Many of the wealthiest people in America derive their riches from the stocks, bonds and other assets they own, meaning they would disproportionately benefit from lower proposed taxes on investment income, which is generally taxed at a lower rate than regular income like wages. Mr. Biden’s ideas already faced skepticism on Capitol Hill and were unlikely to become law.
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Harris Tells the Business Community: I’m Friendlier Than Biden
The vice president on Wednesday proposed an increase on the capital gains tax that was far less than what President Biden has floated, one of several moves meant to win over business owners.
