Trump vs. Harris: Tax Showdown in the 2024 Election

One of the juiciest questions this election season is how the presidential hopefuls, former President Donald Trump and Vice President Kamala Harris, plan to handle your hard-earned cash. Buckle up, folks—these two couldn't be more different!

The Lowdown on Trump's Tax Plan

Trump’s all about those income tax cuts for our wealthier pals and corporations. His plan? Extend his glorious 2017 tax law that slashed taxes for everyone (but let’s be real, the big bucks went to the wealthier folks). Plus, he wants to slash the corporate tax rate from 21% to 15% for companies making goods right here in the USA. Oh, and no more taxes on Social Security benefits and overtime! Cha-ching!

"[Trump has] discussed replacing the individual income tax with tariffs." - The New York Times

But how’s he gonna pay for all this? Tariffs, baby! Trump's counting on a burst of business growth too. Economists? Not buying it.

Kamala's Take on Taxes

Kamala’s playing a different game. No tax hikes for anyone making less than $400,000, just like good ol’ Uncle Joe promised. But watch out, billionaires—she’s coming for you! Harris wants to raise the corporate tax rate to 28% and quadruple the tax on stock buybacks. Yikes!

"Harris would raise the corporate tax rate from 21% to 28%." - Committee for a Responsible Federal Budget

She’s also cooking up a minimum tax for billionaires and expanding the child tax credit to a whopping $6,000 for families with newborns. But her plan’s slower on growth, thanks to those corporate tax hikes.

Show Me the Money: Who Benefits?

Trump’s plan? It’s all about the Benjamins for the wealthy. Under Kamala’s plan, the bottom 60% of households would see bigger gains, while the top 5% would end up paying more.

"The bottom two-fifths of the income spectrum would have gains smaller than 2%." - Penn-Wharton Budget Model

Debt and Economic Impact

Trump’s shooting the federal debt sky-high—$7.5 trillion over 10 years. Kamala’s steering clear of that depth, adding "only" $3.5 trillion. Tariffs might sound like a savior, but they could tank the economy instead.

"Trump’s proposed tariffs threaten to offset the economic benefits of his proposed tax policy changes." - Tax Foundation

Both plans come with their downsides, but hey, at least Trump’s not afraid to shake things up! Kamala’s plan? Slower growth, but maybe less debt. Choose wisely, folks.

Sources: Don't Just Take Our Word for It

• PolitiFact: Trump's Promises
• PolitiFact: Harris' Plans
• Committee for a Responsible Federal Budget: Fiscal Impact
• Penn-Wharton Budget Model: Harris Proposals
• Penn-Wharton Budget Model: Trump Proposals
• Tax Foundation: Harris Tax Plan
• Tax Foundation: Trump Tax Plan
• New York Times: Trump Tax Plan

Stay informed, and let's get this country back on track! 🇺🇸💪