The Tax Policies That Will Change Based on This Year's Presidential Election
October 23 2024 | Eugene Kim
- Taxes are essential to our lives, and we need taxes in order to receive public services such as policies, firefighters, and so on. However, there is a debate about whether or not the federal government should take less taxes. The two main parties in the US, the Republicans and the Democrats have different points of view on taxes. As the 2024 election is coming to a close, the policies for each party on taxes are being transparent and what they will do for the US citizens.
- According to the Joint Economic Committee, “Republicans are focused on extending tax cuts that favor the wealthy, while Democrats are working to pass tax reforms like a permanent expansion of the Child Tax Credit that would benefit working Americans.” The Republicans are focused more on individual wealth, while the Democrats are more focused on looking over as a whole.
- In this year’s 2024 election, the two candidates are Donald Trump and Kamala Harris, and they both released their tax policies several months ago. Still, as the election gets closer, the voters need to be informed about what tax policies the candidates will use and what they need to know about to vote for the candidate that fits them the most.
- Donald Trump:
- Impose a 60 percent tariff on all US imports from China
- Make the individual and estate tax cuts of the TCJA permanent
- Lower the corporate income tax rate from 21 percent to 20 percent or 15 percent
- Tax sizeable private university endowments
- Consider replacing the income tax with tariffs
- Exempt tip income from taxation
- Exempt Social Security benefits from taxation
- Exempt overtime pay from taxation
- Expanding the child tax credit to a $5,000 universal credit
- Kamala Harris:
- Exempting tip income from taxation
- Expanding the child tax credit
- Earned income tax credit
- Premium tax credits
- Implementing new tax incentives for housing
- Raise the top tax rate on capital gains income to 28 percent.
(Source: Tax Foundation)
For a brief overview of who you would value more, the benefits will be like this: Trump: If you are more interested in gaining personal wealth, want to keep your money to yourself, and pay less taxes then it is more beneficial to vote for Trump.
Harris: If you are interested in getting social benefits, taxing for more equal opportunities to everybody, then it is more beneficial to vote for Harris.
As the 2024 election gets closer, people are bringing more attention to the tax policies and trying to think who they should vote for and which candidate will bring the most benefit to them.
For a brief overview of who you would value more, the benefits will be like this: Trump: If you are more interested in gaining personal wealth, want to keep your money to yourself, and pay less taxes then it is more beneficial to vote for Trump.
Harris: If you are interested in getting social benefits, taxing for more equal opportunities to everybody, then it is more beneficial to vote for Harris.
As the 2024 election gets closer, people are bringing more attention to the tax policies and trying to think who they should vote for and which candidate will bring the most benefit to them.