Kamala Silent About Her $5 trillion Tax Hike

Vice President Kamala Harris has yet to publicly address her endorsement of President Joe Biden’s ambitious $5 trillion tax plan, which notably includes a controversial proposal to tax unrealized capital gains of the nation’s wealthiest individuals.

Without any official announcement or media coverage, it has become apparent that Harris is backing Biden’s proposed tax hikes included in his 2025 budget blueprint. This plan represents a significant shift in U.S. tax policy. Despite the potential impact, Harris has not made any public statements regarding this tax agenda, an unusual move for a high-profile candidate who is often linked with Biden’s less popular policies.

Harris’s campaign did confirm to the Wall Street Journal on Wednesday that she supports the proposed tax increases outlined in Biden’s budget proposal. However, neither Harris nor her campaign has offered further details or engaged in any substantive discussion about the policy, leaving many questions unanswered.

Inquiries from the Washington Examiner regarding Harris’s position on taxing unrealized capital gains and other related tax measures have gone unanswered. Additionally, Harris’s campaign website is silent on this issue, and the Vice President herself has not made any remarks about it.

The most notable aspect of Biden’s proposed tax plan is the plan to impose a 25% minimum tax on total income for individuals with assets exceeding $100 million. This measure, introduced in 2023, would represent a drastic departure from the current system where capital gains are taxed only upon realization, i.e., when investments are sold.

While this proposal has strong support from the progressive wing of the Democratic Party, who view it as a means to make the tax system more equitable, critics argue that it could stifle investment and economic growth. They also believe that such a radical policy shift would face significant opposition, even from within the Democratic ranks.

Alex Conant, a Republican strategist and partner at Firehouse Strategies, expressed skepticism about the proposal’s viability. He suggested that if taxing unrealized capital gains were truly popular or effective, it would have already been enacted. Conant warned that the proposal could provoke considerable backlash, even from some Democrats, who might find the policy unappealing due to its potential to create widespread dissatisfaction.

Another key component of Biden’s budget that Harris supports is raising the corporate tax rate from the current 21% back to 28%, reversing the tax cuts implemented during the Trump administration.

Harris’s campaign spokesman, James Singer, highlighted Harris’s commitment to creating economic opportunities for the middle class and enhancing their financial stability. Despite this, Republicans and the Trump campaign have criticized Harris for lacking substantive policy proposals, even creating a satirical website, KamalaPolicies2024.com, to mock her perceived policy shortcomings.

Recently, Harris has started to unveil more detailed policy plans, including proposals to eliminate taxes on tips, combat price gouging at grocery stores, and introduce new housing subsidies. She is also set to deliver the keynote address at the Democratic National Convention on Thursday evening, which may offer further insights into her policy positions.