(C) Common Dreams
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Donors Quietly Push Harris to Drop Tax on Ultrawealthy [1]
['Andrew Duehren', 'Theodore Schleifer']
Date: 2024-08-29
Donors to Vice President Kamala Harris’s campaign are pushing her to reconsider supporting a proposed tax on the wealthiest Americans, as some Wall Street and Silicon Valley executives try to reshape the Democratic nominee’s governing agenda.
Ms. Harris’s campaign last week said she supported the tax increases included in President Biden’s latest White House budget proposal. One of those plans would require Americans worth at least $100 million to pay taxes on investment gains even if they have not sold the stocks, bonds or other assets that have appreciated.
Under the plan, those Americans would owe a 25 percent tax on a combination of their regular income, like wages, and so-called unrealized gains. The so-called billionaire minimum income tax could create hefty tax bills for wealthy individuals who derive much of their wealth from the stocks and other assets they own.
The proposal has hit a nerve with some of the donors who have flocked to supporting Ms. Harris after Mr. Biden dropped out of the presidential race, according to seven people familiar with the conversations.
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[1] Url:
https://www.nytimes.com/2024/08/29/us/politics/donors-harris-tax-ultrawealthy.html
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