Kamala Harris and Donald Trump Propose Major Tax Changes for Americans
Tuesday, 5 November 2024, 17:35
Tax Proposals from Harris and Trump
Kamala Harris and Donald Trump are both proposing tax changes that may rank among the largest in U.S. history. These proposals aim to impact diverse groups of Americans, with Harris focusing on tax credits and Trump suggesting broad tax cuts. The upcoming election will heavily influence how these plans will unfold.
Harris's Tax Plans
- Child Tax Credit Expansion: Harris aims to raise the credit significantly for families with young children.
- Increased Corporate Tax: Plans to lift the corporate tax rate from 21% to 28% target high-income households.
- Impact on Low-Income Earners: Most low- and middle-income households would benefit from her proposals.
Trump's Tax Plans
- Across-the-Board Tariffs: Trump's plan introduces tariffs on all imports, affecting consumer prices.
- Corporate Tax Cuts: Proposes reducing the corporate tax from 21% to 15%.
- Income Tax Cuts: Trump's initiatives would likely favor high-income households.
Key Considerations
- Both candidates promise substantial changes that could shift the tax burden.
- Voter preferences may greatly influence the feasibility of these proposals.
These proposed tax changes will play a vital role in shaping the economic landscape as the 2024 presidential election approaches.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.