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What Trump and Harris have in store for your taxes
By Anna Helhoski, NerdWallet
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 new import tariffs.
Both candidates want to end tax on tips.
The undercurrent during the election is the looming expiration of 2017 tax cuts at the end of 2025. Garrett Watson, senior policy analyst with the Tax Foundation (a nonpartisan think tank), says the uncertainty of the future of those cuts is a big problem for both candidates.
“It would be a win to get some stability and certainty back into the tax code there, to get the permanence, even if it’s not necessarily what everyone wants, that would be a win,” says Watson. “The fact that we are seeing interest on the Hill for both candidates to do that would be a win. But I mean, that does really require more detail on how that might work.”
As far as how the candidates are tackling all aspects of tax code, Amy Hanauer, executive director of the left-leaning think tank Institute on Taxation and Economic Policy, says, “The big picture is the Harris approach raises more revenue; it raises it primarily from the wealthiest and corporations. The Trump approach puts us deeper in debt and gives a lot more away to wealthy people and corporations. Both of them, I think, have some proposals that would help middle class families on the tax side. But the Harris approach gives us more revenue to pay for things that middle class families might want.”
Lamborghini lawsuit against Ill. dealership can proceed, federal judge rules
A federal judge in Illinois has refused to dismiss a fraud claim by Automobili Lamborghini America against a Chicago dealership, its president and an employee for allegedly selling dozens of luxury vehicles to known resellers, misreporting those sales and wrongly claiming millions of dollars in bonus payments.