Amplify: Contrast the Trump and Harris Tax Proposals to See What They Each Value
Trump’s latest gambit is to add tax-free tips to a package that’s just more of his old 2017 tax cuts for the wealthy. The impact, however, will be the same -- higher costs for the middle class and dramatically increasing the federal deficit.
By contrast, Kamala Harris’ tax plan helps drive her agenda for the middle class, making home ownership and child-rearing more affordable – by making corporations and the wealthy pay their fair share.
Trumps Vision--The "Highlights":
Trump’s 2017 tax cuts overwhelmingly benefited the wealthy and large corporations. There was virtually none of the promised job creation, and they added $1.9 trillion to the national debt.
For 2025, Trump wants to double down, making permanent his 2017 tax cuts for the wealthiest Americans (from 39.6 to 37%), and drastically reducing corporate tax cuts from 21% to 15%.
Trump proposes to fund these cuts for the wealthy by eliminating electric vehicle subsidies, and imposing tariffs on all imported goods. For the average American family, prices would increase by 10% - 20% (or $3,900 annually)
Independent analyses suggest Mr. Trump’s plans could add close to $4 trillion over the next decade to America’s already fast-growing national debt.
Harris' Plan for Tax Fairness:
As part of her goal to build an “opportunity economy,” Harris’ tax plan would roll back the Trump tax breaks for corporations and the rich, retain middle class tax cuts, reduce child and homeownership costs and protect Medicare.
Key features of the plan:
Raise the corporate tax rate to 28% and establish a minimum corporate tax of 21%.
Impose a 21% tax on corporate income sheltered overseas.
Create a Minimum Tax on Billionaires, requiring them to pay at least 25% in taxes.
For those making more than $400,000/yr., restore the top tax rate from 37% to 39.6% and implement higher Medicare taxes to help keep Medicare solvent.
Restore and increase the child tax credit.
Provide a $10,000 tax credit for first-time home buyers.
Eliminate taxes on tips – but only for service workers.
No new taxes on anyone making less than $400,000/year.
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