Harris proposed Wednesday rising the capital good points tax to 28 p.c for these with $1 million or extra in revenue, up from its present efficient degree of 23.6 p.c.
Harris’s goal fee is properly under the 44.6 p.c fee proposed in a price range replace from the Biden administration in July. It’s also decrease than the proposed improve to 39.6 p.c included within the president’s most up-to-date price range.
“If you happen to earn 1,000,000 {dollars} a yr or extra, the tax fee in your long-term capital good points will likely be 28 p.c underneath my plan, as a result of we all know when the federal government encourages funding, it results in broad based mostly financial development,” Harris stated.
Harris fleshed out extra particulars on her financial plans in the course of the speech, together with one other proposal to extend a tax deduction for brand new companies from $5,000 to $50,000, larger “entry to capital,” help for “enterprise incubators” and extra federal contracts with small companies.
Harris additionally talked about administrative adjustments to enterprise tax submitting, “much like how people can take a regular deduction.”
The Hill’s Tobias Burns has more here.