In a significant development, U.S. Vice President Kamala Harris, who is also a Democratic presidential candidate, has announced her support for President Joe Biden's proposed 44.6% capital gains tax. This proposal, which would be the highest in U.S. history, also includes a 25% tax on unrealized gains for high-net-worth individuals with assets exceeding $100 million.
Senior campaign advisor Brian Nelson confirmed Harris's backing of policies that will aid the growth of the digital assets sector. The endorsement comes as Harris's campaign aligns with this tax proposal during the 2024 Democratic National Convention.
Alongside Biden, Harris addressed the public at an event in Chicago earlier this week, reiterating her stance on the tax plan. Additionally, Harris's campaign team has proposed tax cuts that exceed those in Biden's budget. These include tax exemptions for tipped workers, a $6,000 tax credit for new parents, and the expansion of the child tax credit, although Biden's budget does not extend this policy beyond 2025.
James Singer, a spokesperson for Harris’s campaign, commented on the proposal, criticizing former President Trump's 2025 plan. Singer argued that Trump's agenda would increase the deficit, raise middle-class taxes by $3,900, and push the economy into a recession. He emphasized that Harris's plan is fiscally responsible, aiming to return money to working people and ensure that billionaires and large corporations pay their fair share.
Despite Harris’s support, market analysts predict that passing these tax proposals will be extremely challenging, even with a Democratic-controlled Congress, given the likely divisions over the plan.
Senior campaign advisor Brian Nelson, who also serves as the U.S. Treasury's Under Secretary for Terrorism and Financial Intelligence, reiterated Harris’s commitment to fostering the growth of the digital assets industry in a Bloomberg interview.
Cryptocurrency has become a contentious election issue in the industry, with a report released Wednesday by consumer advocacy group Public Citizen showing that cryptocurrency companies have spent $119 million in 2024, with nearly all of the money going to super PACs , especially Fairshake PAC.
Harris, meanwhile, has begun engaging with the crypto industry and said her team wants to learn more about crypto. A grassroots organization called Crypto4Harris held a general meeting on August 14 with the intention of “conducting a formal reset.” Some in the crypto industry have criticized the current Biden administration’s approach to regulating digital assets.
During a town hall meeting, Senate Majority Leader Chuck Schumer said he intends to pass legislation to regulate cryptocurrencies by the end of the year.
Kamala Harris supports an unrealized capital gains tax on individuals with wealth over $100 million who do not pay at least a 25% tax rate on their income, including unrealized gains, targeting only the wealthiest Americans , focused on the fairness of the tax system while raising concerns in the tech industry.
WenJunKamala Harris supports Biden’s historic 44.6% capital gains tax and a 25% tax on unrealised gains for the ultra-wealthy. Despite her commitment to digital asset policies, the crypto community remains sceptical. Harris faces a divided Congress, while Trump's pro-crypto stance and support from industry figures like the Winklevoss twins pose significant challenges.
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BanklessIf passed, the tax plan would raise the capital gains tax rate to 28.8% for "certain high-income individuals," while eliminating the "wash sale" loophole for crypto users.
Cointelegraph