Wealthy Donors Quietly Tell Harris To Throw Capital Gains Tax Policy Overboard

Wealthy donors to Vice President Kamala Harris’ campaign are quietly pushing her to drop a proposed policy on taxing unrealized capital gains, according to the New York Times.

Harris adopted a proposal by President Joe Biden to put a 25% tax on unrealized capital gains for individuals worth $100 million or more. Wealthy Harris donors are allegedly incredulous and have been pushing her to drop the policy ahead of the 2024 election amid concerns about the economic and political viability of the plan, according to The New York Times.

“There’s optimism that this can’t possibly be real,” Aaron Levie, chief executive of cloud-storage company Box, told the NYT. “Most people are waiting to hear from the Harris campaign. Is this a real proposal that is actually being pushed for — or was this something that was inherited from Biden?”

Harris campaign spokesman Charles Kretchmer Lutvak told the NYT that the policy was to get billionaires to pay a “fair share” in taxes. Harris also voiced her support for Biden’s other tax hike proposals for the 2025 budget that cost a total of approximately $5 trillion, according to the Cato Institute.