Gushiken Yona
A wave of social media posts claiming Vice President Kamala Harris endorsed President Biden’s controversial capital gains tax proposal has been swiftly debunked by experts, revealing a pattern of misinformation and “engagement farming” within the crypto community.
The controversy erupted following a report from The Wall Street Journal (WSJ) highlighting Harris’s endorsement of raising the corporate tax rate, a separate tax, from 21% to 28%. This proposal aligns with President Biden’s economic agenda and aims to fund various policy initiatives, including an expansion of the child tax credit.
James Singer, a spokesperson for Harris’s campaign, had described the suggested increase in the corporate tax rate as “a fiscally responsible way to put money back in the pockets of working people and ensure billionaires and big corporations pay their fair share.”
But this gave grist to the rumor mills about Harris supporting an increase in the capital gains tax, which was further amplified by various media outlets and influencers. Several tweets inaccurately claimed, “Kamala Harris backs President Biden’s 44.6% capital gains tax proposal, the highest in history. The proposal also includes a 25% tax on unrealized gains for high-net-worth individuals.”
This not only misrepresents Harris’s actual policy stance but also contributes to the broader confusion and speculation surrounding proposed tax reforms.
Adam Cochran, a business development and marketing executive, took to social media to refute claims that Harris supports an “unrealized gains” tax. Cochran criticized the rumor mill for spreading misinformation, stating, “Harris did not endorse an unrealized gain tax. Her campaign has endorsed increases in the corporate tax rate and personal tax rates for incomes over $400k. They did not comment on introducing new taxes like the unrealized gains tax.”
Cochran further clarified that even under President Biden’s broader tax proposals, the unrealized gains tax would only apply to individuals with over $100 million in gains within a year. This further underscored that Harris’s stance does not align with the 44.6% tax figure being circulated.
The debate around the capital gains tax has also seen commentary from the cryptocurrency sector. The X account Crypto Tax Made Easy criticized the attention given to the 44.6% tax claim, asserting, “This isn’t breaking news. It’s a recycled headline from April. You’re being engagement farmed by influencooors again.”
The account emphasized that the proposed tax changes would primarily impact high-net-worth individuals and that the current discourse is more about political posturing than actual legislative progress. Cochran also said, “So no, she [Harris] did not endorse an ‘unrealized gain tax’ and even if she did, you don’t earn enough for it to impact you. You should stop getting your news from WatcherGuru and other sh*tty ‘News’ accounts that rewrite headlines.”
The ongoing discussion around tax policy reflects broader political dynamics, with Democrats often targeting wealthy individuals in their public messaging. Critics argue that such proposals are designed to appeal to lower-income voters but face significant obstacles in becoming law. According to experts, any drastic tax increase would likely face strong resistance from wealthy donors and could have unintended economic consequences, such as driving talent and capital out of the U.S.
Crypto Made Easy said, “This bill is just political posturing. Democrats have made wealthy people the enemy in their narrative, but money talks in U.S. elections, and they won’t stab their big donors in the back.”
The claims that Kamala Harris supports a 44.6% capital gains tax appeared to be a misunderstanding or exaggeration of her actual policy positions.
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Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
