Is Kammila Harris going to tax capital gains

Kamala Harris supports taxing unrealized capital gains, specifically targeting the ultra-wealthy. Here's a detailed analysis:

1. Proposed Tax on Unrealized Capital Gains: Kamala Harris has advocated for a tax on unrealized capital gains as part of her tax plan. This tax would be levied on the increase in value of assets that have not yet been sold, with the aim of addressing the issue of wealth accumulation without paying taxes. The tax would apply to individuals with a net worth exceeding $100 million.
2. Impact on Wealthy Households: The proposed tax is designed to target high-net-worth individuals, with the aim of ensuring that the wealthiest Americans pay a minimum tax on their total income. It is estimated that the tax would affect less than 11,000 people in the U.S., primarily due to its high threshold.
3. Economic Concerns: Critics argue that taxing unrealized capital gains could disincentivize long-term investments and encourage rent-seeking behavior. It could also lead to double-taxation, as investors use money they have already taxed to buy securities.
4. Political and Economic Context: The proposal is part of a broader tax plan that includes significant tax increases on corporations and high-net-worth individuals. If implemented, it would represent a rollback of the 2017 tax cuts and could have significant implications for the economy, including potential losses in business and increased government revenue.

In conclusion, Kamala Harris has expressed support for taxing unrealized capital gains, but it is unlikely to affect the vast majority of Americans. The proposal is focused on addressing tax avoidance by the ultra-wealthy, but it faces opposition due to its potential economic impact and concerns about double-taxation.