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☆ What a Trump or Harris presidency would mean for your tax bill
  + stars: | 2024-10-31 | by ( Juliana Kaplan | Bryan Metzger | ) www.businessinsider.com   time to read: +8 min
Trump's plans could mean tax hikes for lower earners; Harris' proposals would target higher earners. This is the fourth in a five-part series about the impacts either a Trump or a Harris presidency could have on US consumers. Trump has proposed extending his slew of tax cuts from the Tax Cuts and Jobs Act of 2017 — also known as the "Trump tax cut." But another part of Trump's tax policy — his plan to levy universal tariffs on all US imports — could end up undercutting this positive impact. AdvertisementTrump has floated lifting the $10,000 cap on the State and Local Tax deduction, known as SALT, from his 2017 tax bill.
Persons: Trump's, Harris, —, you'll, Trump, He's, Garrett Watson, Harris hasn't, she's, Benjamin Page, Biden, Walz, Ernie Tedeschi, Watson, Tedeschi Organizations: Service, Business, Trump, Social Security, Taxation, Economic, Tax Foundation, State and, Urban, Brookings Tax, Yale Budget Lab, White House Council, Economic Advisers, Finance Locations: California , New Jersey, New York, Congress
☆ Trump doubles down on replacing income taxes with tariffs in Joe Rogan interview
  + stars: | 2024-10-26 | by ( Rebecca Picciotto | ) www.cnbc.com   time to read: +3 min
Former President Donald Trump stood by his idea to end income taxes and substitute them with tariffs in a Friday interview with Joe Rogan, the host of one of the most widely listened to podcasts in the world. "Did you just float out the idea of getting rid of income taxes and replacing it with tariffs?" He has also said he would consider income tax exemptions for firefighters, police officers, military personnel and veterans. But tax experts and economic analysts do not think Trump's tariffs would be an adequate counterweight to balance the trillions lost from eliminating income taxes. In effect, these tariffs could replace income tax with a kind of new sales tax, shifting the tax burden more heavily onto low-income individuals.
Persons: Donald Trump, Joe Rogan, Rogan, Trump, Garrett Watson, Watson, Kamala Harris, MSNBC's Stephanie Ruhle Organizations: Austin, Bergstrom International Airport, Social Security, Tax Foundation, CNBC, U.S, Democratic Locations: Austin , Texas
☆ Trump and Harris both want no taxes on tips. Here's why policy experts don't like the idea
  + stars: | 2024-08-13 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +1 min
U.S. Vice President Kamala Harris and Republican presidential nominee and former U.S. President Donald Trump. Former President Donald Trump and Vice President Kamala Harris both want to end taxes on tips — and some policy experts have already criticized the idea. Her comments come roughly two months after Trump shared a similar idea, also at a rally in the service economy hotbed. Generally, tipped workers are lower-income individuals, and some 37% weren't subject to federal income tax in 2022, the report found. Not taxing tips is "a fairly narrowly targeted tax exemption," said Garrett Watson, senior policy analyst and modeling manager at the Tax Foundation.
Persons: Kamala Harris, Donald Trump, Harris, Trump, Vance, Walz, Garrett Watson Organizations: Republican, Finance, Yale University, Tax Locations: Las Vegas, Nevada
☆ Vance wants to raise the child tax credit to $5,000. Here's why that could be difficult
  + stars: | 2024-08-12 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +1 min
Sen. JD Vance of Ohio, former President Donald Trump's GOP running mate, wants to more than double the child tax credit. "I'd love to see a child tax credit that's $5,000 per child. More from Personal Finance:Tim Walz vs. JD Vance: Here's what the candidates could mean for your walletHere's how Kamala Harris' running mate Tim Walz could help shape the child tax creditThe expanded child tax credit failed in the Senate. Here's what it means for familiesWithout action from Congress, the maximum child tax credit will drop from $2,000 to $1,000 once Trump's 2017 tax cuts expire after 2025. During the pandemic, lawmakers temporarily increased the maximum child tax credit from $2,000 to either $3,000 or $3,600, depending on the child's age.
Persons: Sen, JD Vance, Ohio, Donald Trump's, Garrett Watson, Tim Walz, Kamala Harris Organizations: Republican, NMC, Wollard, Donald Trump's GOP, CBS, Tax, Finance, Columbia University Locations: Eau Claire , Wisconsin
☆ Trump wants to cut taxes on Social Security — but it could threaten benefits, experts say
  + stars: | 2024-08-09 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +1 min
Republican presidential nominee and former U.S. President Donald Trump holds a campaign rally in Harrisburg, Pennsylvania, U.S., July 31, 2024. Former President Donald Trump this week repeated his plan to eliminate taxes on Social Security benefits for seniors. But the plan could deplete Social Security and Medicare trust funds sooner, policy experts say. More from Personal Finance:Tim Walz cut taxes on Social Security. 'People are stretched'Unemployment insurance program is unprepared for a recession, experts saySome experts have criticized Trump's plan, citing concerns about the federal budget deficit and the solvency of Social Security and Medicare trust funds.
