@dukelovestaxes: 💁🏽‍♀️ vs. 👱‍♂️We are moments away from knowing who our next President will be—will it be Harris or Trump? Regardless of who wins, your tax situation is guaranteed to change, potentially for the better or possibly for the worse. **First, let’s discuss the areas where both candidates agree:** Both agree that tipped income should be exempt from taxation. Both support expanding the child tax credit. Currently, the credit is $2,000. Harris wants to increase it to $6,000, while Trump proposes an increase to $5,000. **Now, let’s look at the issues where they disagree:** Big Corporations such as your Amazon and Netflix pay a flat tax of 21%, Trump wants to reduce this amount to 15%, Harris disagress and believes the amoutn should be at 28% When you sell items such as crypto, stocks or real estate, if you have held for at least a year before selling it you can pay less taxess this is called a long term cap gain rate and the max is 20% Harris proposes raising the long-term capital gains tax rate to 28% for individuals earning over $1 million, while Trump disagrees and believes it should remain at 20% for all income levels. **Each candidate also has unique proposals they hope to bring to the table:** Harris wants to introduce a $25,000 first-time homebuyer tax credit. Trump proposes eliminating taxes on overtime pay. Harris seeks to increase the Earned Income Credit for single individuals with no dependents. Trump wants to allow a deduction for car payment interest. In summary, Trump’s tax policies focus on reducing taxes for most people and businesses, aiming to increase disposable income and encourage businesses to invest in expansion and hiring. Harris, on the other hand, wants to support middle- and low-income families who may need additional financial assistance, intending to fund these initiatives by raising taxes on the wealthy and corporations.

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Tuesday 05 November 2024 14:50:12 GMT