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.
Latest Updates
- Joe Biden suspends re-election campaign. Kamala Harris launches campaign.
- Joe Biden proposes expanding current Section 232 tariffs. Robert F. Kennedy Jr. releases several new tax proposals.
- Donald Trump considers replacing the income tax with tariffs.
- Donald Trump proposes exempting tips from income taxes.
Compare By Candidate
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.
Kamala Harris (D)
Donald Trump (R)
Robert F. Kennedy Jr. (I)
Marianne Williamson (D)
Biden-Harris Administration (D)
Kamala Harris (D)
Kamala Harris may continue the same policies put forth in the FY 2025 budget of the Biden-Harris administration or may propose additional tax policy changes. See the corresponding "Biden-Harris Administration" tab for reference. Tax Foundation will update this page accordingly with the latest tax policy developments of the 2024 campaign.
Business Taxes:
- To be determined.
Capital Gains and Dividend Taxes:
- To be determined.
Credits, Deductions, and Exemptions:
- To be determined.
Estate and Wealth Taxes:
- To be determined.
Excise Taxes:
- To be determined.
Individual Income Taxes:
- To be determined.
Payroll Taxes:
- To be determined.
Tariffs and Trade:
- To be determined.
Other:
- To be determined.
Note: Image adapted from Lawrence Jackson, “Official portrait of Vice President Kamala Harris,” photograph, WhiteHouse.gov, 2021, https://www.whitehouse.gov/administration/vice-president-harris/.
Donald Trump (R)
Donald Trump would impose a universal baseline tariff on all U.S. imports, impose a 60 percent tariff on all U.S. imports from China, make the individual and estate tax cuts of the TCJA permanent, lower the corporate income tax rate from 21 percent to 20 percent, tax large private university endowments, and consider replacing the income tax with tariffs.
Business Taxes:
- Lower the corporate income tax rate from 21 percent to 20 percent. Read more
Capital Gains and Dividend Taxes:
- No tax policies proposed
Credits, Deductions, and Exemptions:
- No tax policies proposed
Estate and Wealth Taxes:
- Make the expiring estate tax cuts from the 2017 Tax Cuts and Jobs Act permanent. Read more
Excise Taxes:
- Tax large private university endowments. Read more
Individual Income Taxes:
- Make the expiring individual income tax cuts from the 2017 Tax Cuts and Jobs Act permanent. Read more
- Consider replacing personal income taxes with increased tariffs. Read more
- Exempt tips from income taxes. In 2018, IRS W-2 data indicates 6.1 million taxpayers reported a total of $38.3 billion in taxable tip income, for an average of $6,249 per taxpayer. Read more
Payroll Taxes:
- No tax policies proposed
Tariffs and Trade:
- Impose a universal baseline tariff on all U.S. imports. Read more
- Impose a 60 percent tariff on all U.S. imports from China. Read more
- Consider replacing personal income taxes with increased tariffs. Read more
Other:
- No tax policies proposed
Robert F. Kennedy Jr. (I)
Robert F. Kennedy Jr.’s proposed tax plan would double the child tax credit, restore a $5,000 personal exemption, increase the standard deduction, tax carried interest at ordinary income tax rates, and exempt bitcoin from capital gains taxes.
Business Taxes:
- No tax policies proposed
Capital Gains and Dividend Taxes:
- Exempt bitcoin from capital gains taxes when converted to or from U.S. dollars. Read more
- Tax carried interest as ordinary income. Read more
Credits, Deductions, and Exemptions:
- Double the child tax credit. Read more
- Restore a $5,000 personal exemption. Read more
- Increase the standard deduction. Read more
Estate and Wealth Taxes:
- No tax policies proposed
Excise Taxes:
- No tax policies proposed
Individual Income Taxes:
- No tax policies proposed
Payroll Taxes:
- No tax policies proposed
Tariffs and Trade:
- No tax policies proposed
Other:
- No tax policies proposed
Note: Image adapted from Gage Skidmore from Peoria, AZ, United States of America, “Robert F. Kennedy Jr. on the red carpet at Celebrity Fight Night XXIII at the JW Marriott Desert Ridge Resort & Spa in Phoenix, Arizona,” photograph, Flickr, 2017, https://www.flickr.com/photos/gageskidmore/32709718003/.
