Ep. 105 | 2024 Election Tax Proposal Review: Kamala Harris

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In this episode of the Teaching Tax Flow podcast, hosts John and Chris delve into the politically charged waters of taxation as part of their White House Walkthroughs series, covering proposed tax changes by current candidates. The focus for this episode is Vice President Kamala Harris's tax proposals, analyzed strictly from a factual perspective using reliable resources like the Tax Foundation. 

Chris Picciurro outlines the potential impacts on both corporate and individual taxation, navigating listeners through the intricate possibilities of future tax policies.

This episode examines Harris's initiatives regarding key areas such as business taxes, capital gains, and tax credits. The hosts explain the implications of increasing the corporate tax rate to 28% and taxing long-term capital gains at a higher rate for high-income earners. They highlight proposed changes to the net investment income tax and the introduction of new credits and deductions for tips, families, and housing. As the conversation progresses, Chris outlines the potential broader economic impacts of these proposals, equipping listeners with an informed understanding of what these political discussions might mean for their tax strategies.

Key Takeaways:
  • Vice President Kamala Harris proposes increasing the corporate tax rate to 28%, significantly impacting C corporations.
  • Changes to capital gains and dividends tax rates could see increases for high-income earners, introducing a higher tax burden on incomes over $1 million.
  • Expanding tax credits, such as the child tax credit and earned income credit, aims to provide financial relief across various taxpayer demographics.
  • Estate and wealth taxes remain a critical focus area, with potential adjustments given the expiration of the Tax Cuts and Jobs Act.
  • Economic implications of these proposed changes could result in a shift in gross domestic product and employment levels according to tax analysis.

Resources:

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Listeners are encouraged to explore the complete episode to grasp the nuances of these tax policy discussions and anticipate how they might tailor their own tax strategies effectively. Stay tuned for the subsequent episode, which will cover the proposals by the other major candidate, providing a full spectrum view of potential future taxation landscapes.
  • (00:04) - White House Walkthroughs: Analyzing Kamala Harris's Tax Proposals
  • (04:53) - Proposed Tax Increases on Corporations and High-Income Capital Gains
  • (08:50) - Proposed Tax Changes and Their Impact on Income and Deductions
  • (15:34) - Proposed Tax Credit Expansions for Families and Homebuyers
  • (22:31) - Tax Planning Amid Potential Legislative Changes and Economic Impacts
  • (32:32) - Upcoming Podcast on Trump's Proposals and Tax Changes

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Ep. 105 | 2024 Election Tax Proposal Review: Kamala Harris
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