Will Kamala Harris Finally Kill the Billionaire Tax Break?
Kamala Harris has signaled she supports closing the carried interest tax loophole, an enormous boon to rich investors looking to avoid higher taxes. But she’s also received $80 million this year from finance, insurance, and real-estate sectors.
Kamala Harris speaking the South Lawn of the White House in Washington, DC, on July 22, 2024. (Andrew Harnik / Getty Images)
As part of their new 2024 party platform, Democrats have promised to close a notorious tax loophole that has long allowed Wall Street billionaires to pay a far lower tax rate than most Americans. Likewise, Vice President Kamala Harris has reportedly signaled she supports ending this tax break, which could net billions in government revenue.
But Democrats have been promising and failing to close the so-called “carried interest” loophole for more than a decade, even though any president, including President Joe Biden, could do so immediately via executive action.
Meanwhile, an ever-increasing flood of financial-sector money is flowing into party coffers. Will it be enough to preserve Wall Street’s favorite tax loophole through another potential Democratic administration?
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