Marianne Williamson (D)
Marianne Williamson would repeal the 2017 Tax Cuts and Jobs Act corporate and individual tax cuts for wealthy taxpayers, increase the estate tax and payroll tax, tax carried interest as ordinary income, raise taxes on the fossil fuel industry, and impose a financial transaction fee.
Business Taxes:
Capital Gains and Dividend Taxes:
- Tax carried interest as ordinary income. Read more
- Impose a fee on financial transactions. Read more
Credits, Deductions, and Exemptions:
- No tax policies proposed
Estate and Wealth Taxes:
- Increase the estate tax by reducing the exemption to $5 million. Read more
Excise Taxes:
- No tax policies proposed
Individual Income Taxes:
- Repeal the 2017 individual tax cuts for the wealthy. Read more
Payroll Taxes:
- Eliminate the income cap on Social Security payroll taxes. Read more
Tariffs and Trade:
- No tax policies proposed
Other:
- No tax policies proposed
Note: Image adapted from Gage Skidmore from Peoria, AZ, United States of America, “Marianne Williamson speaking with the media at the 2019 Iowa State Fair in Des Moines, Iowa,” photograph, Flickr, 2019, https://www.flickr.com/photos/gageskidmore/48541662667/.
Biden-Harris Administration (D)
The Biden-Harris Administration, under the proposed budget for fiscal year 2024, 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; expand the current Section 232 tariffs on steel and aluminum to apply to certain imports from Mexico; 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
- Expand the current Section 232 tariffs on steel and aluminum to apply to certain imports from Mexico. Read more
Other:
- No tax policies proposed
Compare by Topic
Business and Competitiveness
Kamala Harris:
- To be determined. Kamala Harris may continue the same policies put forth in the FY 2025 budget of the Biden-Harris administration or may propose additional tax policy changes. See the corresponding "Biden-Harris Administration" tab for reference. Tax Foundation will update this page accordingly with the latest tax policy developments of the 2024 campaign.
Donald Trump:
- Lower the corporate income tax rate from 21 percent to 20 percent. Read more
Robert F. Kennedy Jr.
- No tax policies proposed
Marianne Williamson:
Biden-Harris Administration:
- 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
- Expand the net investment income tax to nonpassive business income. Read more
- Raise taxes on the fossil fuel industry. Read more
Energy and Environment
Kamala Harris:
- To be determined. Kamala Harris may continue the same policies put forth in the FY 2025 budget of the Biden-Harris administration or may propose additional tax policy changes. See the corresponding "Biden-Harris Administration" tab for reference. Tax Foundation will update this page accordingly with the latest tax policy developments of the 2024 campaign.
Donald Trump:
- No tax policies proposed
Robert F. Kennedy Jr.
- No tax policies proposed
Marianne Williamson:
- Raise taxes on the fossil fuel industry. Read more
Biden-Harris Administration:
- Raise taxes on the fossil fuel industry. Read more
Families and Workers
Kamala Harris:
- To be determined. Kamala Harris may continue the same policies put forth in the FY 2025 budget of the Biden-Harris administration or may propose additional tax policy changes. See the corresponding "Biden-Harris Administration" tab for reference. Tax Foundation will update this page accordingly with the latest tax policy developments of the 2024 campaign.
Donald Trump:
- Make the expiring individual income tax cuts from the 2017 Tax Cuts and Jobs Act permanent. Read more
- Consider replacing personal income taxes with increased tariffs. Read more
- Exempt tips from income taxes. In 2018, IRS W-2 data indicates 6.1 million taxpayers reported a total of $38.3 billion in taxable tip income, for an average of $6,249 per taxpayer. Read more
Robert F. Kennedy Jr.
- Double the child tax credit. Read more
- Restore a $5,000 personal exemption. Read more
- Increase the standard deduction. Read more
Marianne Williamson:
- Repeal the 2017 individual tax cuts for the wealthy. Read more
- Eliminate the income cap on Social Security payroll taxes. Read more
Biden-Harris Administration:
- 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
- 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
Global Tax Deal
Kamala Harris:
- To be determined. Kamala Harris may continue the same policies put forth in the FY 2025 budget of the Biden-Harris administration or may propose additional tax policy changes. See the corresponding "Biden-Harris Administration" tab for reference. Tax Foundation will update this page accordingly with the latest tax policy developments of the 2024 campaign.
