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What’s at Stake: How the 2024 Election Could Shape the Future of Tax Policy
September 25, 2024
Share:With Election Day quickly approaching, taxes have been a major discussion point on the campaign trail.
Tax policy will continue to be a major news item with many provisions of the 2017 Tax Cuts and Jobs Act (TCJA), enacted under the Trump administration, set to expire on 12/31/25.
While there is a long road for any of these proposals to become law, it is important to stay informed on each candidate’s position on tax issues.
Please see below for a brief summary of each candidate’s positions. For a more in-depth analysis of their proposed tax policy, please click here.
| Harris Campaign | Trump Campaign | |
| Individual Income Tax Rate | Extend lower expiring tax rates only for taxpayers earning less than $400,000 | Make current tax rates permanent (currently set to increase as of 01/01/26) |
| Capital Gains Tax Rate | Increase to 28% for taxpayers earning more than $1 million | No defined position |
| Net Investment Income Tax Rate | Increase to 5% on income above $400,000 | No defined position |
| Corporate Tax Rate | Increase to 28% | Decrease to 15-20% |
| Estate Tax | No defined position | Make current exemption amount permanent (currently set to decrease as of 01/01/26) |
| Child Tax Credit | Increase to a maximum of $6,000 with different amounts based on age | Increase to $5,000 per child |
| Social Security Benefits | No defined position | Exempt from taxation |
| Qualified Business Income Deduction | No defined position | Make 20% deduction permanent (currently set to expire on 12/31/25) |
| Small Business Start-Up Expenditures | Increase deduction limitation to $50,000 | No defined position |
| Unrealized Capital Gains Tax | Require taxpayers worth more than $100 million to pay income taxes on unrealized capital gains | Does not support this |
Please contact your Wilkins Miller advisor if you have any questions on how these changes may impact you.