{"id":2329451,"date":"2024-08-22T18:34:59","date_gmt":"2024-08-22T22:34:59","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/harris-radio-silent-on-5-trillion-in-tax-hikes-she-reportedly-backs-washington-examiner\/"},"modified":"2024-08-22T18:39:08","modified_gmt":"2024-08-22T22:39:08","slug":"harris-radio-silent-on-5-trillion-in-tax-hikes-she-reportedly-backs-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/harris-radio-silent-on-5-trillion-in-tax-hikes-she-reportedly-backs-washington-examiner\/","title":{"rendered":"Harris radio silent on $5 trillion in tax hikes she reportedly backs &#8211; Washington Examiner"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fharris-radio-silent-on-5-trillion-in-tax-hikes-she-reportedly-backs-washington-examiner%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2329451&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Vice President \u2064Kamala Harris has \u2062not publicly commented on\u200c her reported support for \u2062President Joe Biden&#8217;s $5 trillion tax plan, which includes a controversial measure to tax unrealized capital \u2063gains of the wealthiest Americans.\u200c Although\u2062 her campaign confirmed her backing of the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-unveils-massive-infrastructure-plan-calls-it-once-in-a-generation-investment\/\" title=\"Biden Unveils Massive Infrastructure Plan, Calls It \u2018Once-In-A-Generation Investment\u2019\">proposed tax increases<\/a>\u2064 in Biden&#8217;s 2025 budget, \u2063Harris has remained silent on the specifics, creating an \u2064unusual scenario for a candidate closely tied to a\u200b major policy change without articulating her stance.<\/p>\n<p>The proposed tax plan aims\u200b to impose \u2063a\u2064 25% minimum tax on the income\u2064 of individuals\u200c with wealth exceeding $100 million, a shift from the current system where capital gains are taxed only \u2062when\u200d realized through \u200bsale. This \u200dproposal has\u200c found favor among the progressive wing of the \u2062Democratic Party, as it seeks to make the tax code more equitable and \u200dfund middle-class\u2063 tax cuts. However, it faces \u2062opposition \u2062due \u2064to concerns about its \u200bcomplexity \u2063and\u200c <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/judge-claims-of-gentrification-cannot-stop-new-development-in-south-los-angeles\/\" title=\"Judge: Claims of \u2018Gentrification\u2019 Cannot Stop New Development in South Los Angeles\u00a0\">potential negative impacts<\/a> on\u2063 investment and economic growth.<\/p>\n<p>Political analysts caution that passing such significant tax changes, even with a Democratic majority,\u2062 would be challenging, as not\u200b all party members endorse the wealth \u200ctax. Critics argue that \u2062if it were a widely accepted\u2064 policy, it would have\u2062 been enacted long\u200c ago, and implementing it could trigger considerable \u2064backlash, even among some Democrats. Furthermore, Harris has also shown support for increasing\u200b the \u2062<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/up-for-debate-trump-desantis-and-2024-gop-hopefuls-stance-on-tax-policy\/\" title=\"Debate: Trump, DeSantis, and 2024 GOP candidates&#039; tax policy stance.\">corporate tax\u2063 rate<\/a> from\u2063 21% to \u200d28%. her\u200b lack of active\u200b engagement \u200don \u200dthese policies raises questions about her campaign strategy and\u200b the political viability of the proposed tax measures.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">Harris radio silent on $5 trillion in tax hikes she reportedly backs<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_1732423\" class=\"tpd-featured-video bridtv\"><\/div>\n<p>Vice President <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/kamala-harris\/\" target=\"_blank\" rel=\"noopener\" title>Kamala Harris<\/a> has not spoken publicly about her reported embrace of President Joe Biden&rsquo;s $5 trillion tax plan, which includes the controversial measure of taxing the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-wants-80-billion-to-fund-irs-audits-tax-enforcement-against-high-income-earners\/\" title=\"Biden Wants  Billion To Fund IRS Audits, Tax Enforcement Against High-Income Earners\">unrealized capital gains<\/a> of the nation&rsquo;s <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/wealth\/\" target=\"_blank\" rel=\"noopener\" title>wealthiest<\/a>.<\/p>\n<p>With no fanfare or announcement, the Harris campaign signaled that she supports the proposed <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/taxes\/\" target=\"_blank\" rel=\"noopener\" title>tax<\/a> increases that were part of Biden&rsquo;s 2025 budget proposal this week. The ambitious tax increases, if passed, would mark a major change in U.S. tax policy, but Harris, whom Republicans have worked to tie to the more unpopular Biden, has not discussed the tax agenda.