WASHINGTON, D.C.—As part of her campaign platform, Vice President Kamala Harris has advocated for a tax on unrealized capital gains from assets like stocks and bonds. The proposal, although not new, has faced opposition from both sides of the aisle, with some critics questioning its constitutionality.
Harris, the Democratic presidential nominee, has backed President Joe Biden’s tax increases outlined in the fiscal year 2025 budget proposal, which includes a plan to tax unrealized capital gains on individuals with net wealth above $100 million.
Many believe the proposal has little chance of passing Congress.
“It’s very complicated. It needs a lot of details to work properly,” said Garrett Watson, a senior policy analyst at the Tax Foundation….