11mo ago

Mark Cuban: Harris ‘going center 100 percent’ on financial policy

thehill.com

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Harris said in her speech Wednesday she wants to increase the capital gains tax to 28 percent for those with $1 million or more in income, which is up from its current effective level of 23.6 percent but well shy of the 44.6 percent rate proposed in a budget update from the Biden administration in July.
So progress will slow down from Biden's glacial rate...
- Biden was never going to pass a capital gains tax increase before the election. Dems want to campaign on the issue, and Biden retiring means he can propose all sorts of shit that will make Harris seem reasonable.
  28% is still way too low, but if they can tax unrealized gains used as collateral, that would close a massive loophole and bring in far more revenue than a few percentage points on realized gains.
  But yes, Harris has indicated that she's a centrist, and there aren't enough progressives in Congress to move the ball forward. Putting Trump behind bars would be enough for me, though.
- The much bigger question is whether Harris will succeed in taxing unrealized capital gains (as her campaign plans). Currently all the gains of the very rich are unrealised meaning they don’t pay any taxes. It doesn’t even matter if the rate is 22 percent or 40 percent. I actually really like Harris’ proposal of first fixing the system before hiking the rates
  
  The much bigger question is whether Harris will succeed in taxing unrealized capital gains
  A cynical but likely take is it will go about as well as when Biden made campaign promises dependent on congressional votes...
  Even if we have majorities, we'll be told we don't have the numbers to pass a vote so no vote will be held
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