Persons: Donald Trump, Tim Walz, Garrett Watson Organizations: Social Security, Republican, Social, Fox, Finance, Tax Foundation Locations: Harrisburg , Pennsylvania, U.S, Lago, Palm Beach , Florida
☆ Trump wants to cut Social Security taxes for seniors. It's not as good as it sounds.
  + stars: | 2024-08-08 | by ( Allie Kelly | Ayelet Sheffey | ) www.businessinsider.com   time to read: +5 min
Read previewFormer President Donald Trump said that if he's elected, he'd cut taxes on Social Security benefits for older Americans — but the policy risks shrinking those funds sooner than expected. "People on Social Security are being killed, and one of the things I'm doing is no tax for seniors on Social Security, and I'll get it done quickly." Trump had previously pitched his plan to eliminate taxes on Social Security, writing on his social-media platform Truth Social on July 31: "SENIORS SHOULD NOT PAY TAX ON SOCIAL SECURITY!" Trump has vowed not to cut Social SecurityTrump has previously taken a strong position on Social Security — one at odds with many members of his own party who have faced criticism from Democrats for calling for Social Security cuts. For example, Trump said in January 2023 that "under no circumstances should Republicans vote to cut a single penny from Medicare or Social Security."
Persons: —, Donald Trump, Trump, Garrett Watson, Trump's, we'll, Social Security Trump, Biden, Kamala Harris Organizations: Service, Social Security, Fox &, Republican, Business, Social, The Tax, Security, Republican National Committee, Democratic, Medicare, Affordable Locations: Illinois
☆ Here's where Kamala Harris could stand on tax policy, experts say
  + stars: | 2024-07-22 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +1 min
U.S. Vice President Kamala Harris speaks during a campaign event at Westover High School in Fayetteville, North Carolina, on July 18, 2024. With President Joe Biden officially out of the election, experts are watching for tax policy from Vice President Kamala Harris, the frontrunner for the Democratic nomination. While Harris has yet to outline her economic agenda, voters could see similar themes to Biden's proposals, which have called for higher taxes on the wealthy and corporations, experts say. The Harris campaign did not immediately respond to CNBC's request for comment. Here's what to watch from Harris when it comes to tax issues, according to policy experts.
Persons: Kamala Harris, Joe Biden, Harris, Biden, Garrett Watson Organizations: Westover High School, Democratic, Finance, Trump, Tax Foundation, Biden Locations: Fayetteville , North Carolina
☆ Here's what a Kamala Harris administration could mean for your wallet
  + stars: | 2024-07-22 | by ( Cnbc.Com Personal Finance Staff | ) www.cnbc.com   time to read: +8 min
Harris' visit, following the attempted assassination of former President Trump, makes this her fourth trip to Michigan this year and seventh visit since taking office. However, Harris voiced some distinctions from Biden before becoming vice president, Watson noted. The vice president plans to bring more relief to borrowers, they said. Harris proposed repealing the Trump tax cuts to pay for it. — Jessica DicklerHousingHarris has been a proponent for affordable housing policies both during her tenure as vice president and as senator.
Persons: Kamala Harris, Trump, Olivia Troye, Amanda Stratton, Harris, Chris duMond, Chris Dumond, Biden, Garrett Watson, Watson, — Kate Dore, Drew Altman, Altman, She'd, Fatima Goss Graves, Roe, Wade —, Greg Iacurci, Pell Grant, Joe Biden, Miguel Cardona, Annie, Laura Veldkamp, Veldkamp, — Jessica Dickler, May, — Ana Teresa Solá Organizations: Getty, Tax, Tax Foundation, Biden, — Kate Dore Health, Affordable, Medicaid, National Women's Law, CNBC, Current U.S . Department of Education, Corinthian Colleges, U.S . Department, Corinthian, Columbia University Business School, U.S . Department of Housing, Urban Locations: KALAMAZOO , MICHIGAN, Kalamazoo , Michigan, Michigan, North Carolina, California, U.S
☆ Welcome to the age of geriatric millionaires
  + stars: | 2024-06-15 | by ( Juliana Kaplan | ) www.businessinsider.com   time to read: +8 min
While it makes sense that time is often a crucial ingredient to accruing savings and assets, the average age of millionaires in the US has been rising faster than the average age of the overall population over the last three decades. How millionaires are changingSince 1992, the average age of the country's millionaires has been going up. That means that younger millionaires aren't joining their ranks fast enough to keep the average age steady. Millionaires are overrepresented beginning around age 50, but track pretty cleanly with the cohort in their 40's. What does it mean to have so many older millionaires?
