You’ve heard a lot of campaign promises this election cycle, but the ones most directly impact your finances are tax cuts and credits.
Vice President Kamala Harris is looking to:
Expand the Child Tax Credit.Tax the wealthiest Americans and corporations.Expand the tax deduction for new small businesses.Expand the earned income tax credit.Expand and make permanent the tax credit enhancements for Affordable Care Act plans.Tax cuts that incentivize home builders to build affordable homes.
Former President Donald Trump wants to:
Extend the soon-to-expire 2017 Tax Cuts and Jobs Act.End taxes on overtime and Social Security.Applying across-the-board tariffs on all foreign imports; 60% on China; and 100% tariffs on cars made in Mexico.Lower the corporate tax rate by one point to 20%. In his first term, he cut corporate tax rates from 35% to 21%.Implement R&D tax credits for businesses in their first year — a reversal of his policy in the 2017 tax cuts.Replace income taxes with his …