Kamala Harris and Donald Trump present starkly different tax proposals for the 2024 election reflecting their contrasting economic priorities. And while the exact outcomes of future tax policy are unknowable, you can be better prepared by having a good understanding of the potential changes.

In this episode, I address some of the major tax policies at play if either candidate takes office, and how they might affect your situation.

More specifically, I discuss:

• A basic review of the current tax laws in place under the Tax Cuts and Jobs Act (TCJA)
• What will happen if the TCJA sunsets (expires) in 2026 without intervention from either candidate?
• How might you be affected by the sunsetting of the TCJA.
• Brief overview of Harris’s main tax proposals and what it means for you.
• Brief overview of Trump’s main tax proposals and what it means for you.
• Will the State and Local Tax deduction (SALT) limits be removed before 2026?

Resources:

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00:00 Political uncertainty surrounds future tax provision changes

04:15 Middle-class tax burden increasing significantly by 2026

08:01 Harris aims to raise taxes on the wealthy, but Trump’s cuts may be too expensive

11:12 Higher corporate taxes could mean higher prices

16:39 $10,000 SALT cap limits state tax deductions significantly

21:05 Existing small businesses may face tax increases in 2026

24:50 Tax proposals may influence voters significantly come November 2024