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Battle of the Tax Plans Unveiling the Stark Differences Between Presidential Candidates' Proposals

Article Highlights:

  • Tax Position Comparisons

  • Tax Cuts and Jobs Act

Who are you going to vote for in November? Although taxes may not be the sole item leading to your decision of who to vote for in the Fall elections, it is one of many factors to consider. There is a Tax Olympics brewing in D.C. as the two parties jockey for votes. Here is a summary of their presumed positions on taxes based upon what little information is currently available. It is presented in table format so you can directly compare their probable positions.

 
TAX CUTS & JOBS ACT

The Tax Cuts and Jobs Act (TCJA),signed into law by then President Donald Trump, became effective beginning January 1, 2018. This was the largest tax legislation in 30 years and impacted both businesses and individuals. However, nearly all the provisions in it were temporary, with most provisions expiring after 2025. Congress made most of the changes temporary as a way to limit the impact on the federal budget.  

It slashed the corporate tax rate to the benefit of mostly higher earning shareholders. It reduced the alternative minimum tax (AMT) and approximately doubled the estate tax exemption and provided a 20% deduction for pass through business income. These and other key provisions of TCJA are outlined in the following table.

As noted earlier, Harris would like to repeal TCJA while Trump has indicated he would extend it.

Once individual tax cuts expire after 2025, the Tax Policy Center estimates that the majority of taxpayers—53.4%—will face a tax increase: 69.7% of those in the middle quintile will pay more, compared to just 8% of the highest-earning 0.1%.


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