A new poll by the New York Times and Siena College shows Vice President Kamala Harris leading former President Donald Trump by four percentage points in three swing states: Wisconsin, Pennsylvania, and Michigan. Urban-Brookings Tax Policy Center senior fellow Steven M. Rosenthal joins Wealth! to discuss the 2024 presidential election and each candidate's tax agenda.
"Trump and Harris disagree about the Trump tax reform of 2017. Much of it is set to expire in 2025, and Trump wants to extend it. Harris, in the past, has suggested repealing all of it. And that tax cut package had very large cuts for corporations and for high-income individuals. And there's a face-off there going forward," Rosenthal explains. While little is known about the specifics of Harris's tax plans, he believes her policies will be similar to President Biden's, which involve taxing high-income individuals.
If the Trump-era tax cuts were to be repealed, higher-income individuals would pay higher income tax rates while middle-income individuals would see the standard deduction. He adds that if the 2017 tax reform measures are extended, there are both Republicans and Democrats who would like to see State and Local Tax (SALT) deductions increased, if not completely eliminated.
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This post was written by Melanie Riehl