearly 39% rate proposed by President Joe Biden in his fiscal year 2025 budget. Long-term capital gains, assets held for over a year, are currently taxed at a maximum rate of 20%. Harris emphasized her plan aims to reward investment in innovators and small businesses. Her proposal marks a rare departure from Biden's platform.