Donors Urge Harris to Reconsider Wealth Tax

Vice President Kamala Harris faces significant pressure from wealthy donors to reconsider her proposed tax on unrealized capital gains, which targets individuals worth over $100 million. The proposal, part of a broader plan aiming to increase federal revenue by $5 trillion over ten years, has drawn criticism from some donors who deem it 'punitive.' They have expressed concerns about its political viability ahead of the 2024 election, with some urging her to explore alternative taxing methods instead. Harris, however, defends the proposal as a means for billionaires to pay their fair share of taxes, aligning with President Biden's broader tax strategy. The plan would impose a 25% tax on unrealized gains, affecting roughly 10,000 ultra-wealthy Americans. Despite donor apprehensions, Harris's campaign asserts that no final decisions have been made regarding her policy positions.