SPECIAL REPORT: Your Taxes and the Election

From each candidate's tax plans to their child care proposals, we cover your bottom line. Created for {EMAIL} | [Web Version]( October 4, 2024 FOLLOW US:  [LinkedIn]( [Facebook]( [Instagram]( Kiplinger Today [SIGN UP]( ⋅ [WEBSITE]( [] Top Story [] [Kamala Harris's Tax Plans]( [Kamala Harris's Tax Plans]( (Getty Images) Under Kamala Harris's tax proposals, upper-income individuals would pay more taxes, while the middle class and lower-income people would pay less. Harris is sticking with President Joe Biden's oft-repeated pledge that people making less than $400,000 a year won't pay more in federal taxes. We take this to mean that she would give her support to extending the tax breaks in the 2017 law to people earning less than $400,000. [What are her other proposals](? [] The Election [] [Donald Trump’s Tax Plans]( [Donald Trump s Tax Plans]( (Getty Images) Much of former President Donald Trump's 2017 tax reform legislation is expiring at the end of 2025. These include the lower individual income tax rates, higher standard deductions, higher child tax credit, the $10,000 cap on deducting state and local taxes, and the larger lifetime estate and gift tax exemption. Much of these experiations are intergal to his propsed changes. To help understand these changes, our tax experts have pulled together proposals from [speeches on the campaign trail, interviews, his social media posts, the 2024 GOP Platform, and other sources](. [This Billion Dollar Startup Wants to Help You Retire]( This Princeton grad's startup raised $161 million to help people plan for retirement. If you're one of the whopping 110 million Americans over the age of 50, or wisely planning ahead, SmartAsset's no-cost tool can help match you with up to 3 vetted financial advisors. [Learn more]( ADVERTISEMENT [] Tax Cuts [] [How Trump and Harris Might Handle Expiring TCJA Tax Cuts]( Key provisions of the 2017 Tax Cuts and Jobs Act (TCJA) are nearing expiration at the end of next year, if Congress doesn’t act. Vice President Harris and former President Trump present different paths to addressing this “tax cliff.” Could the standard deduction shrink? Will corporate tax rates increase? Will you itemize more? [Explore Cuts Here]( [] Vice Presidential Takes [] [Election 2024 Childcare Debate: Harris-Walz vs. Trump-Vance Plans]( As Election Day approaches, the Republican and Democratic tickets present different ideas for families in the U.S. Harris-Walz suggests expanding child tax credits and capping childcare costs, while Trump-Vance focuses on family-based care and tariffs. With childcare expenses rising, here's what you should know about the proposals from each side. [Read On Here]( [] Personal Finance [] [What Are Tariffs and How Do They Impact Your Wallet?]( [What Are Tariffs and How Do They Impact Your Wallet?]( (Getty Images) Former President Donald Trump has proposed raising tariffs on all foreign imports up to 20% if re-elected, sparking debate with Democratic nominee Kamala Harris, who argues that [such tariffs would act as a national sales tax, burdening consumers](. [7 Mistakes People Make When Choosing a Financial Advisor]( Consulting a financial advisor is a great first step to helping make sure you're on track to meet your retirement goals. But with thousands of advisors in the US, it can seem daunting to choose one. Avoiding these 7 mistakes people make when hiring an advisor could help you potentially save years of stress. [Learn more]( ADVERTISEMENT [] Taxes [] [Are Political Donations Tax Deductible?]( Billions of dollars are being poured into political campaigns for the 2024 presidential race, leading many donors to wonder: Are these contributions tax deductible? In any case, it's important to understand the tax implications of your political giving. So, we're unraveling the rules about political donations and their impact on your tax bill. [How Are They Taxed?]( ABOUT KIPLINGER When we write about money, we get it right. So the decisions you make with your dollars are also right. Kiplinger is a trusted provider of unbiased financial advice, objective business and economic forecasts, and practical help to millions of business professionals, investors, and individuals seeking to make more profitable decisions with their money. 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