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Donald Trump & Kamala Harris Tax Proposals Explained ! ( Tax Free Living)
Manage episode 440025680 series 3282916
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Did you miss the latest presidential debate? I'm going to break down the most critical tax policy changes discussed by the candidates. Here's your chance to catch up on what you missed and understand how these changes could impact your wallet and the economy! We're going to get into :
The Battle Over The Child Tax Credit:
- Kamala Harris proposes a $6,000 tax credit for newborns, making it 100% refundable.
- Donald Trump plans to increase the child tax credit to $5,000 per child but hasn’t clarified if it will be refundable.
The Corporate Tax Rate Proposals:
- Harris aims to raise the corporate tax rate from 21% to 28%, potentially generating $5 trillion for government projects.
- Trump seeks to cut the corporate tax rate to 20%, and 15% for U.S. manufacturers, to stimulate job creation and stock market growth.
Their Support for Small Businesses:
- Harris wants to boost startup tax deductions from $5,000 to $50,000 to foster new businesses.
- Trump plans to renew substantial deductions from the 2017 Tax Cuts and Jobs Act, including the praised QBI deduction and bonus depreciation.
and more!
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