Donald Trump:
- No tax policies proposed
Robert F. Kennedy Jr.
- No tax policies proposed
Marianne Williamson:
- No tax policies proposed
Biden-Harris Administration:
- 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
Saving and Investment
Kamala Harris:
- To be determined. Kamala Harris may continue the same policies put forth in the FY 2025 budget of the Biden-Harris administration or may propose additional tax policy changes. See the corresponding "Biden-Harris Administration" tab for reference. Tax Foundation will update this page accordingly with the latest tax policy developments of the 2024 campaign.
Donald Trump:
- Tax large private university endowments. Read more
Robert F. Kennedy Jr.
- Exempt bitcoin from capital gains taxes when converted to or from U.S. dollars. Read more
- Tax carried interest as ordinary income. Read more
Marianne Williamson:
- Tax carried interest as ordinary income. Read more
- Impose a fee on financial transactions. Read more
- Increase the estate tax by reducing the exemption to $5 million. Read more
Biden-Harris Administration:
- 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
- Increase the stock buyback excise tax to 4 percent. Read more
- Increase the net investment income tax and Medicare tax to reach 5 percent on income above $400,000. Read more
Tariffs & Industrial Policy
Kamala Harris:
- To be determined. Kamala Harris may continue the same policies put forth in the FY 2025 budget of the Biden-Harris administration or may propose additional tax policy changes. See the corresponding "Biden-Harris Administration" tab for reference. Tax Foundation will update this page accordingly with the latest tax policy developments of the 2024 campaign.
Donald Trump:
- Impose a universal baseline tariff on all U.S. imports. Read more
- Impose a 60 percent tariff on all U.S. imports from China. Read more
Robert F. Kennedy Jr.
- No tax policies proposed
Marianne Williamson:
- No tax policies proposed
Biden-Harris Administration:
- 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
- Expand the current Section 232 tariffs on steel and aluminum to apply to certain imports from Mexico. Read more
Tax Cuts and Jobs Act Expirations
Kamala Harris:
- To be determined. Kamala Harris may continue the same policies put forth in the FY 2025 budget of the Biden-Harris administration or may propose additional tax policy changes. See the corresponding "Biden-Harris Administration" tab for reference. Tax Foundation will update this page accordingly with the latest tax policy developments of the 2024 campaign.
Donald Trump:
- Make the expiring individual income tax cuts from the 2017 Tax Cuts and Jobs Act permanent. Read more
- Make the expiring estate tax cuts from the 2017 Tax Cuts and Jobs Act permanent. Read more
- Consider replacing personal income taxes with increased tariffs. Read more
Robert F. Kennedy Jr.
- Double the child tax credit. Read more
- Restore a $5,000 personal exemption. Read more
- Increase the standard deduction. Read more
Marianne Williamson:
- Repeal the 2017 individual tax cuts for the wealthy. Read more
Biden-Harris Administration:
- Extend the expiring individual income tax changes from the 2017 Tax Cuts and Jobs Act for taxpayers making under $400,000. Read more
Compare by Tax Type
Business Taxes
Kamala Harris:
- To be determined. Kamala Harris may continue the same policies put forth in the FY 2025 budget of the Biden-Harris administration or may propose additional tax policy changes. See the corresponding "Biden-Harris Administration" tab for reference. Tax Foundation will update this page accordingly with the latest tax policy developments of the 2024 campaign.
Donald Trump:
- Lower the corporate income tax rate from 21 percent to 20 percent. Read more
Robert F. Kennedy Jr.
- No tax policies proposed
Marianne Williamson:
Biden-Harris Administration:
- 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
Kamala Harris:
- To be determined. Kamala Harris may continue the same policies put forth in the FY 2025 budget of the Biden-Harris administration or may propose additional tax policy changes. See the corresponding "Biden-Harris Administration" tab for reference. Tax Foundation will update this page accordingly with the latest tax policy developments of the 2024 campaign.
