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Harris's Tax Plan
Kamala Harris's tax plan focuses on expanding the Child Tax Credit, providing healthcare subsidies, supporting small businesses, and raising taxes on corporations and high-income earners to fund these initiatives.
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PoliticsEconomyUs PoliticsPolicyTaxesWealth
Tax Policy CenterCommittee For A Responsible Federal BudgetPenn Wharton Budget ModelFederal Reserve
Kamala HarrisDonald TrumpJoe BidenJoseph Rosenberg
- What are the key components of Harris's proposed expansion of the Child Tax Credit?
- Harris's plan expands the Child Tax Credit to $3,600 per child, includes a $6,000 one-time credit for newborns, and is estimated to benefit low-income families significantly. It aims to support families struggling with inflation and high living costs.
- What are the key proposals in Harris's plan related to healthcare and small business support?
- The plan proposes increased healthcare subsidies to expand the Affordable Care Act, aiming to ensure no family spends more than 8.5% of their income on premiums. It also expands tax deductions for small businesses, up to $50,000 for startups.
- How does Harris plan to fund the proposed tax cuts, and what are the main targets of her tax increase plans?
- Harris plans to raise $5 trillion in taxes by 2034, largely targeting corporations and high earners, to offset the cost of proposed tax cuts. This includes raising the corporate tax rate to 28%, increasing the top individual income tax rate, and implementing a billionaire minimum tax.
- How does Harris's plan address taxation of tips and what other measures does she propose for low-income support?
- Harris supports eliminating taxes on tips to benefit service workers, but with guardrails against income misclassification. Unlike Trump, she also advocates for minimum wage increases and expanded low-income housing and home building credits.
- What are the specifics of Harris's proposed tax increases on high-income earners, capital gains, and what other measures does her plan include?
- The plan includes tax increases on high-income earners (over $400,000), raising the top rate to 39.6%, and on capital gains (over $1 million), raising the rate to 28%. It also proposes taxing unrealized capital gains and tightening estate tax rules.