Kamala Harris’s wealthy donors were getting nervous, The New York Times reported last week. They didn’t like the various tax increases that President Joe Biden proposed in his 2025 budget, which Harris supported. One of these, Harris announced Wednesday, will be scaled back. The Biden administration proposed taxing capital gains at the same rate as labor income for households earning more than $1 million. Since Biden (and Harris) wanted to raise the top marginal income-tax rate from 37 percent to 39.6 percent, that would make the new capital gains rate for high earners 39.6 percent, up from the current 20 percent. Now Harris is scaling that back to 28 percent.Among the many reasons to be dis
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