Donald Trump:
- No tax policies proposed
Robert F. Kennedy Jr.
- Exempt bitcoin from capital gains taxes when converted to or from U.S. dollars. Read more
- Tax carried interest as ordinary income. Read more
Marianne Williamson:
- Tax carried interest as ordinary income. Read more
- Impose a fee on financial transactions. Read more
Biden-Harris Administration:
- 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
Kamala Harris:
- To be determined. Kamala Harris may continue the same policies put forth in the FY 2025 budget of the Biden-Harris administration or may propose additional tax policy changes. See the corresponding "Biden-Harris Administration" tab for reference. Tax Foundation will update this page accordingly with the latest tax policy developments of the 2024 campaign.
Donald Trump:
- Make the expiring individual income tax cuts from the 2017 Tax Cuts and Jobs Act permanent. Read more
Robert F. Kennedy Jr.
- Double the child tax credit. Read more
- Restore a $5,000 personal exemption. Read more
- Increase the standard deduction. Read more
Marianne Williamson:
- Repeal the 2017 individual tax cuts for the wealthy. Read more
Biden-Harris Administration:
- 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
- Extend the expiring individual income tax changes from the 2017 Tax Cuts and Jobs Act for taxpayers making under $400,000. Read more
Estate and Wealth Taxes
Kamala Harris:
- To be determined. Kamala Harris may continue the same policies put forth in the FY 2025 budget of the Biden-Harris administration or may propose additional tax policy changes. See the corresponding "Biden-Harris Administration" tab for reference. Tax Foundation will update this page accordingly with the latest tax policy developments of the 2024 campaign.
Donald Trump:
- Make the expiring estate tax cuts from the 2017 Tax Cuts and Jobs Act permanent. Read more
Robert F. Kennedy Jr.
- No tax policies proposed
Marianne Williamson:
- Increase the estate tax by reducing the exemption to $5 million. Read more
Biden-Harris Administration:
- Tighten rules related to the estate tax. Read more
Excise Taxes
Kamala Harris:
- To be determined. Kamala Harris may continue the same policies put forth in the FY 2025 budget of the Biden-Harris administration or may propose additional tax policy changes. See the corresponding "Biden-Harris Administration" tab for reference. Tax Foundation will update this page accordingly with the latest tax policy developments of the 2024 campaign.
Donald Trump:
- Tax large private university endowments. Read more
Robert F. Kennedy Jr.
- No tax policies proposed
Marianne Williamson:
- No tax policies proposed
Biden-Harris Administration:
- Increase the stock buyback excise tax to 4 percent. Read more
Individual Income Taxes
Kamala Harris:
- To be determined. Kamala Harris may continue the same policies put forth in the FY 2025 budget of the Biden-Harris administration or may propose additional tax policy changes. See the corresponding "Biden-Harris Administration" tab for reference. Tax Foundation will update this page accordingly with the latest tax policy developments of the 2024 campaign.
Donald Trump:
- Make the expiring individual income tax cuts from the 2017 Tax Cuts and Jobs Act permanent. Read more
- Consider replacing personal income taxes with increased tariffs. Read more
- Exempt tips from income taxes. In 2018, IRS W-2 data indicates 6.1 million taxpayers reported a total of $38.3 billion in taxable tip income, for an average of $6,249 per taxpayer. Read more
Robert F. Kennedy Jr.
- Double the child tax credit. Read more
- Restore a $5,000 personal exemption. Read more
- Increase the standard deduction. Read more
- Tax carried interest as ordinary income. Read more
Marianne Williamson:
- Repeal the 2017 individual tax cuts for the wealthy. Read more
Biden-Harris Administration:
- 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 for taxpayers making under $400,000. Read more
Payroll Taxes
Kamala Harris:
- To be determined. Kamala Harris may continue the same policies put forth in the FY 2025 budget of the Biden-Harris administration or may propose additional tax policy changes. See the corresponding "Biden-Harris Administration" tab for reference. Tax Foundation will update this page accordingly with the latest tax policy developments of the 2024 campaign.
Donald Trump:
- No tax policies proposed
Robert F. Kennedy Jr.
