The upcoming U.S. presidential election has brought tax policies to the forefront of the campaign, with both Democratic nominee Kamala Harris and Republican candidate Donald Trump unveiling contrasting tax plans. Harris emphasizes her commitment to supporting small businesses, proposing a tax credit for startups and promising a middle-class tax cut, accusing Trump of prioritizing tax breaks for the wealthy.
In contrast, Trump's tax agenda leans towards benefiting the rich and the industry, as seen in his previous corporate tax cuts and the promise to slash it further if re-elected. Additionally, he aims to implement a significant tariff hike on imports to reduce the trade deficit and boost domestic manufacturing. The tax proposals from both candidates come at a crucial time when Americans are bracing for potential tax increases in the future.
The tax landscape in the U.S. is further complicated by the expiration of several tax cuts introduced through the Tax Cuts & Jobs Act in 2017 during Trump's administration. The debate now revolves around the sustainability of these tax cuts and their impact on the national deficit, with concerns raised about the long-term financial implications of extending such measures. Furthermore, both candidates are vying for support from the younger demographic by offering tax breaks for gig economy workers, with promises to eliminate taxes on tips and Social Security benefits to provide economic relief to working-class citizens and seniors.