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The $2.3T Gap Between Trump’s and Harris’s Tax Plans: What’s At Stake
A new study by the Wall Street Journal reveals a staggering $2.3 trillion gap in tax plans proposed by Joe Biden’s running mate Kamala Harris and Donald Trump’s administration. As tax season approaches, voters deserve to know what this yawning chasm means for their wallets.
Why the disparity?
Key differences between the two tax plans lie in their brackets, rates, and policies. Harris’s plan centers around a "Buffet Rule" which targets multi-millionaires, closing existing loopholes and deductions while increasing corporate taxes. Conversely, Trump’s administration argues that cutting corporate and capital gains taxes will boost investment and create jobs.
What’s in Harris’s plan?
Kamala Harris proposes:
• Raising corporate tax from 21% to 28%
• Capping deductions for wealthy individuals, including charitable giving
• Implementing a minimum "Buffet Rule" effective tax rate of 13.5%
• Introducing a wealth tax targeting multi-millionaires
• Increasing estate and gift tax rates
What’s in Trump’s plan?
Donald Trump’s team advocates for:
• Repealing corporate and social security taxes for businesses (estimated $100B stimulus)
• Reducing corporate tax from 21% to 20%
• Cutting capital gains taxes, benefiting high-net-worth individuals
• Simplifying the tax code with expanded deductions for childcare, alimony, and other common expenses
How might this impact everyday Americans?
While politicians tout massive economic gains or increased wealth redistribution, it’s easy to overlook the implications of these tax plans on median-income households. According to the WSJ study:
• The Harris plan estimates a 10-year, $2.3T revenue boost from corporate taxes alone
• The Trump plan estimates 4M new jobs, $0.5T GDP increase, and $10.5T increase in stock market value over the same period
Take the pulse of tax season ahead
With November’s general election and potential legislative adjustments looming, stay tuned to our updates on the intricate world of taxation. Make informed decisions for yourself or your business as you assess the far-reaching consequences of these dueling tax strategies.
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- Kamala Harris
- Donald Trump
- Tax Plans
- Business Taxes
- Wealth Distribution
- Tax Season 2024
- United States Politics
- Government Policies
- Budget Crisis
- Corporate Tax Hikes
- Tax Havens
- Budget Transparency
- Political Divide
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News Explainers. “The $2.3T Gap Between Trump’s and Harris’s Tax Plans.” Wall Street Journal, September 12, 2024.
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