Sen. Bernie Sanders (I-Vt.) said Sunday that Vice President Kamala Harris should raise her proposed 28% tax rate on long-term capital gains, marking his latest departure from the Democratic presidential nominee's economic platform.
“I would go even higher,” Sanders told NBC. “Meet the press” of Harris' proposed capital gains tax rate. “I think she's trying to be pragmatic and do what she thinks is right to win the election. My own view is a little different.”
Harris announced her plan on Wednesday to tax long-term capital gains, i.e. assets held for greater than a 12 months, at 28 percent, a rise from the present maximum tax rate of 20 percent.
This proposal softened the party's line on tax reform.
President Joe Biden had already proposed a capital gains tax rate of 39.6% in his budget for 2025. Sanders had campaigned for the Democratic presidential nomination in 2016 with an excellent higher tax rate of 54.2%.
Sanders said Harris' economic program must go further in taxing the wealthy.
“I think what the vice president needs is a strong agenda that speaks to working people,” he said.
Sanders has also remained steadfast in his opposition to the political influence of billionaires, regardless that Harris has relationships with major donors. She has also received support from Mark Cuban, LinkedIn co-founder Reid Hoffman and dozens of other wealthy business leaders.
“Am I worried about the influence of billionaires on the Democratic Party? I really am, just as I am worried about the influence on the Republican Party,” he said.
Since Harris launched her campaign in July after Biden dropped out and endorsed her, Sanders has supported Harris but has shown only lukewarm support for her economic policy proposals.
In addition to tax reform, Sanders openly opposed Harris's move away from support for Medicare for All, the proposal to offer free universal public health care to all Americans that she supported during her first presidential run in 2019.
Harris has moved away from a few of her more progressive stances from 2019 to appeal more to the undecided, moderate voters who’re likely to make your mind up the election.
For example, the vp welcomed the support of former Republican Vice President Dick Cheney and his daughter, former Rep. Liz Cheney, the newest in a string of outstanding Republicans to oppose the Trump-led party.
As Harris tries to achieve broad centrist support, Sanders' tepid enthusiasm for her economic program could work in her favor. By providing a contrast to one of the vital progressive lawmakers on Capitol Hill, the gap between Harris and Sanders helps the Democratic candidate defuse Trump's attacks on her as “radical left wing lunatic.”
Despite their policy differences, Sanders supported her campaign and showed more zeal in pursuing her goals of making more cost-effective housing and strengthening union protections.
“So yes, their views are not mine, but I think they are progressive,” Sanders said.
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