I do not believe that Harris has released a tax proposal at this point so I presume she will adopt the Biden plan:
1. Raise corporate rate from 20% to 26%
2. Use revenue raised to extend the tax rates from 2017 law to those with income under 400k.
3 leave capital gains rate alone cept for those over 1 million in gains.
4. Estate tax deduction might be lowered from 13 million to 6 million.
Congress passes tax law so unlikely this gets thru intact.
Bear in mind the Trump tax law built in tax increases for last 5 years on individuals (cept top bracket) to pay for permanent cuts for corporate rates that locked in for all 10 years.
So Harris will be trying to thwart Trump tax increases on individuals...sounds ok to me.
1. Raise corporate rate from 20% to 26%
2. Use revenue raised to extend the tax rates from 2017 law to those with income under 400k.
3 leave capital gains rate alone cept for those over 1 million in gains.
4. Estate tax deduction might be lowered from 13 million to 6 million.
Congress passes tax law so unlikely this gets thru intact.
Bear in mind the Trump tax law built in tax increases for last 5 years on individuals (cept top bracket) to pay for permanent cuts for corporate rates that locked in for all 10 years.
So Harris will be trying to thwart Trump tax increases on individuals...sounds ok to me.