Harris Supports Tax on Unrealized Gains, Sparking Controversy

Under the new proposal, people with a net worth of more than $100 million would have to pay a minimum effective tax rate of 25 percent.

Democratic presidential nominee and Vice President Kamala Harris waves to the crowd during a campaign stop at the Throwback Brewery in North Hampton, N.H., on Sept. 4, 2024. John Tully/Getty Images

WASHINGTON—As part of her campaign platform, Vice President Kamala Harris has advocated a tax on unrealized capital gains from assets such as stocks and bonds. The proposal, although not new, has faced opposition from both sides of the aisle, with some critics questioning its constitutionality.

Harris, the Democratic presidential nominee, has backed President Joe Biden’s tax increases outlined in the fiscal year 2025 budget proposal, which includes a plan to tax unrealized capital gains of individuals with net wealth above $100 million.