Harris and Trump offer differing approaches to US tax policy

In brief

What happened?

Vice President Kamala Harris and former President Donald Trump have laid out competing tax policy agendas since becoming their party’s nominees for the 2024 presidential election at the recent Democratic and Republican national party conventions.

Why is it relevant?

The tax policy agendas being proposed by Harris and Trump are expected to be a top focus of the next Congress. The November 5 federal elections also will decide which party controls the US House of Representatives and the US Senate. 

2025 will be a year for significant “must-pass” tax legislation with key 2017 Tax Cuts and Jobs Act (TCJA) individual provisions set to expire at the end of 2025 and several significant business tax provisions set to change. Failure to act would result in across-the-board tax increases on individual taxpayers and automatic increases in certain business taxes under current law. 

Action to consider

Business leaders and individuals will need to evaluate the potential effect of the tax policies being proposed by Harris and Trump on US economic growth and opportunities for US households.