10/24/2024

Tax Policy - A Key Battleground in the 2024 Presidential Race

This issue is garnering endless attention by both parties

Early voting for the 2024 election is underway in several states, including Ohio, but many voters are still looking for more details about the candidates' platforms, especially regarding their tax policies. Gathering this information can be challenging, with new proposals frequently emerging. Below is an overview of some key tax-related plans from both Vice President Kamala Harris and former president Donald Trump.

Expiring Provisions of the Tax Cuts and Jobs Act (TCJA)

Many of the provisions in the TCJA are scheduled to expire after 2025, including the lower marginal tax rates, increased standard deduction and higher gift and estate tax exemption. Trump would like to make the individual and estate tax cuts permanent and cut taxes further but has not provided any specifics or policies.

As a senator, Harris voted against the TCJA but recently said she won’t increase taxes on individuals making less than $400,000 a year. This means that she would need to extend some of the TCJA’s tax breaks. She has endorsed President Joe Biden’s 2025 budget proposal, which would return the top individual marginal income tax rate for single filers earning more than $400,000 a year ($450,000 for joint filers) to the pre-TCJA rate of 39.6 percent.

Please select this link to read the complete article from OSAP Mission Partner Clark Schaefer Hackett (CSH).