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Tracking 2024 Presidential Tax Plans

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Where Do the Candidates Stand on Taxes?

Tax policy has become a significant focus of the U.S. 2024 presidential election. We’ve created this tool to keep track of the tax policies proposed by presidential candidates during their campaigns.

We will continue to update the tracker as candidates issue more detailed tax plans over the coming weeks. Explore our related analysis of their tax plans below. Share this tool: taxfoundation.org/2024-tracker.

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Suspended Campaigns

Latest Updates

  1. Donald Trump considers replacing the income tax with tariffs.
  2. Donald Trump proposes exempting tips from income taxes.
  3. Joe Biden proposes maintaining the current Section 301 tariffs while raising tariffs on an additional $18 billion worth of steel, aluminum, and green energy and medical goods.
See Full Timeline

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Methodology: The candidates below have been determined based on those listed on The New York Times tracker with a RealClearPolitics poll average above 1 percent. We add policies to the tracker when they are made publicly available, either based on media reports or campaign websites.

Joe Biden (D)

Joe Biden, under his proposed budget for FY 2025, would increase tax rates on corporate, individual, and capital gains income; expand tax credits for workers and families; expand tax bases to include more types of income; and maintain the current Section 301 tariffs on roughly $360 billion worth of goods from China while raising tariffs on an additional $18 billion worth of steel, aluminum, and green energy and medical goods.

Business Taxes: 

  • Increase the corporate income tax rate to 28 percent. Read more
  • Increase the global intangible low-taxed income (GILTI) tax rate from 10.5 percent to 21 percent and repeal the reduced tax rate on foreign-derived intangible income (FDII). Read more
  • Repeal the base erosion and anti-abuse tax (BEAT) and replace it with an undertaxed profits rule (UTPR) consistent with the OECD/G20 global minimum tax model rules. Read more
  • Expand the net investment income tax to nonpassive business income. Read more
  • Raise taxes on the fossil fuel industry. Read more

Capital Gains and Dividend Taxes: 

  • Tax long-term capital gains and qualified dividends at ordinary income tax rates for taxable income above $1 million and tax unrealized capital gains at death above a $5 million exemption ($10 million for joint filers). Read more
  • Tax carried interest as ordinary income. Read more
  • Impose a minimum effective tax rate of 20 percent on an expanded measure of income including unrealized capital gains for households with net wealth above $100 million. Read more

Credits, Deductions, and Exemptions: 

  • Make the Child Tax Credit fully refundable on a permanent basis. Read more
  • Increase the Child Tax Credit to $3,600 for young children and $3,000 for older children, make it fully refundable, and make other changes, on a temporary basis. Read more
  • Increase the Earned Income Tax Credit for workers without qualifying children on a permanent basis. Read more
  • Expand premium tax credits on a permanent basis. Read more

Estate and Wealth Taxes: 

  • Tighten rules related to the estate tax. Read more

Excise Taxes: 

  •  Increase the stock buyback excise tax to 4 percent. Read more

Individual Income Taxes: 

  • Increase the net investment income tax and Medicare tax to reach 5 percent on income above $400,000. Read more
  • Increase top individual income tax rate to 39.6 percent on income above $400,000 for single filers and $450,000 for joint filers. Read more
  • Extend the expiring individual income tax changes from the 2017 Tax Cuts and Jobs Act (TCJA) for taxpayers making under $400,000. Read more

Payroll Taxes: 

  • No tax policies proposed 

Tariffs and Trade: 

  • Maintain the current Section 301 tariffs on roughly $360 billion worth of goods from China while raising tariffs on an additional $18 billion worth of steel, aluminum, and green energy and medical goods. Read more

Other: 

  • No tax policies proposed 

See Analysis

Note: Image adapted from Adam Schultz, “U.S. President Joe Biden's official portrait, 2021,” photograph, WhiteHouse.gov, 2021, https://www.whitehouse.gov/administration/president-biden/.

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Timeline of Activity

  1. Donald Trump considers replacing the income tax with tariffs.
  2. Donald Trump proposes exempting tips from income taxes.
  3. Joe Biden proposes maintaining the current Section 301 tariffs while raising tariffs on an additional $18 billion worth of steel, aluminum, and green energy and medical goods.
  4. Joe Biden proposes tripling current tariffs on imports of steel and aluminum from China.
  5. Dean Phillips (D) suspends campaign.
  6. Nikki Haley (R) suspends campaign.
  7. Marianne Williamson (D) unsuspends campaign.
  8. Donald Trump (R) adds tariff proposal. Marianne Williamson (D) suspends campaign.
  9. Ron DeSantis (R) suspends campaign. Nikki Haley (R) adds child tax credit proposal.
  10. Vivek Ramaswamy (R) suspends campaign.
  11. Chris Christie (R) suspends campaign.
  12. Donald Trump (R) adds proposal related to 2017 Tax Cuts and Jobs Act (TCJA).
  13. Ron DeSantis (R) adds IRS and flat tax proposal.
  14. Tim Scott (R) suspends campaign. Dean Phillips (D) is added, given methodology.
  15. Tracker Launched
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