Kamala Harris
46th Vice-President of the United States
- Federal Tax:
- $0.00
- Child Tax Credit:
- $0.00
Donald Trump
45th President of the United States
- Federal Tax:
- $0.00
- Child Tax Credit:
- $0.00
Federal Tax Bracket Changes
If you're wondering why your taxes for both candidates seems similar, it's because the tax bracket rates up to the $400,000(single) and $450,000(married) are the same for both presidents.
Biden's main change to the income tax policy is to change the top tax bracket rate to 39.6% for additional income over $400,000(single) and $450,000(married) as shown below.
| Upper Bound (Single) | Tax Rate (Single) | Upper Bound (Married, Filing Jointly) | Tax Rate (Married, Filing Jointly) |
|---|---|---|---|
| $11,600 | 10% | $23,200 | 10% |
| $47,150 | 12% | $94,300 | 12% |
| $100,525 | 22% | $201,050 | 22% |
| $191,950 | 24% | $383,900 | 24% |
| $243,725 | 32% | $450,000 | 32% |
| $400,000 | 35% | $450,000+ | 39.6% |
| $400,000+ | 39.6% |
Basic Tax Policies by Candidate
Kamala Harris
Party Affiliation: Democratic
Income Tax
- Increase top individual income tax rate to 39.6 percent on income above $400,000 for single filers and $450,000 for joint filers.
- Extend the expiring individual income tax changes from the 2017 Tax Cuts and Jobs Act (TCJA) for taxpayers making under $400,000.
- $6,000 Tax Credit for Newborns: Harris proposes a $6,000 tax credit for parents of newborns, which would be available in the child's first year.
- Restoration of the Expanded Child Tax Credit (CTC): Harris also aims to restore the pandemic-era expanded Child Tax Credit, which increased the benefit to $3,600 per child under six and $3,000 for children older than six.
Corporate Tax
- Increase the corporate income tax rate from 21 percent to 28 percent.
- Increase the global intangible low-taxed income (GILTI) tax rate from 10.5 percent to 21 percent and repeal the reduced tax rate on foreign-derived intangible income (FDII).
- Quadruple the stock buyback tax implemented in the Inflation Reduction Act from 1 percent to 4 percent.
Capital Gains Tax
- Tax long-term capital gains and qualified dividends at 28 percent (as opposed to 39.6 percent as in the Biden budget) for taxable income above $1 million and tax unrealized capital gains at death above a $5 million exemption ($10 million for joint filers).
- Increase the net investment income tax (NIIT) to reach 5 percent on income above $400,000.
Read More on Harris's tax policies here.
Donald Trump
Party Affiliation: Republican
Income Tax
- Proposes to maintain the current top marginal tax rate of 37% for individuals earning over $500,000 per year.
- Make the expiring individual income tax cuts from the 2017 Tax Cuts and Jobs Act permanent. (Keep tax brackets the same.)
- Potential $5,000 Child Tax Credit: Trump's running mate, Ohio Sen. J.D. Vance, has suggested increasing the credit to $5,000 per child. This proposal is being considered by the Trump campaign, though it's not yet official policy so I've not included it in the calculation.
- No Income Threshold: Vance has indicated a preference for expanding the Child Tax Credit (CTC) to all families, regardless of income - same as before so not included in calculation.
- Exempt Social Security benefits, tip income, and overtime pay from taxation.
Corporate Tax
- Lower the corporate income tax rate from 21 percent to 20 percent.
- Lower the corporate income tax rate to 15 percent for companies that make their products in the US.
Capital Gains Tax
- Seeks to maintain the current preferential tax rate on capital gains and dividends.
On a personal income level, Trump has verbally committed to mainly continue the tax cuts he implemented in 2017 with the TCJA Act. Read More on the TCJA here.
How The Tax Impact Was Calculated
To analyze the 2024 presidential tax plans impact, I mainly focused on the federal tax rate and child tax credit differences between the two candidates for simplicity. If there's further interest, I'd be willing to implement more taxes like capital gains and deductions but I wanted to publish this site and get feedback before I start implementing more.
Income Tax Rates
I examined the proposed changes to individual income tax rates for each candidate, including any adjustments to tax brackets and marginal rates.
Deductions and Credits
My analysis took into account the candidates' proposals for modifying or introducing new tax child tax credits. Deductions I'd be interested in adding as a next feature.
Data Sources and Assumptions
The data used in my analysis and included in the basic tax policies section was mainly sourced from the Tax Foundation's 2024 Presidential Tax Plan Breakdown. I made reasonable assumptions where specific details were not provided.
How Your Data is Handled
None of your personal data is being collected. This site is hosted on Vercel and all calculations are done without being stored on a database.