Trump would lower them, while Harris would boost them

If you’re looking to have more money in your wallet and to see an economy stimulated by tax cuts, then Donald Trump is the clear choice.

No one is more enthusiastic about cutting taxes than Trump.

Certainly not Kamala Harris; she will make sure you pay your “fair share” repeatedly.

Compare their proposals.

Trump, for example, intends to make the individual income- and estate-tax cuts from the 2017 Tax Cuts and Jobs Act permanent.

The law is set to expire in 2025, which would result in immediate tax increases of nearly $5 trillion, if no action is taken. Yikes!

Remember that the TCJA lowered tax rates not only for the wealthy (as falsely claimed by the left) but for households at every income level, according to the Tax Foundation.

Additionally, the cuts to the corporate income-tax rate, down to 21%, helped jump-start the economy.

Trump’s other plans include:

• Eliminating the $10,000 limit on the state-and-local-tax deduction (particularly benefiting heavily taxed New Yorkers).
• Reducing the corporate tax rate by another point, to 20%, and to 15% for domestic production.
• Making Social Security payments, overtime pay, and income from tips tax-free.
• Creating an itemized deduction for auto-loan interest.

While Trump has discussed imposing tariffs on imports, some of which could be passed on to US consumers, he hopes to use them to boost American jobs and counter tariffs on US goods exported abroad.

This could lead to new trade deals that are advantageous to Americans.

On the other hand, Harris is eager to increase taxes, aiming to exceed President Biden’s plan to raise them by $5 trillion over 10 years.

She has not commented on the TCJA and SALT deduction but she promises to make the wealthy pay their “fair share” — which essentially means tax hikes.

After the Trump cuts were fully implemented, the top 1% of filers, according to the National Taxpayer’s Union Foundation, earned 26% of total adjusted gross income in 2021 but contributed 46% of federal income taxes.

In contrast, the bottom 50% of earners paid only 2%.

Yet Harris would increase taxes on the wealthy (and others) even more.

Some of her proposals are extreme.

For instance, she would introduce a capital-gains tax on unrealized “income” over $5 million, which could significantly impact the economy, as witnessed in nations that have attempted similar measures.

Harris also wants to raise the top individual income-tax rate to 39.6%, the capital-gains tax rate to 28%, and the Medicare tax to 2.1%.

Her most impactful measures on the economy include increasing the corporate-tax rate to 28% and the alternative minimum corporate tax to 15%.

This would make US business taxes the second-highest among all OECD nations, potentially encouraging businesses to operate elsewhere.

What is her objective? To Make America Last Again?

It’s no surprise the Tax Foundation concluded that her proposals would reduce long-term Gross Domestic Product by 2%, wages by 1.2%, and employment by 786,000 full-time equivalent jobs.

It would also make it more challenging to address increasing deficits — and you can expect federal spending under Harris, like under President Biden, would further swell the national debt.

Say hello to inflation once again.

Trump’s plan, on the other hand, would increase long-run GDP by 0.8%, wages by 0.8%, and employment by 597,000 FTE jobs.

In conclusion: If you prefer high taxes, a declining economy, escalating federal deficits, and inflation, Kamala Harris will deliver. But if you want lower taxes, a growing economy, and more globally competitive US businesses, the choice is clear: Donald Trump.