- No tax policies proposed
Marianne Williamson:
- Eliminate the income cap on Social Security payroll taxes. Read more
Biden-Harris Administration:
- No tax policies proposed
Tariffs and Trade
Kamala Harris:
- To be determined. Kamala Harris may continue the same policies put forth in the FY 2025 budget of the Biden-Harris administration or may propose additional tax policy changes. See the corresponding "Biden-Harris Administration" tab for reference. Tax Foundation will update this page accordingly with the latest tax policy developments of the 2024 campaign.
Donald Trump:
- Impose a universal baseline tariff on all U.S. imports. Read more
- Impose a 60 percent tariff on all U.S. imports from China. Read more
- Consider replacing personal income taxes with increased tariffs. Read more
Robert F. Kennedy Jr.
- No tax policies proposed
Marianne Williamson:
- No tax policies proposed
Biden-Harris Administration:
- 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
- Expand the current Section 232 tariffs on steel and aluminum to apply to certain imports from Mexico. Read more
Other
Kamala Harris:
- To be determined. Kamala Harris may continue the same policies put forth in the FY 2025 budget of the Biden-Harris administration or may propose additional tax policy changes. See the corresponding "Biden-Harris Administration" tab for reference. Tax Foundation will update this page accordingly with the latest tax policy developments of the 2024 campaign.
Donald Trump:
- No tax policies proposed
Robert F. Kennedy Jr.
- No tax policies proposed
Marianne Williamson:
- No tax policies proposed
Biden-Harris Administration:
- No tax policies proposed
Suspended Campaigns
Chris Christie (R)
Chris Christie (R)
Chris Christie would extend the expiring individual income tax changes from the 2017 Tax Cuts and Jobs Act.
Business Taxes:
- No tax policies proposed
Capital Gains and Dividend Taxes:
- No tax policies proposed
Credits, Deductions, and Exemptions:
- Extend the expiring individual income tax changes from the 2017 Tax Cuts and Jobs Act. Read more.
Estate and Wealth Taxes:
- No tax policies proposed
Excise Taxes:
- No tax policies proposed
Individual Income Taxes:
- Extend the expiring individual income tax changes from the 2017 Tax Cuts and Jobs Act. Read more.
Payroll Taxes:
- No tax policies proposed
Tariffs and Trade:
- No tax policies proposed
Other:
- No tax policies proposed
Note: Image adapted from Office of U.S. Health Secretary, “Chris Christie in 2020,” photograph, Twitter, 2020, https://twitter.com/SecAzar/status/1215846341533933569.
Dean Phillips (D)
Dean Phillips (D)
Dean Phillips, based on sponsored or co-sponsored legislation, would allow immediate expensing of research and development (R&D) costs, create a carbon fee and dividend, direct the Internal Revenue Service (IRS) to provide online tax preparation and filing services, expand the child tax credit, revise the low-income housing tax credit, repeal the cap on SALT deductions, and make other changes to tax credits and deductions.
Business Taxes:
- Allow immediate expensing of R&D costs. Read more
- Exempt marijuana sales businesses from Internal Revenue Code provision that prohibits business-related tax credits or deductions for expenditures in connection with trafficking in controlled substances. Read more
Capital Gains and Dividend Taxes:
- Allow 529 account funds to pay for expenses associated with obtaining or maintaining recognized postsecondary credentials. Read more
Credits, Deductions, and Exemptions:
- Repeal the cap on SALT deductions. Read more
- Provide a tax credit for new off-road plug-in electric vehicles. Read more
- Extend the FICA tax tip credit to beauty service providers. Read more
- Make the new markets tax credit permanent. Read more
- Allow an above-the-line deduction for union dues and reinstate the miscellaneous itemized deduction for unreimbursed employee expenses. Read more
- Expand the child tax credit to a fully refundable $3,000 ($3,600 for younger children) with advance monthly payments. Read more
- Revise the low-income housing tax credit. Read more
- Restore the exclusion for employer-provided fringe benefits for bicycle commuting. Read more
- Provide a payroll tax liability credit of up to 100 percent of wages paid to employees for certain restaurants affected by the pandemic. Read more
Estate and Wealth Taxes:
- No tax policies proposed
Excise Taxes:
- Create a $15 per ton carbon fee and return the proceeds to taxpayers. Read more
Individual Income Taxes:
- No tax policies proposed
Payroll Taxes:
- No tax policies proposed
Tariffs and Trade:
- No tax policies proposed
Other:
- Direct the IRS to provide free online tax preparation and filing. Read more
Note: Image adapted from Eric Connolly, “Rep. Dean Phillips (D-MN03),” photograph, phillips.house.gov, 2018.
