Book a meeting
Book a meeting
Business Advisory
Presidential Candidates on Taxes
by Kelly+Partners Team
3 min read
14 March 2025

Take outs:

  • Regular physical activity can significantly reduce stress and improve mood, contributing to better mental health among employees. Simple initiatives like short walks or group workouts can make a positive impact.

  • Exercise enhances cognitive function and creativity, allowing employees to return to work with renewed focus and energy, leading to higher productivity and efficiency.

  • Engaging in shared physical activities fosters stronger relationships and collaboration among colleagues, enhancing overall team dynamics.

  • Promoting employee fitness can lower healthcare expenses related to chronic conditions, benefiting both employees and employers through healthier lifestyles and reduced medical costs.

KAMALA HARRIS (D)

Kamala Harris has announced new tax and economic policies as part of her campaign platform, including exempting tip income from taxation; expanding the child tax credit, earned income tax credit, and premium tax credits; and implementing new tax incentives for housing. She may continue the same policies put forth in the FY 2025 budget of the Biden-Harris administration or may propose additional tax policy changes.

kamala-harris

 

Business Taxes
  • To be determined.

Capital Gains and Dividend Taxes
  • To be determined.

Credits, Deductions, and Exemptions
  • Exempt tip income from taxation.
  • Expand the child tax credit to $6,000 for children under age 1, $3,600 for children 2-5, and $3,000 for older children.
  • Expand the earned income tax credit for filers who do not claim children.
  • Expand premium tax credits.
  • Expand housing tax credits, including the low-income housing tax credit, a credit for new homebuyers, and a credit for the construction of started homes.
  • Claw back deductions for depreciation and interest for certain rental construction investment.

Estate and Wealth Taxes
  • To be determined

Excise Taxes
  • To be determined

Individual Income Taxes
  • Exempt tips from the income tax.
  • Expand the child tax credit to $6,000 for children under age 1, $3,600 for children 2-5, and $3,000 for older children.
  • Expand the earned income tax credit for filers who do not claim children.
  • Expand premium tax credits. Read more
  • Expand housing tax credits, including the low-income housing tax credit, a credit for new homebuyers, and a credit for the construction of started homes.

Payroll Taxes
  • To be determined

Tariffs and Trade
  • To be determined

Other
  • To be determined

DONALD TRUMP (R)

Donald Trump would impose a universal baseline tariff on all US imports, impose a 60 percent tariff on all US imports from China, make the individual and estate tax cuts of the TCJA permanent (potentially without reinstating the cap on itemized deductions for state and local taxes), lower the corporate income tax rate from 21 percent to 20 percent or 15 percent (potentially for domestic production only), tax large private university endowments, consider replacing the income tax with tariffs, exempt tip income from taxation, exempt Social Security benefits from taxation, and exempt overtime pay from taxation. Trump is considering expanding the child tax credit to a $5,000 universal credit.

donald-trump

 

Business Taxes
  • 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 and Dividend Taxes
  • No tax policies proposed 

Credits, Deductions, and Exemptions
  • VP candidate JD Vance has discussed increasing the child tax credit to $5,000.
  • Reinstate an unlimited itemized deduction for state and local taxes (SALT) paid or discontinue the cap as part of TCJA extension.

Estate and Wealth Taxes
  • Make the expiring estate tax cuts from the 2017 Tax Cuts and Jobs Act permanent.

Excise Taxes
  • Tax large private university endowments.

Individual Income Taxes
  • Make the expiring individual income tax cuts from the 2017 Tax Cuts and Jobs Act permanent.
  • Consider replacing personal income taxes with increased tariffs. 
  • Reinstate an unlimited itemized deduction for state and local taxes (SALT) paid or discontinue the cap as part of TCJA extension.
  • Exempt Social Security benefits from taxation.
  • Exempt tip income from taxation. 
  • Exempt overtime pay from taxation.

Payroll Taxes
  • Exempt Social Security benefits from taxation. 
  • Exempt overtime pay from taxation. 

Tariffs and Trade
  • Impose a universal baseline tariff on all US imports of 10 percent to 20 percent. 
  • Impose a 60 percent tariff on all US imports from China. 
  • Consider replacing personal income taxes with increased tariffs.

Other
  • No tax policies proposed



Previous story
← Navigating the Challenges of Small Business Expansion
Next story
Top Tips for Healthy Eating Habits →
How do taxes affect business decisions?
Business Advisory
How do taxes affect business decisions?
25 August 2021 4 min read
Don't get caught in a tax trap this festive season
Business Advisory
Don't get caught in a tax trap this festive season
25 November 2024 2 min read
Fringe Benefits Tax (FBT) - What is FBT? How do you lodge a FBT return?
Fringe Benefit Tax Car
Accounting & Tax
Fringe Benefits Tax (FBT) - What is FBT? How do you lodge a FBT return?
28 July 2020 3 min read