Taxes have become one of the hottest issues on the presidential campaign trail — and an area where the two candidates are trying to separate themselves from one another.
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In fact, Kamala Harris and Donald Trump have been talking extensively this campaign season about their plans for the economy. While some voters wish the candidates would provide more specifics about just how they plan to turn around the economy and help everyday Americans, Harris and Trump have each taken time to lay out some of their own ideas and attack those of their opponent.
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One thing to understand before looking at their individual plans is that whoever wins the White House in November will face trillions of dollars in expiring tax breaks. They were enacted by Trump through the Tax Cuts and Jobs Act (TCJA) of 2017.
This is something many voters are watching because of the potential impact it could have on their finances. According to the Tax Foundation, “If Congress does nothing, most Americans will face higher taxes, worse incentives for work and investment, and a more complicated tax system starting in 2026.”
Overall, Trump and Harris have called for tax changes that could impact millions of Americans. Likewise, both have proposed tax cuts and increases that would require congressional approval.
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It’s probably not a surprise that both presidential candidates have talked about tax cuts this election season. After all, many voters like hearing about plans that could potentially lower the amount of taxes they pay.
It’s also probably no surprise that Trump plans to keep in place at least some of the individual and business tax cuts put in place through his TCJA. Per the Trump campaign, those tax cuts benefited millions of Americans and can help the millions of people who are dealing with the impacts of inflation and higher prices. Further, the campaign said the individual tax cuts and business tax reforms would help spur economic growth and confront higher costs of living without inflationary government spending.
Even if Harris herself hasn’t directly addressed TCJA extensions on the campaign trail, some democrats have shown support. President Joe Biden’s top economic advisor voiced support for partial extensions. According to the Tax Foundation, Harris has a record of favoring steeper tax hikes on businesses and people than Biden.