As the U.S. presidential election approaches, tax policy is a critical topic for voters. The candidates' tax plans not only reveal their broader economic ideologies but also provide insight into how they will manage issues like income inequality, economic growth, and fiscal responsibility. To help you understand where each candidate stands, Wealth Enhancement compares the tax policy plans proposed by Vice President Kamala Harris (D) and former President Donald Trump (R).
At a high level, Kamala Harris supports a more progressive tax system aimed at increasing taxes on high-income individuals and large corporations while providing relief to middle- and lower-income families. Her goal is to use tax revenues to fund social programs, close the wealth gap, and invest in public services.
Donald Trump, on the other hand, remains a proponent of supply-side tax policies that prioritize tax cuts for businesses and high-income individuals, with the aim of spurring economic growth, job creation, and investment. His plan is a continuation of the tax reforms he implemented during his 2017 presidency.
To assess each candidate's tax plan, it can be helpful to compare their stances around specific tax policy areas, as presented in the table above.
To understand the reasoning behind these divergent approaches, consider these proposals at a more granular level.
Individual income tax
Corporate tax
Capital gains tax
Estate and wealth taxes
Tax credits and deductions
Candidates Kamala Harris and Donald Trump offer voters two distinct visions of how taxes should be structured in America. To explore how these differential tax policies might impact your financial plan, reach out to your financial advisor.
This story was produced by Wealth Enhancement and reviewed and distributed by Stacker Media.