Harris Breaks From Biden in Plan to Impose Lower Capital Gains Tax Hike

The suggested 28 percent rate is a reduction from the 44.6 percent proposed by Biden, although it still amounts to a tax increase for high income taxpayers.

Vice President Kamala Harris and President Joe Biden meet with local union members and their families at the International Brotherhood of Electrical Workers Local 9 in Pittsburgh on Sept. 2, 2024. Andrew Caballero-Reynolds/AFP via Getty Images

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 is 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.