2025 Tax Reforms: What Trump and Harris Proposals Mean for Investors and Corporations

Vice President Kamala Harris and former President Donald Trump are proposing significant tax changes with contrasting impacts. Harris aims to increase taxes on high-income earners and corporations while expanding tax credits for low- and middle-income families, including a $6,000 Child Tax Credit for newborns. Trump plans to extend the 2017 Tax Cuts & Jobs Act, reduce corporate taxes, and eliminate income taxes on Social Security, but also proposes tariffs that could act as a sales tax on consumers. Both candidates propose tax cuts for tipped workers, but their overall tax strategies differ significantly.