Kamala Harris proposes expanding the child tax credit significantly, with amounts reaching up to $6,000 for children under age one. In contrast, Donald Trump is considering increasing the child tax credit to a flat $5,000 but does not outline specific age-based tiers.
Both candidates propose exempting tip income from taxation. However, Trump goes further by also proposing exemptions for Social Security benefits and overtime pay, which Harris does not specifically address.
Trump aims to lower the corporate tax rate from 21% to either 20% or 15% for domestically-produced goods. Harris's business tax policies are still to be determined, leaving more uncertainty in her approach to corporate taxation.
Trump emphasizes a robust tariff policy, including a universal tariff on imports and a significant tariff specifically on Chinese imports. Harris does not mention tariffs in her current tax proposals, focusing instead on credits and deductions.