US billionaires and big companies are panicking! Harris proposes a 44.6% capital gains tax bill...

FX168 Financial News Agency (Asia Pacific) reported that US Vice President and Democratic presidential candidate Kamala Harris announced her support for President Biden's 44.6% capital gains tax bill, which will be the highest in history. It will also include a 25% tax on unrealized gains for high net worth individuals with wealth exceeding $100 million. Senior campaign adviser Brian Nelson said Harris will support policies that help digital assets grow.

Watcher.Guru reported that Harris' campaign team also supports the tax proposal as the Democratic National Convention is held in 2024. Harris spoke at an event in Chicago with President Biden earlier this week.

The Democratic candidate also proposed tax cuts that exceed Biden's budget.

These measures include tax exemptions for tipped workers, a $6,000 tax credit for parents of newborns, and an expansion of the child tax credit, but the Biden budget will not extend this policy beyond 2025.

James Singer, a spokesman for the Harris campaign, said in a statement on Harris' proposal, "Trump's 2025 plan's extreme agenda will push up the deficit, increase taxes on the middle class by $3,900, and push our economy into recession, while her plan is a fiscally responsible way to put money back into the pockets of working people and ensure that billionaires and large companies pay their fair share."

The market generally expects that if Harris is elected president, it will be extremely difficult for these tax proposals to pass. Even if controlled by the Democratic Party, the current Congress will be deeply divided on the proposal.

Brian Nelson, a senior campaign adviser to the US Democratic Party, said in an interview with Bloomberg that Harris plans to support measures to help the digital asset industry develop.

(Source: The Block)

Nelson serves as the US Treasury's undersecretary for terrorism and financial intelligence.

He mentioned that Harris will "support policies that ensure that the emerging technology industry can continue to develop." He also pointed out that the industry has been calling for "stable rules."

Cryptocurrency has become a controversial election issue for the industry, with a report released Wednesday by consumer advocacy group Public Citizen showing that cryptocurrency companies have spent $119 million in 2024, with almost all of the money going to super PACs, particularly Fairshake PAC.

The group said cryptocurrency companies' spending ranked second among all election-related expenditures.

Some key figures in the cryptocurrency industry have already invested their influence and money in Trump's camp, with Gemini co-founders Tyler and Cameron Winklevoss donating $2 million worth of Bitcoin to Trump. On Twitter, Cameron Winklevoss said he plans to vote for Trump, calling the former president "pro-Bitcoin, pro-cryptocurrency, pro-business."

Trump has been seen as friendly to the cryptocurrency industry, promising to end the "illegal, un-American suppression" of the U.S. cryptocurrency industry. He has also made progress with the cryptocurrency industry by choosing cryptocurrency-friendly candidate JD Vance as his running mate and promising to speak up for Bitcoin miners.

Meanwhile, Harris has begun to reach out to the crypto industry and said her team wants to learn more about crypto. A grassroots group called Crypto4Harris held a general meeting on August 14 to "conduct a formal reset." Some in the crypto industry have criticized the current Biden administration's approach to regulating digital assets.

"There is real progress being made with the combined efforts of multiple parties, and I think we are seeing the first phase of the reset, and everyone should continue to pay attention," said Jonathan Padilla, an organizer of Crypto4Harris, in a message.

In a town hall meeting, Senate Majority Leader Chuck Schumer said he intends to pass legislation to regulate cryptocurrencies by the end of the year.