The Biden-Harris administration has announced a number of tax proposals to fund new government investments such as infrastructure, education and family programs as part of the White House’s Fiscal Year 2025 budget. Tax Foundation experts continue to serve as trusted thought leaders, providing research, modeling, analysis, and commentary on how Vice President Kamala Harris’s 2024 tax proposals would impact US competitiveness, economic growth, government revenue, and everyday taxpayers. The posts below include our research and analysis on a variety of Harris tax proposals. You can also explore our economic modeling via Options for Reforming America’s Tax Code and our 10 Tax Reforms for Growth and Opportunity. See the latest proposals from 2024 presidential candidates, including former President Trump, with our 2024 tax tracker
Inflation Reduction Act CHIPS and Science Act Global Tax Deal
On tax policy, Harris carries forward much of President Biden’s FY 2025 budget, including higher taxes aimed at businesses and high earners. She would also further expand the child tax credit (CTC) and various other tax credits and incentives while exempting tips from income tax.
17 min read
Tax policy has become a significant focus of the U.S. 2024 presidential election. Our new interactive tool helps keep track of the tax policies proposed by presidential candidates during their campaigns.
In her campaign for president, VP Kamala Harris has embraced all the tax increases President Biden proposed in the White House FY 2025 budget—including a new idea that would require taxpayers with net wealth above $100 million to pay a minimum tax on their unrealized capital gains from assets such as stocks, bonds, or privately held companies.
5 min read
Dive into the highlights from the DNC as we break down Vice President Kamala Harris’s tax proposals and their potential impact on everyday families. What do higher taxes on businesses and the wealthy mean for working Americans?
President Biden is proposing extraordinarily large tax hikes on businesses and the top 1 percent of earners that would put the US in a distinctly uncompetitive international position and threaten the health of the US economy.
19 min read
While both President Biden and Vice President Harris aim their proposed tax hikes on businesses and high earners, key differences between their tax ideas in the past reveal where Harris may take her tax policy platform in the 2024 campaign.
6 min read
Congress will have to make tough decisions next year, and the new President will also want to shape the outcome.Is it possible that principled, pro-growth, fiscally responsible tax policy will be part of the package?Join us on November 15th for our upcoming webinar as our experts seek to answer this question and provide insight on many more.
Can tariffs truly replace income taxes in today’s economy? In this episode, we examine the bold and controversial proposal from former President Trump to replace income taxes with tariffs. What would this dramatic shift mean for everyday Americans, particularly those with lower incomes? And would it actually work?
Investment matters across the economy, and policymaking should reflect that.
4 min read
Trump’s tariff hikes would rank as the the largest tax increase outside of wartime since 1940. Meanwhile, Harris’s tax plan would rank as the 6th largest tax increase outside of wartime since 1940.
5 min read
Congress has the power to stop this trade war, and for the sake of our economy, they should.
Are tax increases on the horizon in 2025, no matter who takes office? In this episode, we explore why changes to the tax code could hit your wallet, regardless of which party comes out on top.
How does tax policy shape a nation’s competitiveness? Today, we’re diving into the showdown between the US and China, exploring how China’s enticing tax incentives pose a formidable challenge to America’s economic supremacy.
On tax policy, Harris carries forward much of President Biden’s FY 2025 budget, including higher taxes aimed at businesses and high earners. She would also further expand the child tax credit (CTC) and various other tax credits and incentives while exempting tips from income tax.
17 min read
Neither presidential candidate has a perfect tax plan. But what changes could Trump and Harris make to their respective tax plans to better serve American workers and the economy? In this episode, we dissect their plans and provide practical solutions for improvement.
By 2035, Social Security as we know it will largely be insolvent. If we want to fix the issue, it’s time for our parties’ leaders to reform the program so it can be around for the long run for all Americans.
Restoring expensing for R&D, machinery, and equipment; extending better cost recovery to structures investment; and avoiding raising the corporate tax rate would create a stronger, pro-investment policy environment for the US economy.
44 min read
Raising the combined US corporate rate to the second highest in the OECD would encourage corporations to depart from the US, reducing economic output and worker wages across the income spectrum.
2 min read
Both candidates’ policies would ultimately stifle the kinds of broad economic expansion they claim to seek.
A new analysis finds that the tax increase would reduce average wages by as much as $597 per US worker each year. In some states, the drop in wages would exceed $700 per worker.
4 min read
What do the contrasting tax proposals of Vice President Kamala Harris and former President Donald Trump mean for Americans as the 2024 election approaches?
Social Security is by far the largest federal government spending program. The latest trustees report shows the program is on a fiscally unsustainable path that will exacerbate the US debt crisis if its imbalances are not addressed in the near term.
33 min read
Short FormSmart tax policy takes into account how policy changes impact real people. Understanding who bears the burden of the corporate tax and the effects of a higher rate are essential to sound policymaking.
4 min read
As part of the 2024 presidential campaign, Vice President Kamala Harris is proposing to tax long-term capital gains at a top rate of 33 percent for high earners, taking the top federal rate to highs not seen since the 1970s.
3 min read
While tax policy was almost nonexistent in the first debate between Vice President Kamala Harris and former President Donald Trump, this episode will explore each candidate’s latest proposals in greater depth.
In her campaign for president, VP Kamala Harris has embraced all the tax increases President Biden proposed in the White House FY 2025 budget—including a new idea that would require taxpayers with net wealth above $100 million to pay a minimum tax on their unrealized capital gains from assets such as stocks, bonds, or privately held companies.
5 min read