“We know that agenda — enhance the child tax credit, raise the corporate rate, tax high-income people.”Trump, he said, “has got a more tax cut orientation. That includes higher standard deductions, a lower top marginal tax rate, bigger child tax credits, lower estate taxes and certain deductions tailored for small businesses. The most expensive part of Harris’ tax plan would be an expansion of the child tax credit, to $3,000 per child — $3,600 for those under 5 years of age — and $6,000 for the first year. How to pay for tax cutsHarris would look to offset the loss of tax revenue by raising the corporate income tax rate to 28% and increasing the long-term capital gains and the net investment income tax for high earners. The Democrat has also proposed enacting a billionaire minimum tax and quadrupling the tax on stock buybacks — something corporations did a lot of with their windfalls from the 2017 tax cuts.

Source: Los Angeles Times October 14, 2024 10:43 UTC