U.S. Vice-President Kamala Harris proposed increasing the long-term capital gains tax rate to 28 per cent for wealthy Americans in New Hampshire on Wednesday, breaking with the policy laid out by President Joe Biden in his 2025 budget by suggesting a lower rate.
The current long-term capital gains tax rate – 20 per cent, plus an additional 3.8 per cent tax on higher earners – is paid when an investment is sold, or gains are realized. The Biden budget proposes raising that rate to the top rate he wants to levy on ordinary income – 39.6 per cent – for households with taxable income over US$1 million. Harris, the people familiar with the matter say, believes 39.6 per cent is too high.
While Harris still supports at higher rates – as Biden’s budget also calls for – she believes that a lower capital gains rate would incentivize investors to put more money into startups and small businesses. She has also proposed increasing the up from the current 21 per cent rate set by Trump’s Tax Cuts and Jobs Act of 2017.
Advisers said Harris supports allowing many Trump-era tax cuts for the wealthy and big corporations to lapse in favour of funding more targeted programs for families and small businesses.
Biden’s budget proposal also contains other tax increases on the wealthy, including raising the top marginal income tax rate to 39.6 per cent, up from the 37 per cent rate established by the 2017 Trump tax cuts law, and levying a 25 per cent minimum income tax on households with more than US$100 million in net worth.
Harris said Wednesday that she also supports the latter measure – known as the Billionaire Minimum Income Tax – though various efforts to levy such taxes have failed to make it through Congress. Under Biden’s budget proposal, unrealized gains on assets would also be subject to the minimum tax, unlike current law.
Plus, she is in favour of quadrupling the tax on stock buybacks to four per cent. That levy was created by the Inflation Reduction Act, which the Democrats pushed through Congress in 2022.
The move comes as Harris attempts to establish herself as more moderate in some areas of economic policy while still embracing some elements of a more populist platform, like a US$25,000 credit for first-time homebuyers, a US$6,000 child tax credit for newborns and federal investigations into retail grocery pricing.
During a truncated sprint toward Election Day, Harris has embraced the policies of the Biden administration, which ushered trillions of government spending into the American economy, which also grappled with inflation at its highest in decades. Her remarks on Wednesday, part of a policy rollout that came after criticisms of the lack of policy from her campaign since Biden dropped from the race in July, represented the first time Harris has publicly diverged from Biden administration policy.
Democratic strategist James Carville that, in order to brand herself as a forward-looking candidate, Harris would need to establish some distance between Biden’s policies and her own.
Conservative Leader Pierre Poilievre and NDP Leader Jagmeet Singh got into a heated exchange in the House of Commons on Thursday, just minutes after Singh announced his party would not be supporting the Conservatives' first non-confidence motion against Prime Minister Justin Trudeau's government.
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Shamattawa RCMP are searching for a missing six-year-old boy who hasn’t been seen since Wednesday morning.
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CTV News has learned there are multiple Canadian women alleging they were victims of sexual abuse at the hands of the late Harrods boss Mohamed Al Fayed.
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Shohei Ohtani became the first major league player to hit 50 home runs and steal 50 bases in a season, with the Los Angeles Dodgers star going deep twice to reach the half-century mark and swiping two bags to get to 51 against the Miami Marlins on Thursday.
Quebec Premier Francois Legault is calling on the Bloc Quebecois to topple the Trudeau government next Wednesday and trigger a federal election.
B.C.'s police watchdog is investigating the death of a woman who was shot by the RCMP after allegedly barricading herself in a room with a toddler early Thursday morning.
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A federal law enforcement agency confirmed it's opened an investigation into Robert F. Kennedy Jr. after he allegedly cut off the head of a dead whale and took it home two decades ago.
A judge in a rural Kentucky county was shot and killed in his courthouse chambers Thursday, and the local sheriff was charged with murder, police said.
Israel warned U.S. Defence Secretary Lloyd Austin in a call Tuesday that a military operation was going to take place in Lebanon but gave no details, U.S. officials said Thursday. The same day of the call, in an attack widely blamed on Israel, thousands of pagers belonging to Hezbollah militants exploded.
