Harris wants a 28% capital gains tax rate for top earners. Here’s what advisors are telling clients
Vice President Kamala Harris is calling for a higher capital gains tax rate, and financial advisors have tips for top earners who could be affected.
The Democratic presidential nominee has proposed a 28% tax on long-term capital gains, or assets owned for more than one year, for households making more than $1 million annually. This would be an increase from the current rate of 20% for top earners.
“We will tax capital gains at a rate that rewards investment in America’s innovators, founders and small businesses,” Harris said Wednesday at a campaign event in New Hampshire.
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While Harris’ tax policy has mostly aligned with President Joe Biden, her proposed capital gains rate is lower than the 39.6% rate proposed in Biden’s fiscal year 2025 budget.
The Harris campaign did not respond to CNBC’s request for comment.