Mike Pence (R)
Mike Pence (R)
Mike Pence would lower the corporate tax rate to 15 percent and make the expiring individual income tax cuts from the 2017 Tax Cuts and Jobs Act permanent.
Business Taxes:
- Lower the corporate income tax rate to 15 percent. Read more.
Capital Gains and Dividend Taxes:
- No tax policies proposed
Credits, Deductions, and Exemptions:
- Make the expiring individual income tax cuts from the 2017 Tax Cuts and Jobs Act permanent. Read more.
Estate and Wealth Taxes:
- No tax policies proposed
Excise Taxes:
- No tax policies proposed
Individual Income Taxes:
- Make the expiring individual income tax cuts from the 2017 Tax Cuts and Jobs Act permanent. Read more.
Payroll Taxes:
- No tax policies proposed
Tariffs and Trade:
- No tax policies proposed
Other:
- No tax policies proposed
Note: Image adapted from D. Myles Cullen, “Mike Pence in 2017,” photograph, WhiteHouse.gov, 2017, https://www.whitehouse.gov/people/mike-pence/
Nikki Haley (R)
Nikki Haley (R)
Nikki Haley would eliminate the federal gas tax, cut taxes for small businesses and working families, and support child tax credits for everyone.
Business Taxes:
- Make small business tax relief from 2017 TCJA permanent. Read more
Capital Gains and Dividend Taxes:
- No tax policies proposed
Credits, Deductions, and Exemptions:
- Reduce the SALT (state and local tax) deduction and other tax preferences. Read more
- Eliminate Inflation Reduction Act subsidies. Read more
- Support child tax credits for everyone. Read more
Estate and Wealth Taxes:
- No tax policies proposed
Excise Taxes:
- Eliminate the federal gas tax. Read more
Individual Income Taxes:
- Cut income taxes for working families. Read more
Payroll Taxes:
- No tax policies proposed
Tariffs and Trade:
- No tax policies proposed
Other:
- No tax policies proposed
Note: Image adapted from United States Department of State, “Nikki Haley official photo as the 29th United States Ambassador to the United Nations,” photograph, Usun.usmission.gov, 2017, https://usun.state.gov/leadership.
Ron DeSantis (R)
Ron DeSantis (R)
Ron DeSantis would extend or make permanent the expiring individual income tax cuts from the 2017 Tax Cuts and Jobs Act, make permanent 100 percent bonus depreciation for business investment in machinery and equipment, and tighten international tax rules. Alternatively, he has proposed eliminating the Internal Revenue Service and imposing a single-rate flat tax.
Business Taxes:
- Make 100 percent bonus depreciation for machinery and equipment investment permanent. Read more.
- Maintain territoriality of the international tax system and tighten base erosion rules. Read more.
Capital Gains and Dividend Taxes:
- No tax policies proposed
Credits, Deductions, and Exemptions:
- Extend or make the expiring individual income tax cuts from the 2017 Tax Cuts and Jobs Act permanent. Read more.
Estate and Wealth Taxes:
- No tax policies proposed
Excise Taxes:
- No tax policies proposed
Individual Income Taxes:
- Extend or make the expiring individual income tax cuts from the 2017 Tax Cuts and Jobs Act permanent. Read more.
- Replace the current income tax with a single-rate flat tax. Read more.
Payroll Taxes:
- No tax policies proposed
Tariffs and Trade:
- No tax policies proposed
Other:
- Eliminate the IRS. Read more.
Note: Image adapted from Federal Government of the United States, “Ron DeSantis, Official Portrait, 113th Congress,” photograph, Wiki Commons, 2013, https://commons.wikimedia.org/wiki/File:Ron_DeSantis,_Official_Portrait,_113th_Congress.jpg.
