The election is less than 2 months away and the perfect time to learn about the issues and what your candidate has to say about them….

Financebuzz has broken it down very simply for easy understanding…..

As voters wait on both presidential candidates to unveil more details on their economic agendas, Trump and Harris are calling for tax changes that could impact millions of people in the United States. Both have proposed tax cuts and increases that would require congressional approval.

Trump on tax cuts

It may be no surprise that Trump plans to preserve at least some of the individual and business tax cuts put in place via his TCJA. According to the Trump campaign, those tax cuts benefited millions of Americans and can help the millions of people who are dealing with the impacts of inflation and higher prices.

The campaign said the individual tax cuts and business tax reforms would help spur economic growth and confront higher costs of living without inflationary government spending.

Harris on tax cuts

Though Harris herself may not have directly addressed TCJA extensions so far on the campaign trail, there has been some Democratic support. In fact, President Joe Biden’s top economic advisor voiced support for partial extensions. According to the Tax Foundation, Harris has a record of favoring steeper tax hikes on businesses and people than President Biden.

Harris on tax increases

Trump and Harris have both said they will address the budget deficit. They have both proposed plans to raise revenue. Again, keep in mind tax law changes require approval by Congress.

According to the Harris campaign, she will push to increase the corporate tax rate to 28%, up from the 21% put in place through the TCJA. That could potentially reduce the deficit by $1.3 trillion over a decade, according to the Treasury Department.

She also proposes to raise taxes on high-income people, raising the top marginal income rate to 39.6% from 37%. She also proposes taxing investment gains of $1 million or more at the ordinary income rate instead of the lower capital gains rate.

Trump on tax increases

In a pitch that seems to find great support from his base, Trump has called for sweeping tariffs, which are taxes levied on imported goods. Further, the former president suggested he’s looking at putting in place a policy of tariffs that would lead to the elimination of the federal income tax.

Trump on tip taxes

The Trump and Harris campaigns have both talked about the idea of eliminating income tax on tip income. Trump made the proposal well before Harris. In fact, his pitch drew a mixed reaction.

The former president has also called for no taxes on Social Security income. Social Security has been a hot issue this election season amid fears of the finances for the program and related ones.

Harris on tip taxes

In a more recent move, Harris also talked about the idea of eliminating taxes on tip income. She said it’s part of her commitment to fight for working families, which she said also includes a plan to raise the minimum wage.

I do not see where either candidate will improve low income workers’ lives.

Former President Donald Trump wants to increase tariffs, while his Democratic opponent, Vice President Kamala Harris, wants to raise the corporate income tax rate. They say you need not worry about the consequences of these tax hikes because someone else will pay the tab.

Don’t believe them. Both proposals would impair economic growth and impose substantial costs on ordinary Americans, extending far beyond the advertised targets.

Trump and Harris Both Favor Tax Hikes That Would Hurt Ordinary Americans

Vote for the best person to improve your life not the one that feeds your petty biases.

I Read, I Write, You Know

“lego ergo scribo”