Tax Proposals and Their Targets
Vice President aims to expand various tax credits and deductions, targeting wealthier Americans and corporations for higher taxes, while incentivizing home building and small business growth.
Former President 's strategy includes extending the 2017 Tax Cuts, lowering corporate tax rates, and applying tariffs, with a focus on reducing taxes on overtime and Social Security.
Economic Implications and Congressional Challenges
Projections from the and the suggest Harris' plan could lead to a $1.7 trillion revenue increase but at the cost of GDP, wages, and jobs, while Trump's plan might deepen deficits but slightly boost wages.
Both candidates face the challenge of passing tax proposals through a potentially divided Congress, with the future of the 2017 tax cuts adding another layer of uncertainty.