2024 Presidential Candidate Tax Plans

What promises and changes are in the presidential candidate tax plans?

Many of the Trump Tax Cuts (2017 Tax Cuts and Jobs Act) are expiring in the coming years. This puts special emphasis on tax policy for the U.S. 2024 election.

As the U.S. 2024 election approaches, we will track the development of each candidate's tax policies. Bookmark this page as it will be continuously updated.

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Important Updates

Presidential Candidate Tax Plans By Candidate

As candidates discuss potential tax policies, whether through interviews, social media, reports, or campaign websites, we will update the information below.

Joe Biden (D)
Kamala Harris (D)
Donald Trump (R)

Joe Biden (Suspended Campaign)

President Joe Biden has proposed an increase in taxes for corporations, individuals, and wealthy taxpayers. He also plans to expand tax credits and the tax base to include alternate types of income.

Individual Taxes

Increase the top marginal rate to 39.6%.
Expand the Net Investment Income Tax (NIIT) to include non-passive income and increase it from 3.8% to 5%.
Introduce a wealth tax of 25% on income, including unrealized gains, for taxpayers with a net worth in excess of $100,000,000.

Business Taxes

Increase corporate tax rates from 21% to 28%.
Increase the global intangible low-taxed income (GILTI) would to 14%, with further adjustments raising it to 21%.
Modify Excess Business Losses to be permanent and not be an NOL carry forward.
Disallow deductions for employee compensation above $1M for all C Corporations, publicly and privately held.

Capital Gain Taxes

Capital gains and dividends to be taxed at ordinary rates (current maximum is 37%), for taxpayers earning more than $1,000,000.
Tax carried interest at ordinary rates rather than capital gain rates.

Tax Credits

Implement a new neighborhood home credit to foster development.
Expand the low income housing credit (LIHTC).

Estate Taxes

Coming Soon.

Payroll Taxes

Coming Soon.

Tariffs

Coming Soon.

Other

Implement an annual cap of $500,000 as the maximum gain that can be rolled over via a 1031 exchange.
Tax depreciation recapture at ordinary rates rather than capital gain rates.
Implement a new energy tax on mining of digital assets.

Kamala Harris (D)

Kamala Harris's tax plan centers around an "opportunity economy". It will focus on increasing tax rates on corporate and individual taxpayers, especially wealthy taxpayers, while providing tax incentives for first-time homebuyers, new parents, small businesses, and builders.

Individual Taxes

Pledged not to raise taxes for those making less than $400,000.
Set the top marginal income rate at 39.6%.
Make tips tax exempt income.
Pass the Stop Predatory Investing Act that will remove the tax benefits of investors who purchase 50+ SFH for rentals.
Raise the investment income tax rate from 3.8% to 5%.
(Previously Proposed) Implement a new 4% premium tax on those earning more than $100,000.

Business Taxes

Increase federal tax incentives for small business startups from $5,000 to $50,000.
Increase the corporate tax rate to 28%.

Capital Gain Taxes

Impose a 25% tax on unrealized capital gains for wealthy taxpayers.
Increase capital gain taxes to 28% for those earning more than $1 million.
(Previously Proposed) Impose a "transaction tax" of 0.01% on bond transactions and 0.002% on derivatives.

Tax Credits

Provide a $25,000 tax credit to eligible first-time homebuyers.
Increase the Child Tax Credit up to $3,600 and $6,000 for parents of newborns.
Expand the Low Income Housing Tax Credit.

Estate Taxes

Cut the Estate Tax Exemption in half with the expiration of the 2017 TCJA.

Payroll Taxes

No proposals.

Tariffs

No proposals.

Other

No proposals.

Donald Trump

Former President Donald Trump plans to extend many of the tax cuts he ushered through with his 2017 Tax Cuts and Jobs Act legislation. Additionally, he plans to reduce corporate taxes and taxes on tips and backfill the revenue gap with increased tariffs.

Individual Taxes

Remove tax on overtime.
Make tips tax exempt income.
Plans to extend the tax cuts from the 2017 Tax Cuts and Jobs Act.

Business Taxes

Lower corporate taxes from 21% to 15%.

Capital Gain Taxes

Coming Soon.

Tax Credits

VP Nominee JD Vance recommends a $5,000 Child Tax Credit.
Potentially remove the $7,500 EV tax credit.

Estate Taxes

Extend the 2017 Tax Cuts and Jobs Act which set the estate tax exemption at $13.61 million.

Payroll Taxes

Eliminate taxes on Social Security for seniors.

Tariffs

Replace the federal income tax with tariffs.
Impose a 60% tariff on imports from China.
Mentioned tariffs of up to 20% on all imports