How Election Results Could Impact Your Taxes: Trump vs. Harris | Social Security | Child Tax Credit
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.
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Money Instructor has been a leading resource in financial education for over two decades, empowering educators, financial advisors, students, parents, and individuals with essential topics in financial literacy. Our extensive coverage spans personal finance, money management, saving money, budgeting, investing, business fundamentals, taxes and taxation, Social Security, retirement planning, tax credits and refunds, economic stimulus checks and payments, as well as debt management—including credit card debt and interest rates. Additionally, we explore monetary policy, inflation, housing market trends, government legislation, political news, stock market dynamics, economic trends, improving credit scores, career development, housing and rent issues, and strategies for wealth building. By providing educational resources and tools, we help ensure you are well-informed and updated with the latest news and developments in these areas.
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Information is for educational and informational purposes only and is not be interpreted as tax, financial, or accounting advice. This does not represent a recommendation to buy, sell, or hold any security. Please consult your professional advisor.
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