Kamala Harris Endorses Tax Plan Targeting Wealthy Households
The Kamala Harris campaign unveiled a tax plan focusing on high-end tax increases, aiming to raise around $5 trillion over 10 years. The proposal includes President Biden’s suggested tax hikes on corporations and wealthy households.
One of the most controversial aspects of this plan is the proposed tax on unrealized capital gains, which would impact households with over $100 million in assets. This idea aims to address the issue of wealthy households avoiding taxation by living off unsold and unrealized assets.
Unrealized capital gains refer to the theoretical profits that occur when an asset’s value increases but remains unsold. On the other hand, realized capital gains stem from selling an asset for a profit based on its original cost.
