How Would Donald Trump And Kamala Harris Change Your Taxes? Here's What To Know.

Contributing sentiments towards policy:

51% : Trump: Trump has promised to benefit big corporations by lowering the corporate tax rate from 21% to 15% for companies that manufacture their products in the U.S.
43% : Trump has also proposed imposing severe tariffs on imported goods into the U.S., particularly from China, which economists project would lead companies to raise prices on those products for consumers and could result in retaliatory tariffs on goods the U.S. exports to other countries.
42% : Though Trump has proposed making car loan payments tax deductible, tax experts noted to CBS News that would likely provide little benefit to lower-income workers, since they typically don't itemize their tax deductions, and those in higher tax brackets would receive the biggest benefit.
36% : When asked Sunday by Fox News host Maria Bartiromo about the price of his economic plans, Trump claimed the cost would be offset because "you're gonna have car companies coming back to the country because of the taxes and the tariffs.
34% : While Trump is not obligated to follow its proposals if he's elected, Project 2025 calls for a baseline tax rate of either 15% or 30% depending on income -- with 30% applying "at or near the Social Security wage base," which in 2025 will be $176,100.
32% : Trump's plan would be costlier, adding approximately $7.5 trillion to the deficit but potentially ranging anywhere from $1.5 trillion to $15.2 trillion.Democrats have associated Trump's campaign with Project 2025, a policy blueprint proposing a total overhaul of the executive branch if Trump's elected, even though Trump has distanced himself from the proposal and the Heritage Foundation, which crafted it, as the agenda garnered criticism.
32% : Trump may also face similar obstacles from Democratic lawmakers if he takes the White House.
32% : Republican strategist Liam Donovan, who isn't affiliated with Trump, suggested to Reuters the ex-president's slew of last-minute tax proposals are aimed more at winning over voters than substantive policy plans, noting the ex-president is a "salesman at heart."
29% : "In this case, Trump is trying to close a deal, and the spate of policy proposals are a bid to give the customer what they want.
27% : Trump has also called for eliminating income taxes on Social Security payments, though economists warn doing so could speed up the timeline for the program becoming insolvent.
16% : Both Harris and Trump have also proposed to get rid of income tax on tipped income, though the Harris campaign clarified to CNN that under her plan, that income would still be subject to payroll taxes.
14% : While Harris' plans are "a model of fiscal probity" compared to Trump, they're also "problematic," Bloomberg argued, claiming her plans to raise taxes on the wealthy would still "[leave] her trillions short" in covering the cost of her proposed tax cuts and credits.
9% : Trump: In addition to his "no tax on tips" proposal, Trump has called for eliminating income taxes on overtime wages, even though when he was president, his administration declined to defend an Obama-era policy that would have made more workers eligible for overtime pay.

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