Vice President Kamala Harris has quietly thrown her support behind President Joe Biden’s $5 trillion tax plan, which includes the controversial proposal of taxing the unrealized capital gains of America’s wealthiest individuals.

Despite her backing of the tax hike, however, Harris has not publicly addressed this significant policy endorsement, leaving many to speculate on her stance, as the Washington Examiner reports.

Harris's endorsement of Biden's tax plan signals her alignment with one of the administration’s most ambitious fiscal policies, though she has yet to speak about it publicly.

The tax plan, which has sparked considerable debate, aims to increase taxes on the wealthiest Americans, specifically through a 25% minimum tax on total income for individuals with assets exceeding $100 million.

This proposal, popular among the liberal-left wing of the Democratic Party, seeks to create a more progressive tax code by taxing unrealized capital gains—profits on investments that have increased in value but have not yet been sold.

Controversial Tax Proposals Ignite Debate

Under current law, capital gains are only taxed when the investments are sold, not on their increase in value before sale. Harris's campaign recently confirmed her support for this and other tax increases in Biden’s 2025 budget proposal, stating that the changes are necessary to ensure that billionaires and large corporations pay their fair share.

However, the campaign has not elaborated on how Harris plans to address potential criticisms or the economic implications of such a policy.

The proposed tax hikes also include raising the corporate tax rate from 21% to 28%, another measure likely to face significant opposition. While the concept of taxing unrealized gains is appealing to progressives, many economists and political strategists warn of the complexity and potential pitfalls of implementing such a policy.

GOP strategist Alex Conant has been vocal about the challenges, stating that the proposal "would create so many losers that it would make a lot of Democrats uncomfortable" and could trigger a "tsunami of opposition," even within the Democratic Party.

Harris Criticized for Lack of Policy Proposals

Harris’s silence on the matter has not gone unnoticed. She has been criticized by Republicans, including the Trump campaign, for being light on policy proposals.

In response, Republicans have created a satirical website, KamalaPolicies2024.com, to mock her perceived lack of substantive policy ideas. This critique comes as Harris has started to unveil more policy initiatives, including plans to eliminate taxes on tips, combat price gouging at grocery stores, and advocate for new housing subsidies.

Despite these efforts, the absence of any mention of the $5 trillion tax plan on her campaign website has fueled speculation about her willingness to publicly champion the proposal.

Harris’s campaign spokesman, James Singer, emphasized that as president, Harris would focus on creating an "opportunity economy" that advances the economic security and stability of the middle class. However, he did not directly address the specifics of the tax plan.

Challenges Ahead for Passing the Tax Plan

The road to passing such a significant tax overhaul is expected to be challenging. Even if Democrats were to regain control of both the House and Senate, the proposal might face resistance from within the party. The complexity of taxing unrealized gains, along with concerns about its potential impact on investment and economic growth, makes it a contentious issue.

Opponents of the plan argue that it could discourage investment and stifle economic growth, while supporters believe it is a necessary step toward a more equitable tax system. The debate over this policy is likely to continue as the 2024 election approaches, with both sides preparing for a battle over the future of the American tax system.

Conclusion: Harris’s Silent Support Raises Questions

As Vice President Kamala Harris remains silent on her support for Biden's $5 trillion tax plan, the debate over its implications continues to intensify.

The proposal to tax unrealized capital gains and raise corporate tax rates has sparked significant controversy, with critics questioning its practicality and potential impact on the economy.

Harris’s endorsement, confirmed by her campaign, aligns her with one of the administration’s boldest fiscal policies, yet her reluctance to publicly discuss the plan raises questions about its future and her role in advocating for it.

As the Democratic National Convention approaches, all eyes will be on Harris to see if she finally addresses the issue in her keynote address.