Vice President Kamala Harris has proposed a 28 tax on long-term capital gains for households earning $1 million or more. This is a reduction from the nearly 39 rate proposed by President Joe Biden in his fiscal year 2025 budget. Long-term capital gains, assets held for over a year, are currently taxed at a maximum rate of 20. Harris emphasized her plan aims to reward investment in innovators and small businesses. Her proposal marks a rare departure from Biden's platform.