cbsnews.com
Trump vs. Harris: A Tax Plan Showdown
Analysis of Trump and Harris' proposed tax plans, comparing their impacts on various income groups and outlining key policy differences.
English
United States
PoliticsEconomyUs PoliticsLabour MarketElectionInternational TradePolicyTaxes
Tax FoundationPenn Wharton Budget ModelTax Policy CenterCommittee For A Responsible Federal Budget
Donald TrumpKamala HarrisJd VanceHoward Gleckman
- Would Trump cut or raise your taxes?
- Trump's plan includes significant tax cuts, particularly benefiting high-income households, but also involves tariffs acting as a sales tax increase for consumers. His success depends on Congressional approval.
- Would Harris cut or raise your taxes?
- Harris' plan involves a mix of tax cuts and increases, primarily impacting higher-income earners. Lower and middle-income households may see tax breaks, while the wealthy will experience larger tax burdens.
- What are Harris and Trump proposing for families?
- Harris proposes expanding the Child Tax Credit significantly, offering substantial benefits for low-income families. Trump's plan, depending on TCJA extension, would either maintain or possibly increase the existing CTC.
- What are Harris and Trump's plans for business taxes?
- Harris aims to increase the corporate tax rate to 28%, while Trump seeks to lower it to 15%. Both candidates advocate for cutting taxes on tips, but Trump also proposes eliminating taxes on overtime income.
- What are Harris and Trump's plans for taxes on Social Security?
- Trump plans to eliminate income taxes on Social Security benefits, mainly aiding middle- and high-income retirees. This, however, risks accelerating Social Security's insolvency.