Wall Street Labels Kamala Harris' Proposed Tax On Unrealized Gains As 'Dumb' Move: 'Opposite Of Creating Incentives To Be Long-Term Oriented'
Portfolio Pulse from Shanthi Rexaline
Kamala Harris proposes a tax on unrealized gains, facing backlash from Wall Street. The proposal includes raising the corporate tax rate and implementing a minimum tax on unrealized gains for high-income individuals. Critics argue it disincentivizes long-term investments.
August 21, 2024 | 1:15 pm
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NEUTRAL IMPACT
The SPDR S&P 500 ETF Trust (SPY) saw a slight increase in premarket trading despite Kamala Harris' controversial tax proposal on unrealized gains, which has been criticized by Wall Street.
The SPY ETF, which tracks the S&P 500, showed a slight increase in premarket trading. The proposed tax changes could impact market sentiment, but the immediate effect appears neutral as the ETF rose slightly.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50