The post Kamala Harris proposes highest Capital Gains Tax in over 100 years for stocks and crypto appeared on BitcoinEthereumNews.com.

Earlier in 2024, there was a significant backlash to President Biden’s proposed tax plan, which would see capital gains taxes rise to their highest levels in 100 years, unrealized gains become taxable for some individuals, and corporate taxes see a substantial uptick. Despite the passage of nearly five months and the changing of the Democratic Party candidate from Biden to Vice President Kamala Harris, the debate has not subsided and has, in several ways, only grown more intense. Indeed, Harris historically endorsing measures deemed even more radical than the current President’s and her recent comments on price controls seeing her labeled a ‘communist’ have only stepped up the pressure on the campaign. Why is the Harris tax plan so controversial? For many in the U.S., the pressure on Harris can be seen as justified. The candidate has pledged to continue pushing for the outgoing President’s tax reform program, and her administration, if successful, would indeed see stock and cryptocurrency taxes go up to their highest levels in a century. The presidential hopeful’s plan entails raising the upper limit to capital gains taxes from 37% to 39.4% and, if the original scheme is more closely implemented, to 44.6%. There is also significant confusion about how the potential administration would handle cryptocurrencies.  On the one hand, the Democratic Party has been tough on the sector and the Biden program was reported as intending to eliminate a special tax subsidy for digital assets and other transactions, thus significantly raising the burdens associated with actively engaging with the crypto markets. On the other, Harris has made her intentions for a rapprochement with the industry known, casting some doubt on how the actual approach to cryptocurrencies might look, especially since the details have been severely lacking. Finally, the plan would also raise the corporate tax…

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Filed under: News - @ August 28, 2024 2:20 pm