NEW CHANGES TO TAX LAW THAT MAY BE COMING SOON

With the elections on everyone's mind, one of the common topics of discussion is taxes. Different candidates have different ideas on how to change how taxes work in the U.S.A. Here we have compiled a list of a few potential realities that the candidates have proposed.

Trump's Side 

Trump offers some changes to the tax code, from the dramatic to the mild. One of his more radical policies is the elimination of the income tax, instead trying to replace it with tariffs. Both liberals and conservatives have called the idea impossible and destructive.  Trump actually has pitched several ways to reduced taxes. He wishes to reduce business taxes, and create exemptions for social security, tip income, and overtime pay. He wishes to create tax benefits for auto loan interest and family caregivers. He also wishes to further expiring estate tax cuts.

However, the president has also pitched for certain increases in other areas. Trump has proposed a universal baseline tariff on all US imports of 10-20% and a 60% tariff on Chinese imports. In addition, he has also said he will tax large private university endowments.

Harris's Side

The democratic candidate has had differing ideas. Harris has proposed certain tax breaks for certain sectors. The "America Forward" tax credit is a proposal that would give a tax credit to businesses like AI, aerospace, iron and steel manufacturing and others. She would also provide exemptions for tip income, in addition of increasing credits for child tax credits, premium tax credits, income tax credits, housing tax credits, and increase deduction for start-up costs. Naturally, this will also include certain increases. Corporate income tax will increase alongside the net investment income tax, and in addition, Harris will also increase the top tax rate on long-term capital gains. In addition deductions for depreciation and interest for certain rental construction investments might be reduced