đđ„ A tax shake-up is coming! Kamala Harris wants to impose the highest capital gains taxes in 100 years, hitting stocks and cryptocurrencies like never before!
By early 2024, Biden's tax plan had already sent shockwaves through the roof, with capital gains taxes reaching historic highs and unrealized gains becoming taxable for some. The change of Democratic candidate to Kamala Harris has not calmed things down, quite the contrary!
Harrisâ proposal to tax capital gains at up to 44.6% and raise the corporate tax rate to 28% has intensified the debate. While the plan targets the wealthy, with additional taxes on unrealized gains for fortunes over $100 million and on annual incomes over $400,000, it could have unexpected repercussions on the economy and financial markets.
Investors could see their returns reduced, while companies could pass those costs on to consumers and workers. Harrisâs plans to bring the crypto industry closer to government add to the confusion. And with enforcement costs rising, the plan could face significant hurdles.
If this reform passes, it could revolutionize the American tax system and tackle tax evasion and growing inequality. But the road is strewn with pitfalls!
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