How would Harris and Trump's tax plans affect different income groups? – ITEP

Presidential candidates Kamala Harris and Donald Trump have introduced a wide range of different tax proposals during this year's campaign. We have now fully analyzed the distributional impacts of Vice President Harris and former President Trump's major proposals in separate analyzes (see here for Harris and here for Trump).

In total, the tax proposals announced by Harris would, on average, result in a tax cut for all income groups except the richest 1% of Americans, while the proposals announced by Trump would, in average, a tax increase for all incomes. groups except the richest 5 percent of Americans.

If the Harris proposals were in effect in 2026, one-fifth of middle-income Americans, those with incomes between $55,100 and $94,100, would receive an average tax cut equal to 2.7% of their income. The poorest fifth of Americans, those with incomes below $28,600, would see an average tax cut of 7 percent of their income. The top 1 percent with incomes of $914,900 and above would see an average tax increase equal to 4.1 percent of their income.

Under Trump's proposals, the middle fifth of Americans would see a tax increase of 2.1 percent of their income, while the poorest fifth would see a 4.8 percent increase. The richest 1 percent would receive an average tax cut equal to 1.2 percent of their income. The next richest 4 percent, with incomes between $360,000 and $914,900, would receive an average tax cut equal to 1.3 percent of their income.

Average tax changes vary significantly between the two candidate plans. For example:

The median fifth of Americans would get an average tax cut of $1,980 under the Harris plan and an average tax increase of $1,530 under the Trump plan. The bottom fifth of Americans would get an average tax cut of $1,130 under the Harris plan and an average tax increase of $790 under the Trump plan. The richest 1 percent of Americans would benefit from an average tax increase of $121,460 under the Harris plan and an average tax cut of $36,320 under the Trump plan. Harris Tax Plan

This analysis examines key tax proposals explicitly announced by Harris and others that are major elements of President Biden's tax agenda, which Harris has said she will pursue, and which are consistent with her campaign promises:

Expanding temporary provisions of the 2017 Trump tax law, which would otherwise expire at the end of 2025, entirely for people with incomes below $400,000, but with strict limits on benefits for those with incomes above at $400,000. Proposals for workers and families related to raising children and getting health coverage, helping service workers, and making housing more affordable. Reform the taxes that fund Medicare, which would raise taxes on people with incomes above $400,000. Reduce existing tax breaks on capital gains and dividends for those with income above $1 million. (and in some cases much more) Reform the corporate tax code to reduce recently enacted breaks and long-standing loopholes that have been shown to increase income inequality and racial inequality. Trump's tax plan.

This analysis also includes all of Trump's major tax proposals, including:

Extend temporary provisions of Trump's 2017 tax law that will otherwise expire at the end of 2025 (except for the $10,000 cap on state and local tax (SALT) deductions, which he recently stated that it would not extend) Exempt certain types of income from taxes (overtime, tips and Social Security benefits) Reduce the corporate tax rate from 21 percent to 20 percent, then reduce it further to 15 percent for companies that manufacture their products in America. Repeal tax credits enacted as part of President Biden's Inflation Reduction Act that provide incentives for green energy production and use Impose a new 20 percent tariff on imported products, with a higher rate of 60 percent for products from China

For more details on the impact of either of the candidates' tax proposals, you can read more here:

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