Tax Policy Comparison: Harris vs. Trump

Published: Sep 12, 2024
By: Sarah E. Adkisson
Topics: Tax
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A side-by-side comparison of each presidential campaign's current tax policy positions.

	Harris Campaign	Trump Campaign
*Individual Provisions*
Capital Gains	Increase capital gains rates to 28% on those making more than $1 million.	Currently, no position.
Individual Income Tax Rates	Allow top individual income tax rate to return to 39.6% for single filers with income of more than $400,000 ($450,000 for joint filers). Extend expiring individual income tax provisions from the Tax Cuts and Jobs Act (“TCJA”) for taxpayers earning less than $400,000.	Consider eliminating personal income taxes and replacing with tariffs. Make the expiring individual provisions from the TCJA permanent.
Tip Income	Exempt tip income from taxation.	Exempt tip income from taxation.
Child Tax Credit	Increase child tax credit to: $6,000 for children under age 1. $3,600 for children ages 1 to 5. $3,000 for children between the ages of 5 and 16.	Expand the child tax credit to a $5,000 universal credit.
Homebuying Credit	$10,000 credit for first-time homebuyers.	Currently, no position.
Earned Income Tax Credit	Expand amounts available for individuals without children.	Currently, no position.
Premium Tax Credit/ACA	Expand the premium tax credit.	Repeal the Affordable Care Act.
Estate Tax	Currently, no position.	Make the doubled exemption amount from the TCJA permanent.
Social Security	Currently, no position.	Exempt Social Security benefits from taxation.
Business/Corporate Provisions
Corporate Income Rate	Increase corporate tax rate from 21% to 28%.	Decrease corporate tax rate from 21% to 15%-20%. Consider restricting 15% corporate rate to only manufacturers making products in the U.S.
Stock Buyback Excise Tax	Increase excise tax from 1% to 4%.	Currently, no position.
Qualified Business Income Deduction	Currently, no position. Pledge not to increase taxes on those making more than $400,000 implies a continuation of the provision for those taxpayers.	Make 20% deduction for qualified business income permanent.
Small Business Start-Up Expenditures	Supports increasing deduction limitation from $5,000 to $50,000.	Currently, no position.
Private University Endowments	Currently, no position.	Increase excise taxes on large private endowments.
Low Income Housing Tax Credit	Expand the LIHTC.	Currently, no position.
Tax Incentives for Building New Homes	Create tax incentives for homebuilders who build/sell “starter homes” to first-time homebuyers.	Currently, no position.
Inflation Reduction Act (“IRA”) Credits	Continue the IRA.	Repeal the IRA.
Tariffs	Currently, no position. Has expressed opposition to universal tariffs.	Consider eliminating personal income taxes and replacing with tariffs. Impose a 60% tariff on all U.S. imports from China. Impose a universal tariff on all U.S. imports of at least 10%. Consider use of tariffs to pay for childcare.

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Sarah E. Adkisson

Sarah E. Adkisson, Senior Manager of Tax Publishing, with nearly a decade of tax experience, provides invaluable thought leadership support to the firm's national tax team through her clear and concise articulation of complex tax topics.

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