<\/p>\n<p>Her campaign <a href=\"https:\/\/www.wsj.com\/livecoverage\/dnc-election-2024-harris-walz\/card\/harris-backs-tax-increases-proposed-by-biden-pkuLeYl6f1kXrhN4kWgQ\" target=\"_blank\" rel=\"noopener\" title>confirmed<\/a> to the <em>Wall Street Journal<\/em> on Wednesday that Harris supports the tax increases in the 2025 budget put forward in his recent budget proposal.<\/p>\n<p>Otherwise, though, neither Harris nor her campaign has said anything about the proposal, creating an unusual situation in which the candidate has allowed herself to be associated with a set of policies that would have significant ramifications for the country and yet has not discussed it in any substantive way.<\/p>\n<p>The <em>Washington Examiner<\/em> asked several Harris campaign aides for confirmation that she supports Biden&rsquo;s plan to tax the unrealized capital gains of high earners and the tranche of other tax proposals but never got responses. Harris&rsquo;s campaign website makes no reference to the tax plan or any other policy proposal. Harris herself has not mentioned it.<\/p>\n<p>One of the most ambitious of the tax increases in Biden&rsquo;s budget would tax the unrealized capital gains of those with wealth in excess of $100 million, which is a group that is small in number but significant in terms of overall investment. The plan, first outlined in 2023, would impose a 25% minimum tax on the total income of those with assets greater than $100 million.<\/p>\n<p>Taxing the unrealized capital gains of billionaires is a popular proposal among the liberal-left flank of the Democratic Party, who see it as a way to make the tax code more progressive while also paying for other spending items and tax cuts for the middle class. Opponents see it as a complicated and impractical policy change that could hurt investment and economic growth.<\/p>\n<p>The policy, if it actually became law, would mark a huge change from the current tax regime because gains would be taxed even if not realized. Under the existing tax code, billionaires and the very wealthy whose investments increase in value are taxed on that growth, known as capital gains, when those investments are finally sold off.<\/p>\n<p>The political reality though is that even if Harris wins and Democrats are able to sweep the House and Senate, passing a tax on the unrealized capital gains of the wealthy would be exceedingly difficult, in part because not all Democrats are on board with such a move.<\/p>\n<p>Alex Conant, a GOP strategist and partner at Firehouse Strategies, told the <em>Washington Examiner<\/em> he thinks that if a wealth tax were actually a popular policy, it would have been made into law years ago. He said there are economic reasons not to pursue such a big change in tax policy.<\/p>\n<p>Additionally, he said it would &ldquo;spark a tsunami of opposition,&rdquo; even from some Democrats, and that the campaign is underestimating how many people would oppose such a change.<\/p>\n<p>&ldquo;It would create so many losers that it would make a lot of Democrats uncomfortable,&rdquo; Conant said.<\/p>\n<p>Another major Biden-budget tax item that Harris endorsed is <a href=\"https:\/\/www.washingtonexaminer.com\/news\/white-house\/3126347\/harris-proposes-28-corporate-tax-rate-bringing-her-in-line-biden\/\" target=\"_blank\" rel=\"noopener\" title>raising the corporate tax rate<\/a> to 28% from the 21% it was lowered to as part of the Trump tax cuts.<\/p>\n<p>&ldquo;As president, Kamala Harris will focus on creating an opportunity economy for the middle class that advances their economic security, stability, and dignity,&rdquo; Harris campaign spokesman James Singer said.<\/p>\n<p>Republicans and the Trump campaign have mocked Harris for being light on policy proposals. The Trump campaign created a mock policy website, KamalaPolicies2024.com, satirizing her.<\/p>\n<p><strong><a href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><\/strong><\/p>\n<p>Still, in recent days, she has begun to reveal more policy proposals, including rolling out a plan to eliminate taxes on tips, pledging to fight what she describes as&nbsp;<a href=\"https:\/\/www.washingtonexaminer.com\/policy\/finance-and-economy\/3122999\/harris-campaign-grocery-price-control-proposal-could-cause-shortages\/\" target=\"_blank\" rel=\"noreferrer noopener\">price gouging<\/a>&nbsp;at grocery stores, and calling for new&nbsp;<a href=\"https:\/\/www.washingtonexaminer.com\/policy\/finance-and-economy\/3123612\/harris-propose-construction-3-million-new-homes-economic-agenda\/\" target=\"_blank\" rel=\"noreferrer noopener\">housing subsidies<\/a>.