- Trump’s Plan
- $5,000 child tax credit
- $10,000 child care expense deduction
- No taxes on Social Security benefits
- Corporate tax rate lowered to 20% (15% for US-made products)
- Universal tariff on imports; 60% on Chinese goods
- Auto loan interest deduction and caregiver tax credit
- Harris’s Plan
- $6,000 newborn credit, $3,600/year for children under 6, $3,000/year under 18
- Higher Social Security taxes for some workers
- Corporate tax rate up to 39.6% and net investment tax increase for high earners
- $25,000 first-time home buyer credit
- Expand new business tax deduction to $50,000
Both Trump and Harris present tax plans rooted in differing priorities—Trump aims for lower corporate rates, incentives for US-made products, and middle-class relief with deductions on child care, Social Security, and auto loans. His proposed tariffs target foreign imports, especially from China, to bolster domestic production. Harris’s approach focuses on expanded child and home-buyer credits to support families, while her higher taxes on corporations and high-income earners aim to fund Social Security and assist new businesses. These contrasting plans reflect each leader’s broader economic vision, with Trump’s favoring domestic manufacturing incentives and Harris’s prioritizing social support and business development.
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