WASHINGTON—Vice President Kamala Harris on Sept. 4 proposed a new tax rate on capital gains at 28 percent, which is higher than the existing level but lower than President Joe Biden’s 2025 budget proposal that she previously endorsed.
Harris’s plan represents a departure from Biden’s budget proposal, which would raise the capital gains tax on individuals earning more than $1 million to 44.6 percent.
Her campaign had previously endorsed Biden’s tax plans in their entirety.
The announcement was made days before Harris’s Sept. 10 debate with former President Donald Trump, who has cast his Democrat opponent’s economic plans as being bad for businesses….
