How to Fix Trump’s and Harris’s Tax Plans | Deduction Podcast

Neither presidential candidate has a perfect taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. 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.

Joining Kyle Hulehan is Erica York, Senior Economist and Research Director. They discuss how Trump could boost take-home pay by expanding the standard deductionThe standard deduction reduces a taxpayer’s taxable income by a set amount determined by the government. It was nearly doubled for all classes of filers by the 2017 Tax Cuts and Jobs Act (TCJA) as an incentive for taxpayers not to itemize deductions when filing their federal income taxes. and rethinking tariffs. Meanwhile, Harris could spark wage growth by lowering corporate taxes and broadening investment deductions, all while protecting workers.

Links

- Kamala Harris Tax Plan Ideas: Details and Analysis See more
- Donald Trump Tax Plan Ideas: Details and Analysis See more
- Tracking 2024 Presidential Tax Plans See more
- Trump’s Proposed Overtime Tax Exemption Would Distort Work Decisions See more
- Combined Corporate Rates Would Exceed 30 Percent in Most States Under Harris’s Tax Plan See more
- Trump’s TariffTariffs are taxes imposed by one country on goods imported from another country. Tariffs are trade barriers that raise prices, reduce available quantities of goods and services for US businesses and consumers, and create an economic burden on foreign exporters. Proposals Would Raise Tariff Rates to Great Depression-Era Levels See more