The 2024 presidential election is heating up, and all eyes are on Vice President Kamala Harris as she emerges as a frontrunner for the Democratic nomination. With President Joe Biden out of the race, experts are eager to see what tax policies Harris will bring to the table.
At Extreme Investor Network, we understand the importance of staying informed about potential changes in tax policies that could impact your financial future. While Harris has yet to outline her economic agenda, experts believe that her proposals may align closely with Biden’s, which have focused on higher taxes for the wealthy and corporations.
Looking back at Harris’ campaign in 2020, she shared many of Biden’s priorities but also introduced some distinct proposals of her own before exiting the race in December 2019. If Harris secures the Democratic nomination and builds on the infrastructure and staff of the Biden campaign, it’s possible that her approach to tax issues may not deviate significantly from his.
One key area to watch is Harris’ stance on the expiring Trump tax cuts and Biden’s pledge not to raise taxes on those earning less than $400,000. The decision on whether to extend the Tax Cuts and Jobs Act (TCJA) provisions could have significant implications for future tax policies and negotiations.
Additionally, Harris has previously championed the LIFT the Middle Class Act, which would provide a refundable tax credit to eligible taxpayers. However, given the recent focus on expanding the child tax credit to combat child poverty, Harris may prioritize this issue in her campaign.
The child tax credit was increased under the American Rescue Plan, leading to a significant reduction in child poverty rates. However, as pandemic relief measures expired, the child poverty rate more than doubled in 2022, underscoring the importance of ongoing support for struggling families.
At Extreme Investor Network, we are committed to providing valuable insights and analysis to help you navigate the complex landscape of personal finance. Stay tuned for more updates on tax policies and other financial news that could impact your bottom line.