Persons: —, Chuck Collins, inequality.org, Collins, America's, aren't, Garrett Watson, that's, Watson, Xers, Gen Xers, they've, haven't, That's, It's, Ed Yardeni, They're, Redfin, King Charles, King Charles III of, it's, You've Organizations: Service, Business, Policy Studies, Forbes, Consumer, Millionaires, Tax, Security, Labor, Institute for Policy Studies Locations: United Kingdom
☆ Biden vs. Trump: Here's what the next president means for your taxes
  + stars: | 2024-06-08 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +3 min
Howard Gleckman Senior fellow at the Urban-Brookings Tax Policy CenterOf course, future legislative updates, if any, will depend on which party controls Congress. More generous child tax creditAnother expiring TCJA provision is the bigger child tax credit, which some lawmakers have fought to expand in 2024. The TCJA doubled the maximum child tax credit to $2,000, boosted the refundable portion to $1,400 and expanded eligibility. Biden has called for an expansion, but there have been debates in Congress over the child tax credit design, including the amount, eligibility and refundability, said Gleckman. Fully extending the TCJA tax breaks could add an estimated $4.6 trillion to the deficit over the next decade, according to the Congressional Budget Office.
Persons: Joe Biden, Donald Trump, Chip Somodevilla, Alex Wong, Howard Gleckman, Garrett Watson, Biden, Trump, Gleckman, Watson, Lael Brainard Organizations: Urban, Brookings Tax, Tax, Center, Congressional Locations: Lower, China
☆ House lawmakers weigh relief for state and local tax deduction 'marriage penalty'
  + stars: | 2024-02-14 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +3 min
Violetastoimenova | E+ | Getty ImagesHouse lawmakers are weighing relief for a "marriage penalty" that impacts the federal deduction limit on state and local taxes, known as SALT. While the bill doesn't have broad support, it could help shape future tax policy discussions, experts say. Without changes from Congress, the $10,000 limit will sunset after 2025 and there will be no deduction cap. Lawmakers on Wednesday afternoon will cast a procedural vote on the bill for future House consideration. As discussions continue about expiring Tax Cuts and Jobs Act provisions, the SALT cap "is going to be one of the biggest sticking points," he said.
Persons: there's, filers, Garrett Watson, John Buhl Organizations: Getty Images, Republicans, Tax, Urban Institute, Urban Locations: New York , New Jersey, California
☆ House Republicans reintroduce bill to repeal 'death tax'
  + stars: | 2024-01-19 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +2 min
Rep. Jason Smith, R-Mo., speaks during a House Oversight and Accountability Committee impeachment inquiry hearing into U.S. President Joe Biden on Sept. 28, 2023. House Republicans this week reintroduced legislation to permanently repeal what they're calling the "death tax" — or federal estate tax, which is levied on inherited property above a certain value. Introduced by Rep. Randy Feenstra, R-Iowa, with support from 162 lawmakers, the Death Tax Repeal Act follows past Republican proposals to abolish estate taxes, including a Senate bill from early 2023. The federal estate tax exemption adjusted for inflation by rising to $13.61 million per individual or $27.22 million for spouses in 2024. "Because the revenue effects are relatively small, they may have more leeway to eliminate [the estate tax] altogether if they had full control," Watson said.
Persons: Jason Smith, Joe Biden, Randy Feenstra, —, Biden, Garrett Watson, Donald Trump's, Watson Organizations: Republicans, Finance, Tax Locations: Iowa
☆ Bipartisan tax deal could boost child tax credit for 2023. What it means for families this tax season
  + stars: | 2024-01-16 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +2 min
Hinterhaus ProductionsHow much the credit could be worth for familiesWhile less generous than the enhanced child tax credit enacted during the Covid-19 pandemic, the changes would boost the maximum refundable tax break to $1,800 per child for 2023, up from the current 2023 limit of $1,600. The limit would increase to $1,900 for tax year 2024, and $2,000 for tax year 2025, along with inflation adjustments. "It's extremely well-targeted to provide significant relief to millions of low-income families," said Chuck Marr, vice president for federal tax policy for the Center on Budget and Policy Priorities. 'Not much time in a best-case scenario'With proposed retroactive changes for 2023, there's pressure to enact the legislation by the opening of tax season on Jan. 29. "But there's not much time in a best-case scenario," said Garrett Watson, senior policy analyst and modeling manager at the Tax Foundation.
Persons: Chuck Marr, Garrett Watson, Watson Organizations: Hinterhaus, Center, Budget, Tax Locations: U.S
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