Taxes

Bernie Sanders Urges Kamala Harris to Increase Capital Gains Tax Beyond 28%

Bernie Sanders Urges Kamala Harris to Increase Capital Gains Tax Beyond 28%

Senator Bernie Sanders, I-Vt., has called on Vice President Kamala Harris to raise her proposed 28% tax rate on long-term capital gains. Speaking on NBC's 'Meet the Press,' Sanders expressed his belief that Harris should go higher than 28%, diverging from the Democratic presidential nominee's economic platform. While Harris aims to strike a pragmatic balance, Sanders believes a stronger stance is necessary.

Harris recently announced a 28% tax on long-term capital gains, marking an increase from the current 20% rate. This proposal is a softened version of President Joe Biden's earlier suggestion of a 39.6% rate. Sanders, who pushed for a 54.2% rate during his 2016 campaign, thinks Harris should adopt a more aggressive approach to taxing the wealthy. 'I think what the vice president needs is a strong agenda that speaks to working people,' Sanders asserted.

Sanders has consistently opposed the influence of billionaires in politics, a concern he maintains despite Harris's connections with wealthy donors like Mark Cuban and LinkedIn co-founder Reid Hoffman. Sanders's tepid support for Harris's economic proposals reflects his broader disagreements, particularly regarding Harris's shift away from Medicare for All. This proposal for universal public healthcare was a cornerstone of her 2019 presidential campaign.

Harris has since adjusted her stance to appeal to moderate voters, even gaining endorsements from prominent Republicans like former Vice President Dick Cheney and his daughter, Liz Cheney. Despite their policy differences, Sanders backs Harris's campaign, recognizing her efforts to build affordable housing and strengthen union protections. 'So yes, her views are not mine, but I do consider her progressive,' Sanders remarked.

By contrasting her positions with Sanders's more progressive views, Harris may strengthen her position against accusations of being a 'radical left lunatic' from her opposition. Sanders's tempered enthusiasm could ultimately benefit Harris as she seeks broad, centrist support to counter Trump's attacks.