{"id":14694,"date":"2024-09-11T18:48:16","date_gmt":"2024-09-11T18:48:16","guid":{"rendered":"https:\/\/lonecandle.com\/?p=14694"},"modified":"2024-09-11T18:48:16","modified_gmt":"2024-09-11T18:48:16","slug":"kamala-harriss-and-donald-trumps-wildly-different-tax-plans-explained","status":"publish","type":"post","link":"https:\/\/lonecandle.com\/?p=14694","title":{"rendered":"Kamala Harris\u2019s and Donald Trump\u2019s wildly different tax plans, explained"},"content":{"rendered":"\n<p>&#8220;Harris is proposing policies like raising taxes on corporations and creating new tax credits, while Trump promises to institute new tariffs and to cut taxes on certain businesses. There\u2019s not a lot the two agree on,&nbsp;<a href=\"https:\/\/www.vox.com\/policy\/366680\/no-tax-on-tips-trump-harris-subminimum-wage\" target=\"_blank\" rel=\"noreferrer noopener\">other than a proposal to eliminate federal taxes on tips<\/a>.<\/p>\n\n\n\n<p>As president, both candidates would struggle to make their promised changes unilaterally as taxation is controlled by Congress, not the executive branch. Neither party seems on track to make the type of huge&nbsp;<a href=\"https:\/\/www.cookpolitical.com\/ratings\/house-race-ratings\" target=\"_blank\" rel=\"noreferrer noopener\">House<\/a>&nbsp;or&nbsp;<a href=\"https:\/\/www.cookpolitical.com\/ratings\/senate-race-ratings\" target=\"_blank\" rel=\"noreferrer noopener\">Senate<\/a>&nbsp;gains a president would need to ram their agenda through Congress, and it\u2019s possible control continues to be split between parties, a recipe for gridlock.<\/p>\n\n\n\n<p>That makes these plans more about demonstrating an economic philosophy to voters than anything else.&#8221;<\/p>\n\n\n\n<p>&#8230;<\/p>\n\n\n\n<p>&#8220;Harris has said she wants to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Set the capital gains tax rate at 28 percent<\/li>\n\n\n\n<li>Set the corporate tax rate at 28 percent<\/li>\n\n\n\n<li>Give new\u00a0<a href=\"https:\/\/www.politico.com\/news\/2024\/09\/03\/harris-small-business-tax-cuts-00177210\" target=\"_blank\" rel=\"noreferrer noopener\">small businesses<\/a>\u00a0a tax break of up to $50,000<\/li>\n\n\n\n<li>Create a $25,000 tax credit for first-time homebuyers<\/li>\n\n\n\n<li>Increase the child tax credit for all parents, including giving new parents a $6,000 credit<\/li>\n\n\n\n<li>Eliminate certain taxes on tips<\/li>\n\n\n\n<li>Ensure no tax hikes on individuals making less than $400,000&#8243;\u00a0<\/li>\n<\/ul>\n\n\n\n<p>&#8230;<\/p>\n\n\n\n<p>&#8220;Trump says he plans to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Slash some corporate taxes to 15 percent<\/li>\n\n\n\n<li>Institute a tariff of up to 20 percent on all imports (except those from China, which would have a 60 percent tariff)<\/li>\n\n\n\n<li>Renew the individual tax cuts from 2017, keeping even the highest income tax brackets where they are<\/li>\n\n\n\n<li>Get rid of taxes on Social Security benefits<\/li>\n\n\n\n<li>End taxes on tips&#8221;<\/li>\n<\/ul>\n\n\n\n<p><a href=\"https:\/\/www.vox.com\/2024-elections\/370753\/taxes-debate-trump-harris-irs-tariffs-child-tax-credit\">https:\/\/www.vox.com\/2024-elections\/370753\/taxes-debate-trump-harris-irs-tariffs-child-tax-credit<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Harris is proposing policies like raising taxes on corporations and creating new tax credits, while Trump promises to institute new tariffs and to cut taxes on certain businesses. There\u2019s not a lot the two agree on, other than a proposal to eliminate federal taxes on tips.<br \/>\nAs president, both candidates would struggle to make their promised changes unilaterally as taxation is controlled by Congress, not the executive branch. Neither party seems on track to make the type of huge House or Senate gains a president would need to ram their agenda through Congress, and it\u2019s possible control continues to be split between parties, a recipe for gridlock.<\/p>\n<p>That makes these plans more about demonstrating an economic philosophy to voters than anything else.&#8221;<\/p>\n<p>&#8230;<\/p>\n<p>&#8220;Harris has said she wants to:<\/p>\n<p>Set the capital gains tax rate at 28 percent<br \/>\nSet the corporate tax rate at 28 percent<br \/>\nGive new small businesses a tax break of up to $50,000<br \/>\nCreate a $25,000 tax credit for first-time homebuyers<br \/>\nIncrease the child tax credit for all parents, including giving new parents a $6,000 credit<br \/>\nEliminate certain taxes on tips<br \/>\nEnsure no tax hikes on individuals making less than $400,000&#8221;<br \/>\n&#8230;<\/p>\n<p>&#8220;Trump says he plans to:<br \/>\nSlash some corporate taxes to 15 percent<br \/>\nInstitute a tariff of up to 20 percent on all imports (except those from China, which would have a 60 percent tariff)<br \/>\nRenew the individual tax cuts from 2017, keeping even the highest income tax brackets where they are<br \/>\nGet rid of taxes on Social Security benefits<br \/>\nEnd taxes on tips&#8221;<\/p>\n<p>https:\/\/www.vox.com\/2024-elections\/370753\/taxes-debate-trump-harris-irs-tariffs-child-tax-credit<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[13],"tags":[585,221,372,966,425,222,140,170],"class_list":["post-14694","post","type-post","status-publish","format-standard","hentry","category-article-share","tag-campaign","tag-donald-trump","tag-election","tag-kamala-harris","tag-plans","tag-president","tag-tax","tag-trump"],"_links":{"self":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/14694","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14694"}],"version-history":[{"count":1,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/14694\/revisions"}],"predecessor-version":[{"id":14695,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/14694\/revisions\/14695"}],"wp:attachment":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14694"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14694"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14694"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}