Harris and Trump both want major tax changes. Here's what they're proposing — and the impact on you.
CBSN
Vice President Kamala Harris and former President Donald Trump are both proposing tax changes that would rank among the largest in U.S. history, but their plans would impact very different groups of Americans by providing tax credits and cuts to some taxpayers, while raising taxes on others.
While taxes are always on the ballot during an presidential election, the 2024 race has even more at stake given that many provisions in Trump's signature tax legislation, the 2017 Tax Cuts & Jobs Act, will expire at the end of 2025. If Trump wins, he's expected to extend many of those provisions, while Harris has vowed to only keep those that help people earning under $400,000.
At the same time, both candidates have sought to curry favor with some groups of voters by promising specific tax cuts and credits, such as Harris' plan to introduce a $6,000 Child Tax Credit for parents of newborns. Trump, meanwhile, has dangled a host of tax cuts to everyone from senior citizens (promising to get rid of income taxes on Social Security) to tipped workers (vowing to eliminate taxes on tips).
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