In Election Showdown, Trump and Harris Present Starkly Different Tax Plans

Hello, fellow woke folks! It's that time again—election season! And you know what that means: time to compare tax plans and decide who's going to stick it to the rich (or not). Let's dive into the dumpster fire of Trump and Harris' tax plans!

The Breakdown

Trump, our former reality-TV-star-turned-president, wants to give more tax cuts to the wealthy and corporations. Shocking, right? Meanwhile, Harris is like, "Nah, let's make the rich pay their fair share."

Here's the lowdown:

• Trump: Loves income tax cuts for the wealthy and corporations. Hates taxes on Social Security benefits, overtime, and tips. Wants to replace income tax with tariffs (because starting trade wars is so much fun!).
• Harris: Wants to raise taxes on the wealthy and corporations. Loves expanding the child tax credit for families with newborns. Also hates taxes on tips.

Show Me the Money!

So, how are these millionaire and billionaire politicians planning to pay for their grand schemes?

• Trump: Tariffs, baby! Slap those bad boys on imports, and voilà! The economy will... probably tank, according to most economists. But who cares about details?!
• Harris: With a more modest tax cut package, Harris would create less debt than Trump. But her plan might lead to slower economic growth because—gasp—corporations might have to pay more in taxes!

Tax Plan Smackdown

Trump's Plan

Trump wants to extend his 2017 tax law, because why not keep the party going for the rich? Over 10 years, renewing this law would cost a casual $5.3 trillion in federal tax revenue, according to the Committee for a Responsible Federal Budget. But wait, there's more!

• Corporate tax rate cut: From 21% to 15% for companies that make products in 'Murica. Cost: a cool $200 billion.
• No taxes on: Social Security benefits, tips, or overtime work. Cost: $3.6 trillion.
• State and local tax deduction restoration: Because heaven forbid the affluent in blue states pay their fair share!

Harris' Plan

Harris promises not to raise taxes for people earning less than $400k, maintaining Biden's policy. But for the wealthy? I'm looking at you, Bezos.

• Top marginal tax rate increase: Up to 39.6% for income above $400k (single filers) and $450k (joint filers). Cost: around $3 trillion over 10 years.
• Minimum tax for billionaires: Because it's about damn time.
• Capital gains tax increase: Long-term rate up to 28% for taxpayers earning at least $1 million a year.
• Child tax credit expansion: From $2k to $3k ($3.6k for kids under 6), and $6k for families with newborns. Cost: $1.4 trillion over 10 years.
• Corporate tax rate increase: From 21% to 28%, plus an alternative minimum tax increase from 15% to 21%. Also, a 4% tax on stock buybacks. Revenue: $1.8 trillion.

Winners and Losers

• Trump's Plan: Wealthy Americans win big! The bottom 60% of households? Not so much.
• Harris' Plan: Bottom 60% of households gain more; top 5% pay more. Gasp!

Economic Outlook

• Trump: Federal debt increases by $7.5 trillion over 10 years. Economic growth? Not so much.
• Harris: Federal debt increases by $3.5 trillion. Economic growth slows down due to corporate tax increases.

Check out the detailed analyses from the Penn-Wharton Budget Model and the Tax Foundation.

So there you have it, folks! The choice is yours: do we keep lining the pockets of the rich, or do we finally make them pay their fair share? The struggle is real.