Tax update 2024. Learn how Donald Trump’s and Kamala Harris’s tax plans could affect your wallet, from income taxes to corporate and Social Security taxes, the Child Tax Credit (CTC), and health insurance. Understand the potential impact of the 2024 election on your personal finances and future tax policies.
In today’s update, explore how the 2024 election results between Trump and Harris could significantly impact your taxes, focusing on key topics like income tax, corporate tax, and Social Security tax changes. You’ll learn about potential tax cuts or increases, the implications of extending the 2017 Tax Cuts and Jobs Act, the effects of proposed tariffs, and how these plans could affect your personal finances, savings, and budget. Discover the differences between Trump and Harris’s tax proposals, including expanded tax credits, affordable housing initiatives, and how federal deficits might influence future tax policies. Discover how this could impact your your retirement for retirees including SSDI, SSI, seniors, veterans, and low income. This content is essential for understanding how your wallet could be impacted by the upcoming election.
Topics addressed:
Income Taxes: How the 2024 election could impact income tax rates.
Corporate Taxes: Differences in corporate tax rates proposed.
Social Security Taxes: Potential elimination of taxes on Social Security income.
Child Tax Credit: Proposal to expand the child tax credit.
Earned Income Tax Credit (EITC): Enhance the EITC for low-income workers.
Tariffs: Tariffs on imports and their potential impact on consumer prices.
Affordable Housing Initiatives: Tax incentives for building affordable housing and supporting first-time homebuyers.
Federal Deficit: How extending the 2017 Tax Cuts and Jobs Act and other proposed policies could impact the federal deficit.
Tax Cuts and Jobs Act (TCJA): The potential extension of the TCJA under Trump and its implications.
Health Insurance: Support for extending Affordable Care Act subsidies.
Small Business Taxes: Potential tax relief for small businesses under Trump’s plan.
Voting and Tax Policy: The connection between voting and tax changes proposed by each candidate.
How Election Results Could Impact Your Taxes: Trump vs. Harris | Social Security | Child Tax Credit
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Money Instructor does not provide tax, legal, or investment advice. This material has been prepared for educational and informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or investment advice. You should consult your own tax, legal, and investment advisors regarding your own financial situation. Although the information has been researched and vetted beforehand, it may not be current at the time of viewing. Please note, the context of financial investments can be complex and dynamic, necessitating professional advice tailored to your unique circumstances.