A 22-year-old woman who became an abortion rights advocate after she was raped by her stepfather as a child tells her story in a new campaign ad for Democratic presidential nominee Kamala Harris.
South Korea’s government, western countries and adoption agencies worked in tandem to supply some 200,000 Korean children to parents overseas, despite years of evidence they were being procured through questionable or downright unscrupulous means, an investigation led by The Associated Press found.
Israeli security services said on Thursday they had arrested an Israeli citizen on suspicion of involvement in an Iranian-backed assassination plot targeting prominent people including Prime Minister Benjamin Netanyahu.
The head of Via Rail repeatedly told MPs a train delay over the Labour Day long weekend was an isolated incident, despite a similar event two years ago.
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Prime Minister Justin Trudeau tapped Treasury Board President Anita Anand to take on additional duties as Canada's minister of transport on Thursday.
Ontario’s Minister of Sport, Neil Lumsden, will donate his brain to research.
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Thanks to a special Texas law, NASA's Butch Wilmore and Suni Williams, the two veteran astronauts, will still be able to perform their civic duty, voting absentee from low-Earth orbit for the U.S. election in November.
Lebanese authorities on Thursday banned walkie-talkies and pagers from being taken on flights from Beirut airport, the National News Agency reported, after thousands of such devices exploded during a deadly attack on Hezbollah this week.
NASA scientists have successfully replicated spider-like shapes found on the surface of Mars in a laboratory setting for the first time.
Lawyers representing the producers of 'Russians at War' say they may pursue legal action against Ontario's public broadcaster for pulling support for the controversial documentary amid outcry from the Ukrainian community and some Canadian politicians.
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Nike Inc. said Thursday it has named Elliott Hill as its president and CEO, replacing John Donahoe, who will retire next month.
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Paleontologists from the Royal B.C. Museum have uncovered "a trove of extraordinary fossils" high in the mountains of northern B.C., the museum announced Thursday.
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The mayor of Fort Saskatchewan apologized on Thursday for comments she made earlier this week about killing feral cats.
New Brunswick Premier Blaine Higgs has called for a provincial election. Voters will go to the polls on Oct. 21, as prescribed by the province's fixed-date election law.
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James Bay Ontario Provincial Police have charged four commercial vehicle drivers with impaired, including one who was hauling 36,000 kilograms of ammonia hydrate.
A Woodstock homeowner says she’s at her wit’s end over a homeless encampment situated alongside her backyard. She’s calling on the city to do more to help those living rough, so she can live in peace.
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A union representative says someone driving a pick-up truck with heavily tinted windows rammed a member on Western Road, near Elborn College.
Two men from Barrie have been charged after a deadly shooting at a park in Keswick on Wednesday.
A growing group of brides and wedding photographers from across the province say they have been taken for tens of thousands of dollars by a Barrie, Ont. wedding photographer.
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The Windsor Police Service (WPS) has seized over $56,000 in drugs and have arrested one suspect.
SERVEONE Canada, a global procurement solution company, has begun Canadian operations in Tecumseh.
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In a rare move, the Greater Victoria School District Board of Education has been slapped with a ministerial order from the province requiring it to update a student safety plan – drawing concern around political posturing leading up to an election.
The Union of B.C. Municipalities is asking the provincial government to make transit free for teenagers.
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The Red Bridge, a historic landmark in Kamloops, B.C., was completely destroyed by fire early Thursday morning.
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A Lethbridge couple got a good reminder as to why you should keep your vehicle doors locked at all times.
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Newfoundland and Labrador's chief medical officer is monitoring the rise of whooping cough infections across the province as cases of the highly contagious disease continue to grow across Canada.
A 16-year-old biennial event aimed at fostering business in the country's eastern Arctic and northern regions has been cancelled indefinitely as a dispute unfolds between Inuit in Canada and a Labrador group claiming to share their heritage.
Jim Lester’s farm hopped on the cow-cuddling trend in early August, and his time slots have been pretty well sold out ever since.
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