Tax Proposals from Kamala Harris and Bernie Sanders' Disapproval
Both Trump and Harris have differing tax plans if elected, with Trump promising further tax cuts and Harris proposing to increase taxes on higher incomes. The expiration of the Trump tax cuts in 2025 means that tax changes will occur regardless of Congress' actions. Harris has suggested a significant increase in the long-term capital gains tax rate for those earning over $1 million, which could potentially lead to more people leaving California due to already high state taxes. Kamala Harris has proposed several tax ideas, including raising the top income tax rate, increasing the corporate tax rate, and implementing a minimum income tax for households worth over $100 million. She also supports Biden's plan to avoid raising taxes for those making less than $400,000 and expanding the child tax credit. However, some of her more populist tax ideas deviate from Biden's agenda, and taxpayers should expect changes in the upcoming year.
