The Tax Foundation, a research, data and analysis organization billed as “the world’s leading nonpartisan tax policy 501(c)(3) nonprofit,” outlined the fundamentals of Harris’s tax policy and how it differs from the Biden administration’s current framework.
Here’s how Harris’s tax proposals could impact the wealthy.
Vice President Harris’s Past Tax Proposals
Starting with her failed 2020 presidential run, Harris has made several of her key tax policy ideas well known.
- Raising the highest marginal income tax rate on the top 1% from 37% back to 39.6%.
- Instituting a 4% “income-based premium” on households earning more than $100,000 a year to pay for “Medicare for All.”
- Raising capital gains tax rates to ordinary income tax rates, though it is unclear if Harris would do so only for the wealthy.
- Raising the corporate income tax rate to 35% from 21%.
- Broadly expanding the estate tax.
- Imposing a transaction tax at a rate of 0.002% for derivative transactions, 0.1% for bond trades and 0.2% for stock trades.
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