No matter who wins the White House in November, taxes are likely to be a contentious issue for 2025.
That is because the tax cuts enacted in 2017 during former President Donald Trump’s first term are set to expire, at least in part, at the end of next year.
While Trump and Vice President Kamala Harris have proposed economic plans that rely on changes to existing tax laws, none would take effect without congressional support. So, who wins the presidency is only part of the calculation.
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The Economy
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That said, the two candidates offer markedly different approaches to changing the tax system and other economic issues. Trump wants to double down on the kind of tax cuts he successfully got through Congress. He has proposed lowering the corporate tax cut even further after reducing it from 35% to where it stands now at 21% in the 2017 Tax Cuts and Jobs Act.
The GOP nominee has also suggested lowering the individual tax rate to 15% and funding it with increased tariffs on imported goods that are actually a tax on consumers despite him saying they are paid for by the countries that export the goods to America.