Harris to pare back Biden's capital-gains tax proposal, WSJ reports

The Gazette

Summary

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She wants to expand from $5,000 to $50,000 tax incentives for small business startup expenses, with the goal of eventually spurring 25 million new small business applications over four years.
National Newswatch
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The plan Harris is proposing would expand the current $5,000 startup-expense deduction for small businesses [costs for such things as market surveys, ads, and training costs for workers that small businesses shell out before they even open] to $50,000.
Fox News
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Harris’s proposal for a lower tax rate than the one laid out by Biden suggests she wants to appeal to a broader base of voters.
Aljazeera
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In his fiscal 2025 budget, Biden had proposed raising the tax rate on long-term capital gains - the profits made from selling or trading an asset held for more than a year - to 39.6 per cent from the current rate of 20 per cent at most for those earning over $1 million annually.
Deccan Herald

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