Kamala Harris proposes taxing ultrarich capital gains for fairness

Kamala Harris is facing pressure from Wall Street and Silicon Valley donors regarding her stance on taxing the ultrarich. These donors are reportedly urging her to reconsider her support for President Biden's billionaire minimum income tax, which mandates that individuals with a net worth of at least $100 million pay taxes on unrealized capital gains. This tax would apply to the increase in value of assets, such as stocks and bonds, even if they have not been sold. Critics argue that taxing unrealized gains presents significant challenges and may not be the most effective way to address income inequality. The debate highlights the complexities of reforming the tax system to ensure that wealthy individuals contribute fairly, as many believe billionaires should not pay lower tax rates than their employees. Harris's response to this lobbying could shape her campaign and influence future tax policy discussions.