She revealed the change at a rally in New Hampshire on Wednesday, calling for a 28% tax rate.

“We will tax capital gains at a rate that rewards investment in American innovators, founders and small businesses,” she said. “Here are the details: If you make $1 million a year or more, your long-term capital gains tax rate will be 28%.”

The current rate for top earners is 20%. When you factor in the Obamacare investment tax of 3.8% for top earners, the rate is 23.8%. Harris is now pushing to raise that rate to 5%, the sources said. Wall Street Journalmeaning the rate of return would be 33%. This is significantly lower than the 44.6% rate that Biden was calling for.

“My plan will make our tax code more fair while prioritizing investment and innovation,” Harris told the crowd. “So let’s be clear, billionaires and large corporations need to pay their fair share of taxes.”

The capital gains tax rate is the tax rate at which investments, such as shares, are taxed when they are realized — that is, when you sell them.

The policy shift is notable because Harris has tried to portray herself as more centrist on some issues than she has been in the past. Still, she has embraced many of Biden’s economic and tax proposals, which are presented annually in the White House budget, essentially as a wish list of priorities.

Harris has backed away from her support for a range of more left-liberal policies she supported when she was a senator from California and since she first ran to the left of Biden in the 2020 Democratic primary.

For example, her campaign said: Washington Examiner in July that she no longer supported a federal jobs guarantee, as many Green New Deal advocates had called for. She also reversed course on eliminating private health plans as part of Medicare for All and banning fracking.

Specifically, on taxes and spending, she and her campaign have been somewhat vague. Before Wednesday’s announcement of the lower capital gains proposal, Harris campaign officials said she supports all revenue-raising measures in Biden’s budget that “ensure that billionaires and large corporations pay their fair share.”

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Also at an event in New Hampshire on Wednesday, Harris endorsed a tenfold increase in the small business tax credit for start-up expenses, increasing it from $5,000 to $50,000.

“My plan will help existing small businesses grow,” Harris said at the rally. “We will make low-interest and no-interest loans to small businesses that want to grow. And we will, and this is very important, cut the red tape that can make starting and growing a small business more difficult than it needs to be.”