Briefing
Taxation is a high-stakes game
We cover the presidential candidates’ positions on taxation.
Updated 2024-Sep-26 05:00
Donald Trump speaking on a stage in front of American flags.
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Today we are starting a series called The Stakes covering the major issues of the campaign. Regardless of who wins the election the next president will quickly have to deal with major changes to the tax code.
That’s because a set of tax cuts enacted by Donald Trump in 2017 will expire next year and Congress will decide which tax cuts to keep end or expand.
Of all the campaign policy issues this one is the most likely to hurt or help your finances. Trump has proposed tax changes that would largely benefit the wealthy and corporations.
He has also called for new tariffs taxes on foreign goods that would raise prices for everyone. Kamala Harris like President Biden before her has promised to reduce taxes for lower and middle earners and increase taxes on the rich.
She has not proposed new tariffs although she has not ruled them out. Below I’ll explain how these plans could affect you.
This newsletter is the first in a series we’ll run between now and Election Day. In it Times journalists will focus on the policy stakes of the 2024 election and how life would be different under a Harris administration or a Trump administration.
We’ll examine other subjects including abortion democracy and immigration in future newsletters.
The tax cutsTrump campaigned in 2016 on a promise to slash tax rates. He delivered tax cuts in his first year in office.
The 2017 cuts largely benefited the wealthy and corporations. But they also included some reductions for low and middle income Americans.
Most of the 2017 cuts will expire next year and members of Congress are preparing for a fight. Trump wants to extend everything and go further.
He has proposed eliminating taxes on tips and Social Security benefits and reducing the corporate tax rate to 15 percent from 21 percent.
He argues the cut would leave businesses with more money to grow spend and hire helping the economy.
Trump’s plan would add $5. 8 trillion to the debt over 10 years according to the Penn Wharton Budget Model.
That would expand a national debt and a budget deficit that many economists already consider concerningly large.
Harris says she would leave the 2017 tax cuts in place for people earning up to $400 000 per year but raise rates for those who earn more.
She argues that the rich can afford higher taxes to pay for policies that help everyone else including an expanded child tax credit for parents.
Like Trump she favors eliminating taxes on tips.
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