<\/p>\n<p>Harris is set to give the keynote address at the Democratic National Convention on Thursday evening. <\/p>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_1732423\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"1732423\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vice President Kamala Harris has remained silent regarding her reported support for President Joe Biden&#8217;s $5 trillion tax plan, which features the contentious proposal to tax unrealized capital gains of the wealthiest Americans. This week, without any formal announcement, Harris&#8217;s campaign indicated her backing for the proposed tax increases included in Biden\u2019s 2025 budget. If enacted, these significant tax hikes would represent a substantial shift in U.S. tax policy; however, Harris has not publicly addressed this agenda. Her campaign confirmed to the Wall Street Journal that she supports these increases but has otherwise refrained from discussing them, leading to an unusual scenario where she is linked to policies with major implications yet remains quiet on them.<\/p>\n<p>The Washington Examiner reached out to several aides within Harris&#8217;s campaign for confirmation of her support for taxing unrealized capital gains and other proposals but received no responses. Notably, her campaign website does not mention this tax plan or any related policy initiatives. The most ambitious aspect of Biden\u2019s budget involves taxing unrealized capital gains for individuals with wealth exceeding $100 million\u2014a small but influential group in terms of investment.<\/p>\n<p>This proposal was initially introduced in 2023 and suggests a minimum 25% tax on total income for those with assets over $100 million. Many progressives within the Democratic Party favor taxing unrealized gains as a means to create a more equitable tax system while funding other spending priorities and providing middle-class tax relief. Critics argue that it is an overly complex change that could hinder investment and economic growth.<\/p>\n<p>If implemented, this policy would significantly alter current taxation practices since it would impose taxes on gains even if they are not realized\u2014contrasting with existing laws where billionaires are taxed only when their investments are sold at a profit. However, political analysts note that even if Democrats gain control of Congress following a potential Harris victory, passing such legislation could be challenging due to lack of unanimous support among Democrats.<\/p>\n<p>GOP strategist Alex Conant remarked that if there were genuine public backing for such a wealth tax, it likely would have been enacted long ago and warned that it could provoke considerable opposition\u2014even from some Democrats\u2014due to its potential negative impact on many constituents.<\/p>\n<p>Another key element of Biden\u2019s proposed budget supported by Harris includes increasing the corporate tax rate from 21% back up to 28%, reversing part of the Trump-era cuts. A spokesperson for her campaign stated that as president, Kamala Harris aims to foster an economy focused on enhancing opportunities and security for middle-class families.<\/p>\n<p>Republicans have criticized Harris for lacking clear policy proposals; notably mocking her through satirical websites like KamalaPolicies2024.com. Nevertheless, she has recently begun unveiling more specific plans including eliminating taxes on tips and addressing grocery price gouging while advocating new housing subsidies ahead of delivering a keynote address at the Democratic National Convention later this week<\/p>\n","protected":false},"author":3360,"featured_media":2329452,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/08\/harris-unrealized-capital-gains.webp","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[32412,4021,32603,39004,32076],"class_list":["post-2329451","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-government-spending","tag-harris","tag-political-news","tag-tax-hikes","tag-washington-examiner"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/08\/harris-unrealized-capital-gains.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2329451","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/3360"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2329451"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2329451\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2329452"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2329451"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2329451"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2329451"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}