Tracking the 2024 Presidential Tax Plans (2024)

Kamala Harris (D)

Kamala Harris has announced new tax and economic policies as part of her campaign platform, including exempting tip income from taxation; expanding the child tax credit, earned income tax credit, and premium tax credits; and implementing new tax incentives for housing. She may continue the same policies put forth in theFY 2025 budgetof the Biden-Harris administration or may propose additional tax policy changes. See the corresponding "Biden-Harris Administration" tab for reference. Tax Foundation will update this page accordingly with the latest tax policy developments of the 2024 campaign.

Business Taxes:

• To be determined.

Capital Gains and Dividend Taxes:

• To be determined.

Credits, Deductions, and Exemptions:

• Exempt tip income from taxation. Read more
• Expand the child tax credit to $6,000 for children under age 1, $3,600 for children 2-5, and $3,000 for older children. Read more
• Expand the earned income tax credit for filers who do not claim children. Read more
• Expand premium tax credits. Read more
• Expand housing tax credits, including the low-income housing tax credit, a credit for new homebuyers, and a credit for the construction of started homes. Read more
• Claw back deductions for depreciation and interest for certain rental construction investment. Read more

Estate and Wealth Taxes:

• To be determined.

Excise Taxes:

• To be determined.

Individual Income Taxes:

• Exempt tips from the income tax. Read more
• Expand the child tax credit to $6,000 for children under age 1, $3,600 for children 2-5, and $3,000 for older children. Read more
• Expand the earned income tax credit for filers who do not claim children. Read more
• Expand premium tax credits. Read more
• Expand housing tax credits, including the low-income housing tax credit, a credit for new homebuyers, and a credit for the construction of started homes. Read more

Payroll Taxes:

• To be determined.

Tariffs and Trade:

• To be determined.

Other:

• To be determined.

Donald Trump (R)

Donald Trump would impose a universal baseline tariff on all US imports, impose a 60 percent tariff on all U.S. imports from China, make the individual and estate tax cuts of the TCJA permanent, lower the corporate income tax rate from 21 percent to 20 percent, tax large private university endowments, consider replacing the income tax with tariffs, exempt tip income from taxation, and exempt Social Security benefits from taxation. Trump is considering expanding the child tax credit to a $5,000 universal credit.

Business Taxes:

• Lower the corporate income tax rate from 21 percent to 20 percent. Read more

Capital Gains and Dividend Taxes:

• No tax policies proposed

Credits, Deductions, and Exemptions:

• VP candidate JD Vance has discussed increasing the child tax credit to $5,000. Read more

Estate and Wealth Taxes:

• Make the expiring estate tax cuts from the 2017 Tax Cuts and Jobs Act permanent. Read more

Excise Taxes:

• Tax large private university endowments. Read more

Individual Income Taxes:

• Make the expiring individual income tax cuts from the 2017 Tax Cuts and Jobs Act permanent. Read more
• Consider replacing personal income taxes with increased tariffs. Read more
• Exempt tips from income taxes. In 2018, IRS W-2 data indicates 6.1 million taxpayers reported a total of $38.3 billion in taxable tip income, for an average of $6,249 per taxpayer. Read more

Payroll Taxes:

• Exempt Social Security benefits from taxation. Read more

Tariffs and Trade:

• Impose a universal baseline tariff on all US imports of 10 percent to 20 percent. Read more
• Impose a 60 percent tariff on all US imports from China. Read more
• Consider replacing personal income taxes with increased tariffs. Read more

Other:

• No tax policies proposed

See Analysis

Biden-Harris Administration (D)

The Biden-Harris Administration, under the proposed budget for fiscal year 2024, would increase tax rates on corporate, individual, and capital gains income; expand tax credits for workers and families; expand tax bases to include more types of income; expand the current Section 232 tariffs on steel and aluminum to apply to certain imports from Mexico; and maintain the current Section 301 tariffs on roughly $360 billion worth of goods from China while raising tariffs on an additional $18 billion worth of steel, aluminum, and green energy and medical goods.

Business Taxes:

• Increase the corporate income tax rate to 28 percent. Read more
• Increase the global intangible low-taxed income (GILTI) tax rate from 10.5 percent to 21 percent and repeal the reduced tax rate on foreign-derived intangible income (FDII). Read more
• Repeal the base erosion and anti-abuse tax (BEAT) and replace it with an undertaxed profits rule (UTPR) consistent with the OECD/G20 global minimum tax model rules. Read more
• Expand the net investment income tax to nonpassive business income. Read more
• Raise taxes on the fossil fuel industry. Read more

Capital Gains and Dividend Taxes:

• Tax long-term capital gains and qualified dividends at ordinary income tax rates for taxable income above $1 million and tax unrealized capital gains at death above a $5 million exemption ($10 million for joint filers). Read more
• Tax carried interest as ordinary income. Read more
• Impose a minimum effective tax rate of 20 percent on an expanded measure of income including unrealized capital gains for households with net wealth above $100 million. Read more

Credits, Deductions, and Exemptions:

• Make the Child Tax Credit fully refundable on a permanent basis. Read more
• Increase the Child Tax Credit to $3,600 for young children and $3,000 for older children, make it fully refundable, and make other changes, on a temporary basis. Read more
• Increase the Earned Income Tax Credit for workers without qualifying children on a permanent basis. Read more
• Expand premium tax credits on a permanent basis. Read more

Estate and Wealth Taxes:

• Tighten rules related to the estate tax. Read more

Excise Taxes:

• Increase the stock buyback excise tax to 4 percent. Read more

Individual Income Taxes:

• Increase the net investment income tax and Medicare tax to reach 5 percent on income above $400,000. Read more
• Increase top individual income tax rate to 39.6 percent on income above $400,000 for single filers and $450,000 for joint filers. Read more
• Extend the expiring individual income tax changes from the 2017 Tax Cuts and Jobs Act (TCJA) for taxpayers making under $400,000. Read more

Payroll Taxes:

• No tax policies proposed

Tariffs and Trade:

• Maintain the current Section 301 tariffs on roughly $360 billion worth of goods from China while raising tariffs on an additional $18 billion worth of steel, aluminum, and green energy and medical goods. Read more
• Expand the current Section 232 tariffs on steel and aluminum to apply to certain imports from Mexico. Read more

Other:

• No tax policies proposed

See Analysis