The 2024 presidential candidates Kamala Harris and Donald Trump have proposed contrasting tax plans, each with significant implications for the U.S. economy and federal deficit. Trump aims to extend his 2017 tax cuts, eliminate taxes on tips and Social Security income, and lower corporate taxes. Harris proposes increasing tax benefits for families and raising the corporate tax rate. Both plans would increase the federal deficit, with Trump's adding an estimated $5.8 trillion and Harris' $2 trillion over the next decade. Economists warn that neither plan adequately addresses the nation's growing fiscal challenges.
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00:00It's Benzinga, and here's what's on the block.
00:02The 2024 presidential candidates Kamala Harris and Donald Trump have proposed contrasting
00:07tax plans, each with significant implications for the U.S. economy and federal deficit.
00:12Trump aims to extend his 2017 tax cuts, eliminate taxes on tips and Social Security income,
00:17and lower corporate taxes.
00:20Harris proposes increasing tax benefits for families and raising the corporate tax rate.
00:24Both plans would increase the federal deficit, with Trump's adding an estimated $5.8 trillion,
00:29and Harris' $2 trillion over the next decade.
00:32Economists warn that neither plan adequately addresses the nation's growing fiscal challenges.
00:36For all things money, visit Benzinga.com.