Tim Scott (R)
Tim Scott (R)
Tim Scott would make the expiring individual income tax changes from the 2017 Tax Cuts and Jobs Act permanent; expand tax credits for adoption, apprenticeships, and R&D; improve incentives to invest by making 100 percent bonus depreciation permanent, providing neutral cost recovery for structures, and restoring expensing for R&D; and repeal the estate tax.
Business Taxes:
- Make the Section 199A deduction for pass-through businesses permanent. Read more.
- Make 100 percent bonus depreciation for machinery and equipment investment permanent. Read more.
- Extend full cost recovery to investment in structures and buildings with neutral cost recovery. Read more.
- Allow immediate expensing of R&D costs and reform the R&D tax credit. Read more.
- Create a tax credit for business apprenticeship programs. Read more.
- Limit business deductions for net interest expenses. Read more.
Capital Gains and Dividend Taxes:
- No tax policies proposed
Credits, Deductions, and Exemptions:
- Extend the child tax credit to expectant mothers. Read more.
- Make the adoption tax credit refundable. Read more.
- Make the expiring individual income tax cuts from the 2017 Tax Cuts and Jobs Act permanent. Read more.
- Expand the above-the-line deduction for educator expenses to include coaches and preschool teachers. Read more.
- Extend the FICA tax tip credit to beauty service providers, barbers, manicurists, skincare specialists, and hairstylists. Read more.
Estate and Wealth Taxes:
- Repeal the estate and generation-skipping transfer tax and modify the gift tax. Read more.
Excise Taxes:
- No tax policies proposed
Individual Income Taxes:
- Make the expiring individual income tax cuts from the 2017 Tax Cuts and Jobs Act permanent. Read more.
Payroll Taxes:
- No tax policies proposed
Tariffs and Trade:
- No tax policies proposed
Other:
- No tax policies proposed
Note: Image adapted from U.S. Senate Photographic Studio-Renee Bouchard, “Official portrait of U.S. Senator Tim Scott (R-SC),” photograph, Senate.gov, 2013, http://www.scott.senate.gov/sites/default/files/Scott_Tim-012213-16025-0016-rb-CFF.jpg.
Vivek Ramaswamy (R)
Vivek Ramaswamy (R)
Vivek Ramaswamy would adopt a 12 percent tax on all types of income.
Business Taxes:
- Adopt a 12 percent tax on all types of income. Read more.
Capital Gains and Dividend Taxes:
- No tax policies proposed
Credits, Deductions, and Exemptions:
- No tax policies proposed
Estate and Wealth Taxes:
- No tax policies proposed
Excise Taxes:
- No tax policies proposed
Individual Income Taxes:
- Adopt a 12 percent tax on all types of income. Read more.
Payroll Taxes:
- No tax policies proposed
Tariffs and Trade:
- No tax policies proposed
Other:
- No tax policies proposed
Note: Image adapted from Gage Skidmore, “Vivek Ramaswamy in July 2023,” photograph, Wiki Commons, 2023, https://commons.wikimedia.org/wiki/File:Vivek_Ramaswamy_by_Gage_Skidmore.jpg.
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Timeline of Activity
- Joe Biden suspends re-election campaign. Kamala Harris launches campaign.
- Joe Biden proposes expanding current Section 232 tariffs. Robert F. Kennedy Jr. releases several new tax proposals.
- Donald Trump considers replacing the income tax with tariffs.
- Donald Trump proposes exempting tips from income taxes.
- 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.
- Joe Biden proposes tripling current tariffs on imports of steel and aluminum from China.
- Dean Phillips (D) suspends campaign.
- Nikki Haley (R) suspends campaign.
- Marianne Williamson (D) unsuspends campaign.
- Donald Trump (R) adds tariff proposal. Marianne Williamson (D) suspends campaign.
- Ron DeSantis (R) suspends campaign. Nikki Haley (R) adds child tax credit proposal.
- Vivek Ramaswamy (R) suspends campaign.
- Chris Christie (R) suspends campaign.
- Donald Trump (R) adds proposal related to 2017 Tax Cuts and Jobs Act (TCJA).
- Ron DeSantis (R) adds IRS and flat tax proposal.
- Tim Scott (R) suspends campaign. Dean Phillips (D) is added, given methodology.
- Tracker Launched