A post shared on Threads claims Vice President Kamala Harris increasing the tax rate on long-term capital gains would impact the middle class.
Verdict: False
The proposed tax increase on long-term capital gains would only affect those who make $1 million a year or more.
Fact Check
Harris posted a list outlining her policy positions ahead of her debate with former President Donald Trump scheduled for Tuesday, according to The Guardian. A poll from the New York Times and Siena College found that Trump was in the lead over Harris by one percentage point, but a YouGov poll shows the two tied in Pennsylvania, the outlet reported.
An Aug. 24 Threads post claims the Harris campaign has proposed a 44.6 percent tax rate on long-term capital gains. It appears to show a CNBC broadcast that reads “Harris’ capital gains tax plan 44.6% tax rate on long-term capital gains.”
“What a great way to steal from the middle class. So they will Attack your saving/investment account and take almost half u to our capital gains,” the post’s caption reads.
This claim is inaccurate, however, as this increase would not affect the middle class. During a campaign event in New Hampshire, Harris said, “If you earn a million dollars a year or more, the tax rate on your long-term capital gains will be 28 percent under my plan.” This can be seen around the 26:29 timestamp in a YouTube video uploaded by the Harris campaign.
Furthermore, the 44.6 percent tax rate was proposed in a budget update from President Joe Biden in July, not Harris, The Hill reported. Last week, Harris proposed a 28 percent tax rate instead, according to the outlet. This would mark an increase from the current rate of 23.6 percent, the report stated. (RELATED: No, Philadelphia Eagles Did Not Endorse Kamala Harris With Ad Campaign)
Check Your Fact reached out to a Harris spokesperson for comment.